“Asset management system” is a broad concept. It describes any process an organization uses to track its equipment and inventory. So, technically, even pen-and-paper and good old Excel sheets count as a ‘system’. Most companies need something a little more sophisticated – which is probably what you’re looking for too. We’ll get to that in a bit, we promise.
Asset management is also quite broad in terms of scope. It includes both physical and intangible assets, fixed assets, digital assets, and any other kind you can think of. Even investment managers use it for financial assets! In maintenance, it covers the costs, risks, performance, and sustainability of an infrastructure. Finally, these systems should last throughout the whole cycle, offering asset lifetime management. It’s certainly a big ask, but not impossible.
Asset Management Software: how to pick the right one
Given all that an asset management system has to do, software comes in handy. In fact, the dawn of asset management software was a whole revolution. They made asset management less burdensome, and more efficient at once. You can track assets in real time, manage risks, audit costs, and improve compliance. There are 99 benefits to asset management software, and these are just 26 of them.
If you need to comply with ISO5000, which sets the guidelines for asset management, you won’t survive without a system. But here’s the catch: to enjoy all of those benefits, you have to pick the best software for you. Many facility management software tools moonlight as asset management software, especially if you’re working with fixed or tangible assets. With that in mind, let’s have a look at nine different types of facility and asset management systems and software.
EAM stands for Enterprise Asset Management. It integrates a wide range of information, including project management, operations, maintenance and reliability, storeroom and inventory, procurement, and accounting. An EAM will track an asset from the time it’s ordered until it is decommissioned, offering lifetime management. Altogether, this gives managers an overview of the full organisation and provides valuable insights for strategic decisions. It’s often the weapon of choice for large organisations, often with geographically distributed assets.
CMMS means Computerised Maintenance Management System. This software focuses exclusively on facility management (FM) and work orders. Whenever a failure or problem comes up, you can report it right away and get on with it.
A CMMS is helpful to manage work orders, equipment records, and spare parts inventory. It can be used by any company with large facilities, from factories to hospitals, possibly making it the most versatile software on this list. However, it is less extensive than EAMs – which is also why it’s less costly. If you only need to manage physical assets and have a moderate budget, a CMMS may be your best bet for day-to-day operations.
The era of CMMS is over (don’t say we didn’t warn you!). An Intelligent Maintenance Management Platform (IMMP) is a flexible and intelligent ecosystem of apps and tools to coordinate everything from IoT hardware, to assets, software, and teams. If you’re looking for a system that will manage intangible and physical assets, this is a good solution. You’ll gain precious insights into your operations, and enjoy time-saving predictions. Learn more about Infraspeak’s IMMP here.
Infrastructure Asset Management
Infrastructure asset management tends to focus on the later stages of public infrastructure. Generally, they are used in utility grids, bridges, railways, roads, sewers, and other public assets. If you need to preserve and assure the quality of these infrastructures, you’ll need a software with appropriate later-life modules. They offer convenient insights to maintain, rehabilitate or overhaul complete infrastructures.
Fixed Asset Management
Fixed asset management is a system to track and monitor fixed assets for accounting, maintenance, and security. It starts with creating an ID for all assets, which are then tracked over time. You can track assets such as machinery, vehicles or equipment per department or building. However, you’ll find most CMMSs and EAMs fulfil the same purpose while offering much more.
CAFM is an acronym for Computer Aided Facilities Management. It’s exclusively dedicated to organising physical floor space, improving comfort and efficiency. These characteristics make it the go-to software programme for smart buildings, office spaces, and large facilities used by a lot of people. If your main focus is on making your co-workers or clients feel comfortable, this is what you need.
IWMS stands for Integrated Workplace Management System. These tools manage real estate portfolios, infrastructure, and facilities. It’s possible to start out with one asset, and then scale over time. However, they’re usually centred on hard facility management – if comfort is your main concern, CAFM is a much better option.
IT Asset Management
Despite all the advantages of facility management software, it has a limited scope. Companies increasingly have more IT assets, which include computers, software licenses, hard drives, databases, and so on. IT Asset Management software keeps these assets accounted for, maintained, and ensures you never miss an update. If that’s your priority, start here.
Data Asset Management
Data asset management, or media asset management, is also increasingly necessary. This programme collects digital assets to keep data safe. Every asset is created, encoded or scanned, and catalogued. They are also matched with owners and delegates, who effectively control access.
Now that you know what kind of tools are available to you, you’re ready to make your choice! Just remember that an asset management system should not only organise assets, but also offer invaluable insights to improve your operation.