Asset Management Software in Bangladesh

What Is Asset Management Software?

Asset management software is a centralized system used to track asset details in real-time. It takes care of an organization’s requirements of assets inventory. It removes the need for maintaining loads of Excels sheets for each asset.

Cataloging, explaining, and distributing documents or files has become difficult nowadays for small to large companies. No companies want to get their information leaked. Hence, they look for a safe platform to secure their data.

That’s where asset management software comes in handy. It’s a reliable system for small to big organizations for maintaining and storing data. Thus, it reduces the cost of maintaining and operating those assets.

Also, it minimizes administrative costs while improving overall performance over time. In short, asset management software offers businesses an efficient process for tracking assets with well-organized data management.

How does Asset Management Software Work?

Asset management software is a systematic process of owning and operating physical assets effectively. The basic operations in this software involve capacity, facility inventory, assets valuation, severity, and condition assessment.

Moreover, the software is used to record and track a company's assets throughout its life cycle. The main goal of asset management software is to help grow a business. How does it do?

Asset management software does it by minimizing the total cost of obtaining, maintaining, and operating assets. So, the company gets more control over operations and allows running assets at peak performance.

With the depth of experience and great expertise, it ensures a faster and smoother record. It carefully observes the records with periodic checkpoints for data accuracy.

However, it combines highly detailed recording through a user-friendly interface. It mainly includes the record of;

• Asset entry and details
• Revaluation
• Physical verification
• Asset document management
• Depreciation
• Disposal and existing asset
• Wastage and report
• Components and attachments
• Buying price and current valuation
• Maintenance dates and costs
• Associated asset management costs
• Cost center and ownership
• Movement in different places
• Supplier & maintenance provider
• Budget tracking and variance
• Locking and unlocking of periods
• Budgeted v/s actual depreciation
• Budgeted v/s actual acquisition

Read Also: ERP Practicing in HR Management System

Why Is Asset Management Software Important?

Asset management is a way of doing business. It's a solid foundation that allows monitoring systems and improves preservation. Nevertheless, you can get two major benefits using the asset management software, including risk mitigation and cost savings.

Moreover, you can store files or documents in no time for a longer period by using asset management software. No files or document will lose unless someone deletes or remove it.

The best part of it is the easy accessibility. You can the files or documents through the software from anywhere you work. Also, it helps to consider the asset information and make decisions.

Another reason why you should use asset management software in Bangladesh is that it is safe to use. You can store and share data, photos, and videos securely. You can forward links to others that are password-protected.

By using those links, others can upload files or share photos. It's a collaboration feature that allows others to comment on pictures or edit documents. Above all, this software evaluates the essential assets of the company daily.

Earlier all these activities were done manually, which had been an enormous hassle and wastes of time. Asset management software creates a digital platform where anything is possible. It thus reduces the workload and time that could be used for increasing productivity. 

Below are more reasons why asset management software is essential;

• Organizes resources for optimal effectiveness
• Helps to trace assets by category/serial number/location
• Predict and take actions on different strategic issues to avoid problems
• Automatic posting of depreciation
• Create necessary reports for your review
• Helps in making effective decisions
• Track the insurance company, insurance amount, policy number, etc.

How Much does Asset Management Software Cost?

The cost of asset management software depends on the features of the product. Pay extra for added benefits. Also, the price depends on the nature of the business. There is a range of companies that provides the best service sustainably.

How does Asset Management Software Help in Audits?

Asset management software makes the audit preparation process easier. The software, including fully automated features, guarantees better risk management, control processes, and authority.

Asset management software helps in audits in the following ways;

Minimizes the Risks of Fraud

Inventory audit management software comprises thoughtful planning and implementation of inventory management.

It counts inventory in capital investment to ensure the desired results. Auditing helps in finding the assets that drive the return rate. Thus, it minimizes costs, enhances its usage, and manages your assets.

Calculates Actual Growth Opposed to Expected Growth

Internal audits generate the report about the business progress quickly. Then it compares the growth with the expected growth of the company.

Compliance with Government Regulations

Company needs to follow the rules and regulations designed for the organization by the government. So you can survive the competition. Otherwise, things will get out of hand. Here an internal audit helps to meet the legal standards at all times.

How to Select the Best IT Asset Management Software?

Selecting the best IT asset management software depends on the types of assets. That’s what helps to manage the assets. There is a range of asset management software available online.

Infrastructure Asset Management Software – Recording physical infrastructure assets like roads, power generations, utilities, etc., are the primary function of this software. Usually, large companies and public organizations use this software.

• Financial Asset Management Software – It records the company's financial assets, such as funds, loans, securities, etc.
• Physical Asset Management – Manage all types of assets of the company like tables, light fixtures, computer equipment, cabinets, etc.
• Software Asset Management – Manage all types of software-related applications of the company, such as; purchase, upgrade, license renewal, etc.

Which one to buy?

Well, it depends on the requirements of your business.

Hence, make sure what you want from the system. You can prepare a list of your requirements from the asset management software. Once you are determined what you exactly want, start researching online for your desired software.

FAQ

1. How Much Does an ERP System Cost?

Calculating the cost of an ERP system is troublesome. Every client is different, and so do their requirements. That's why; there is no fixed cost for the ERM system. The cost of ERP software depends on;

• Operating system
• Add-ons
• Number of users
• Upgrades
• Annual license fee
• Data migration

2. How does the cloud affect ERP cost?

Cloud computing helps increase or decrease the number of users and applications in compliance with the changing demands of your business. Cloud ERP system can cost 50% than the traditional ERP system. But, there is a risk of losing sensitive data as the provider can access your data.

PrismERP is the Best Asset Management Software

PrismERP is the leading ERP software in Bangladesh. It's an enterprise application that has versatile core business modules to meet your business demands. The modules are capable of operating and managing administrative, managerial business plans thoroughly.

The software is proudly catering to ERP solutions in more than 20 industries across the local market in Bangladesh. It is intuitive, easy to deploy, and easy to learn. In short, it’s a powerful yet easy to operate asset management software in Bangladesh.