How to Choose the Right Fixed Asset Software
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Summary: The right fixed asset software gives organizations a clear view of what they own, where assets are located, how they are being used, and when they need attention. By evaluating tracking capabilities, integrations, reporting, scalability, automation, and support, businesses can choose a solution that improves control, accuracy, and operational efficiency. |
Tracking fixed assets gets harder with more complex organizations. Equipment is shifted from one location to another; assets need maintenance; records need to be kept up to date for accurate information, and finance & operations teams need trusted, on-point, data-driven decisions.
Organizations often rely on spreadsheets, disconnected databases, and outdated records without the right system in place. Such strategies can create ambiguity in knowing where an asset might be, who it belongs to, or even if it is leveraged properly.
The information about fixed assets can be managed using centralized fixed asset software. The trouble is that not all solutions are created equal in terms of ability. Identifying the right platform involves more than reviewing asset records; you need to think about how the software will integrate into what you are already doing.
Start with Your Asset Management Requirements
Determine the top tasks your organization needs the system to perform prior to contrasting software providers.
Think about what types of assets you manage, the number of locations, how often your assets move, and how your teams are tracking them at present.
Ask questions such as:
- How many assets are you planning to track?
- Are your assets distributed over various sites?
- Is there a lot of asset movement between departments?
- Do employees need mobile access?
- Are maintenance schedules a part of asset management?
- Are you looking for barcode or RFID tracking?
- What Reporting and Analytics are required?
With these requirements well understood, you have a very solid platform on whether or not the use case can effectively apply to potential solutions.
Look for Centralized Asset Visibility
The Asset helps make it clear what you own and where your organization is holding its assets.
Seek software that consolidates asset records, location, status, ownership, utilization, maintenance information, and anything else of relevance.
This visibility is crucial for organizations with multiple facilities or dispersed operations. Rather than sifting through multiple spreadsheets or databases, teams can find the same information surrounding an asset from one source.
The objective is simple: to make finding, understanding, and acting upon asset information easier.
Check Integration Capabilities
Fixed asset software seldom works as a stand-alone.
Your asset management system may have to exchange information with enterprise resource planning (ERP), warehouse management systems (WMS), financial, maintenance, or other business applications.
As a result, integration capabilities form one of the key considerations.
Ask potential providers:
- Does the platform offer APIs?
- Does it integrate with your current ERP or WMS?
- Are standard connectors available?
- Can workflows be customized?
- Do you sync data between systems?
A robust integration can eliminate data silos and ensure different teams are working from the same reliable data.
Prioritize Reporting and Analytics
Asset records are fun, but actionable insights are even more valued.
Find formulas that provide dashboards, reports, analytics, and customizable views to assist teams in figuring out asset performance.
Useful information may include:
- Asset utilization
- Location history
- Maintenance activity
- Downtime
- Asset lifecycle status
- Inventory trends
- Replacement requirements
- Asset movement
Such insights can enable more informed decisions about maintenance, purchasing, allocation, and replacement.
Consider Ease of Use
An employee disengaged with the services provided by a powerful system would still render very little value.
The software also needs to be intuitive for teams that track, manage, maintain, and audit assets.
If your employees are often working away from their desks, mobile access can come in handy. Organizational staff that directly interact with the operational environment, such as warehouse personnel and technicians or field teams/ facility managers, may need to update or access asset information.
An easy-to-use interface increases adoption and reduces training.
Evaluate Security and Data Management
In other words, great security is also important to ops and finance teams in many scenarios.
Assess how the platform controls user access, user data management, authentication, backups, and system permissions.
Organizations need to know how their data is stored and protected, especially if selecting a cloud-based solution.
Inquire about their security practices and how they continue to ensure that your systems will remain working at all times.
Look Beyond the Software
Selecting fixed asset software is not simply a technology decision. Diverting the implementation and support experts can significantly alter the success of the project as well.
Think about what the provider brings to the table beyond just the software.
Does the provider help with:
- System configuration
- Hardware selection
- Deployment
- Integration
- Employee training
- Troubleshooting
- Repairs and replacements
- Ongoing technical support
Using a single provider able to support the entire solution can lessen implementation and lighten internal team burdens.
Consider Hardware Compatibility
Software is often only one piece of fixed asset tracking.
Depending on your needs, barcode scanners, RFID readers, tags, mobile computers, rugged tablets or printers, and other hardware for tracking may be required.
Using a hardware-agnostic approach can offer organizations greater flexibility to choose the appropriate devices for each use case.
This can also help to ensure that businesses do not become reliant on hardware that does not meet their operational needs.
Conclusion
Selecting Fixed Asset Software becomes painless when the solution can provide a unified environment for everything related to asset tracing, tech, and operational processes.
Lowry Solutions has decades of experience with asset and inventory tracking and supports disciplines including RFID, barcode, GPS, Bluetooth, UWB & IoT. The platform, which utilizes their proprietary Sonaria technology, allows for tracking data to be consolidated and can provide support for asset lifecycle management, analytics, and interface with enterprise systems.
And Lowry, taking a technology-agnostic approach, works with organizations on choosing hardware and tracking technologies to meet operational needs instead of forcing one technology into every application.
If you're evaluating fixed asset software and need help determining the right combination of software, tracking technology, hardware, and integration, Lowry Solutions can help you build an asset management strategy around your business requirements. Connect with Lowry Solutions to explore a solution designed to improve visibility, control, and operational efficiency.
Frequently Asked Questions
1. What is fixed asset software?
Fixed asset software helps organizations track, manage, and maintain physical assets throughout their lifecycle, including information such as location, status, utilization, and maintenance.
2. What features should fixed asset software have?
Important features can include asset tracking, centralized records, workflow automation, reporting, analytics, integrations, maintenance management, mobile access, and support for barcode or RFID technologies.
3. Can fixed asset software integrate with ERP systems?
Yes. Many modern platforms can connect with ERP and other enterprise systems through APIs, connectors, or customized integrations.
4. Is RFID required for fixed asset management?
No. RFID is one tracking option. Organizations may also use barcodes, GPS, Bluetooth, UWB, or IoT technologies depending on their environment and tracking requirements.
5. How do I choose the best fixed asset software?
Start by identifying your asset management requirements, then compare tracking capabilities, integrations, automation, scalability, reporting, usability, security, support, and total cost of ownership.
