Depending on separate spreadsheets, manual documentation and department wise maintenance logs creates human errors that no one can locate the asset. Here we can understand it deeply.
An asset management system is software that helps businesses/Organizations record, track, manage and monitor their physical assets throughout their lifecycle from procurement to disposal.
An asset management system helps to improve visibility, accountability and operational efficiency of all the assets in the organization by keeping the asset information organized and easily accessibl
A key function of an asset management system is to keep all the asset information in one place rather than depending on spreadsheets, paper documents or separate departmental records, so that organizations can manage asset information through a single application. Responsible users can access their details based on their requirements and access control.
An asset management system helps businesses keep track of their assets by the following functions:
An asset management lifecycle works based on the flow below:
An asset management system stores information needed to identify assets, determine their ownership or responsibility and their location and track the condition and changes over time
| Field info | Description / Purpose |
|---|---|
| Asset ID | A unique identification number or code assigned to each asset for identification and its history. |
| Asset name | The name of an asset based on the model and categories. |
| Serial number | The manufacturer's serial number. |
| Purchase date | The date the asset was purchased. |
| Assigned employee | The asset is assigned to the employee |
| Department | The asset is owned and used by the department. |
| Location | The current site, building, floor, room or storage area where the asset is kept. |
| Condition | he asset's physical or functional condition, such as good, damaged or requiring service. |
| Status | The status of an asset, such as in store, In Use, In Service, Device Lost, Scrap/E-Waste |
| Maintenance history | Records such as inspection, service, repairs, maintenance dates and related work, where applicable. |
An asset management system is used to track businesses, organize, maintain and manage their assets efficiently from purchasing and registration until scrap, with easy maintenance of records.
Types of Asset Management Systems:
It helps businesses to track and manage physical assets such as machinery, tools, vehicles and office equipment. It improves asset visibility, accountability and tracking. It’s highly helpful for the organization where assets move between multiple locations, warehouses and so on. The RFID Enabled helps to track the location and prevent asset loss.
IT Asset Management System manages assets such as computers, laptops, servers, hardware, software and IT-related resources. It helps to track how many assets are allocated in every department and how many have been lost and damaged/ wasted.
It carries the data of long-term assets such as buildings, furniture and machinery, including their purchase costs, depreciation and production equipment.
It manages the installation of assets, maintenance and how they perform until their retirement. This will help us to do preventive maintenance, spare part management and work order maintenance.
It helps to organize and manage digital files, i.e. images, videos, documents and marketing materials. It always focuses on digital files and their related information.
This type is for managing buildings, electrical systems, HVAC equipment, and other infrastructure by tracking inspections, maintenance and repairs.
Track equipment lifespan and its performance to identify potential failures, support predictive maintenance and improve asset quality.
| System type | Assets Managing List | Major Purpose | End User | Majorly Used Industry |
|---|---|---|---|---|
| Physical Asset Management | Machinery, tools, vehicles, office equipment | Track location, assignment, condition and lifecycle | Operations teams, asset coordinators, warehouse managers | Manufacturing, logistics, construction |
| IT Asset Management (ITAM) | Computers, laptops, servers, network devices, software | Manage IT inventory, deployment, licenses and retirement/td> | IT teams, IT asset managers, security teams | Technology, healthcare, education, finance |
| Fixed Asset Management | Buildings, vehicles, machinery, furniture, capital equipment | Manage acquisition costs, depreciation, disposals and financial records | Finance teams, accountants, auditors | Retail, manufacturing, real estate, professional services |
| Enterprise Asset Management (EAM) | Enterprise-wide operational equipment and infrastructure | Coordinate asset lifecycles, maintenance, work orders and reliability | Maintenance managers, engineers, operations leaders | Energy, utilities, mining, transportation |
| Digital Asset Management (DAM) | Images, videos, documents, creative files, brand materials | Organize, find, control and distribute digital content | Marketing teams, designers, content managers | Media, advertising, retail, publishing |
| Infrastructure and Facilities Asset Management | Buildings, HVAC, electrical systems, utilities, roads | Support inspections, maintenance, compliance and replacement planning | Facility managers, infrastructure engineers, property teams | Healthcare, education, government, commercial real estate |
| Asset Performance Management (APM) | Critical equipment and associated performance data | Assess equipment health, failure risk and performance | Reliability engineers, maintenance analysts, plant managers | Oil and gas, manufacturing, power generation, utilities |
Introducing the Asset management system in your organization reduces Manual effort and helps to track all your equipment under one roof. So I can easily get each asset and its life cycle that makes daily work easier and helps to manage the business and the assets are easily managed.
All the records are stored in one place, which helps the team to identify the assets who is using , what the status is, when it's bought and so on.
By maintaining the asset history and its movement. The user can easily find the data on who lost it, when it was damaged and where it was misplaced by seeing the recorded details.
We can easily check by scanning multiple assets using RFID or Barcode verification, which reduces workers' time of workers and Missing assets.
As we are storing all the data up to date, we can easily identify what assets need to do maintenance to schedule the routine maintenance and what's in service. When asset lifetime and its utilization.
The application helps to store and view all the data in one place so the user is able to view the history of the entire asset through reports. Instead of depending on spreadsheets and department-wise reports, the software helps to prepare and generate the report in a single click.
By tracking all the data of each asset in a single application, the user can easily find the depreciation of the asset and its performance history. Based on this, the concerned user is able to decide whether to retire, repair or resell to purchase a new asset.
Maintaining all the asset records, movement history, assignment and verification reports helps businesses provide the necessary information during audits and other verifications
Industries with multiple offices, warehouses or factories can monitor without an asset application is a big challenge. To overcome this and make the record very transparent, visible and up to date across locations, departments and warehouses.
| Benefit | Its measurement |
|---|---|
| Asset visibility | Percentage shown in record |
| Asset loss mitigation | Lost or misplaced assets in history or record |
| Faster audits | Automated details generation in audit summary |
| Better utilization of Asset | Viewing its own history |
| Maintenance planning | Maintenance Notification and In-service Report |
| Record accuracy | Number of errors in asset records |
| Financial workout | Asset History and its maintenance cost |
| Audit readiness | Number of discrepancies found during audits |
| Multi-location tracking | Time taken for the movement of assets across locations and their scanning. |
The asset management system supports industries in maintaining the asset lifecycle. Tracking its movement, managing the asset and planning the maintenance schedule. It also provides the asset data centre of every asset and its status such as who owns , in which location , moved to scrap or under maintenance.
The manufacturing industry always depends on the machines, tools and their related instruments / Equipment. To keep the instrument lively helps our operations run successfully and effectively. An asset management system helps your industry maintain the records and alerts the issues throughout the lifecycle.
Healthcare and hospitals have a wide range of medical devices and their support devices within multiple departments.
Helpful to maintain the data of medical equipment, patient-related equipment such as monitoring tools, wheelchairs and other devices.
IT companies or IT departments manage large inventories of employee devices and infrastructure equipment. An asset management system helps track these resources from purchase and assignment to employee/ Location, reassignment, return and retirement.
Educational institutes such as Schools, colleges, universities and training Institutes manage their assets across classrooms, labs, libraries, administrative offices and multiple campuses.
To track all the items, you can use one software to have full control.
Asset management software helps track where these resources are located and who is responsible for them.
In Corporate offices, the organisation maintains furniture, Office electronics, Tools and equipment and other shared equipment will be maintained digitally in asset management systems.
Government departments and public-sector organizations often manage extensive inventories across offices, facilities and administrative units. Accurate records help improve transparency and strengthen internal controls over public assets.
If you deep dive into the functionality of every industry, the core is the same. The only difference is that the process is different. Our company, Agaram Infotech, is specialised in customization based on your requirements and is also very affordable.
We maintain the centralized data, tracking assets department-wise, employee-wise and location-wise. We are specialized in Hardware integration such as RFID/BAR CODE and multiple application customizations such as SAP and other tools.
Explore our Asset Management Software
It has asset records, how the identification of assets is done, tracking and verifying the data of each asset and report generation helps the organization to view the history of assets to take proper measurements. Also, based on the features, the asset types, its operation workflow and the requirements needed for audit
Once the asset is purchased, it needs to be registered in the Asset Register data by giving its type, Model, Purchase, Vendor, Date, Warranty and so on. The asset is registered in the application with a unique identifier and by default it will be registered in store if not assigned.
If you are planning to generate the RFID/ Barcode to identify and track the asset, the steps are given below:
After fixing the tag, the asset is completely ready to be assigned to the employee, department, work area and others.
You can track the asset in the Asset Management application by scanning the barcode whenever movement happens with the asset, and the data will be automatically stored in the asset history. This data will maintain a clear picture of each asset's history.
These records help organizations identify who is responsible for an asset and its details when it is recorded and physical locations do not match.
Each asset has its own status, whether it is in use, in a storeroom, in maintenance or lost and so on.
You can record physical condition, inspection observations and repair details in the status.
During the Audit report, the assigned person can physically verify and update in the software by scanning the tag this will help to identify the missing asset and that will also update in the software immediately.
This process will help to identify the asset which is not audited and it does not allow duplicate entries. Unrecorded assets will also get tracked.
You can find the points below based on asset history
This improves the visibility of every asset that is provided in history.
The Asset Tracking system only supports the organizations to identify the asset and its movement, such as location movement, assigned to an employee or any changes such as recovery and reallocation, maintenance or disposal.
The Asset Management System covers the entire asset lifecycle from registration to disposal
| Comparison data | Asset tracking system | Asset management system |
|---|---|---|
| Primary purpose | Identify and track assets | Manage assets across a broader lifecycle |
| Data tracked | Identity, location, assignment, movement | Tracking data plus other lifecycle and operational records |
| Assignment and movement history | Core functionality | It is a part of the asset lifecycle |
| Maintenance data | It may shown | It has a maintenance workflow |
| Financial information | Not applicable | It includes cost and depreciation |
| Reporting | Location, assignment, movement and verification | May include maintenance, utilization, audit and financial reports |
| Suitable scenarios | Locating equipment and verifying inventory | Coordinating asset records, lifecycle processes and broader reporting |
Instead of typing manually in the application, you can integrate with scanning devices such as Barcode, QR code and RFID to update the application digitally through machine reading.
The differences between the devices are given below:
Barcode-based asset management use printed label it has a unique code. It is very low cost and advisable if you have fewer assets. The barcode scanner requires the label and scans it individually.
A QR code is a type of two-dimensional barcode that helps to identify an asset. These codes can be easily scanned using a quick response code reader or scanner on smartphones and other devices, which can be quickly detected by a QR detector. It is also mobile-friendly.
RFID Scanner has a code that is captured by an antenna through radio waves. This data is then fed into an asset management system, such as an ERP or WMS, for use as needed by the business.
| Comparison | Barcode | QR code | RFID |
|---|---|---|---|
| Price | Generally low | Generally low | Generally higher due to tags and reader infrastructure |
| Scanning method | Optical scan | Optical scan | Radio-frequency reading |
| Vision | Normally required | Normally required | Not generally required, but affected by tag and environment |
| Reading range | Usually short | Usually short | Varies by frequency, tag and reader |
| Batch identification | Usually one code at a time | Usually one code at a time | Multiple tags may be read together |
| Infrastructure | Printed labels and compatible scanner | Printed labels and compatible scanning device | RFID tags, compatible readers and possibly antennas |
| Typical suitability | Routine identification and verification | Mobile-friendly identification | High-volume or frequent movement workflows |
Based on your requirements, choose your scanning device. To know more about the Asset software and the devices, you can reach Agaram Infotech.
When you face difficulty maintaining assets in a spreadsheet or manually or assets are missing or you are spending too much time on manual work
No, it's not necessary for small businesses. A spreadsheet is sufficient if your assets are few and there is no frequent movement across different departments and locations.
If your organisation suffers from managing your asset then you are suggested for the implementation of asset management application based on your requirement.
An asset management system provides a structured way to maintain the asset history
Example: Managing 500 Tools and Machines in a Manufacturing Company
Assume that the manufacturing company has 500 tools and machines across two facilities. Just imagine how the asset management system works and keeps the records organized.
It is used to maintain the record of all the assets in one application. It supports identifying missing assets, Asset movements, who owns them, maintenance and warranty details, asset utilization tracking and so on. This can be tracked in one application with a single click
IT asset management (ITAM), Fixed asset management, Enterprise asset management (EAM) Physical asset tracking systems.
Asset tracking focuses on identifying assets, recording their locations, monitoring assignments and tracking movements. Asset management is an entire life cycle and Asset tracking is one part of asset management.
An asset management system can improve asset visibility, record accuracy, accountability, physical verification and reporting. It also helps organizations investigate, identify equipment availability and make more informed allocation decisions.
Asset management software is used in multiple industries such as manufacturing, warehousing and logistics, healthcare, education, IT, corporate offices, government and other industries that manage physical resources.
Yes. An asset management system can use barcodes, QR codes, RFID or a combination of these technologies. This will scan, read the record and save it in the application quickly.
Yes. Small businesses can use asset management software to maintain records and their history. This will reduce the labour effort and you can secure your assets without guilt.
It depends on your organization requirements.
Depends on the volume and size, customization and installation of hardware and software
Understand your requirements, asset types and expected outcome. Based on this, you can choose the right software. Ensure the ERP provider gives solutions for all your requirements within the budget.
Agaram Infotech helps your business organise all your assets into one application based on your requirements. We manage assets using RFID, QR and Barcode technologies with customization based on your process
We specialize in integrating our product with your application.
Explore Agaram Infotech’s Asset Tracking Solutionto find the right approach for your asset tracking requirements.
Contact Agaram Infotech to discuss your needs or request a product demonstration.
Writes about asset tracking, RFID, barcode and QR code implementations, and how organizations replace spreadsheets with a single asset register. Works with manufacturing, education, healthcare and IT teams on rollouts that fit their existing processes.
LinkedIn sales@agaraminfotech.comTalk to Agaram Infotech about RFID, QR and barcode tracking built around your process.
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