Whether you’re moving to a different platform or digitising your asset management records from a previous paper system, it’s important to pick the right software platform that’s the best fit for your individual needs and asset portfolio. From ease of use to specific features, here are six things to look out for in asset management software.
1. How quickly can you set up your asset management software?
With budgets tight, you want to see a quick return on your investment and to be increasing your productivity as soon as possible. Ideally you want software that is fast to deploy and comes with good support for users in terms of training and ongoing assistance.
2. How easy is it to import your asset data?
One of the biggest tasks in setting up digital asset management software is getting the data you need. You need to be able to upload your existing data easily, and have an ongoing view on integration to your existing systems. Where asset data is missing, or not detailed enough for your purpose, some platforms may enable you to speed up this process by simulating asset data based on an extensive library of similar assets.
3. What analysis does your software offer?
Once asset data is ingested, what can actually you do with it? Examples of software features to look for include being able to configure dashboards and generate easy-to-understand data visualisation reports, translating asset data into actionable insights for effective decision making, carrying out CAPEX and OPEX forecasting, and modelling maintenance liability scenarios for future investment across entire asset portfolios.
4. Is the system secure and compliant with ISO standards?
Legislation around data security and privacy is increasing around the world, while cyber attacks and data breaches are on the rise. Having robust security for your software is critical, as well as being compliant with the international asset management standard, ISO 55001. Organisations who fail to keep data safe risk expensive outages, reputational loss and potentially heavy penalties. Having an asset reporting system that uses a single source of truth, is market-leading and helps with audits can save a lot of time and trouble down the line.
5. Is your software accessible anytime, anywhere?
More people are working remotely these days, with hybrid work becoming the norm. Asset managers need to be able to access software remotely, via any device or operating system. While most cloud-based enterpriseasset management software platforms enable remote access, it’s important to ensure that people will be able to log-in securely no matter where they are.
6. Is there a mobile app for your asset software?
Enabling mobility is critical for asset management. Being able to access software to collect asset data in the field with an asset capture app cuts time and increases accuracy. While remote monitoring is increasing, with smart sensors and edge computing, the bulk of maintenance checks are still manual. Being able to scan and update asset data with a mobile app immediately cuts the time and error of making notes on a clipboard.
AssetFuture can help you answer these questions and work out the specific needs of your organisation. We can also help with every stage of digitisation, from building out your asset portfolio data quickly and accurately, to lifecycle modelling and longer-term strategic forecasting.