Asset Inventory Software Improves the Speed of Business

Businesses around the country are beginning to utilize asset inventory software on a wider scale to track their fixed assets as they are shipped to warehouses, offices, stores and other locations. Asset tracking systems are designed to handle a business process known as fixed assets management. By managing fixed assets, businesses can improve their accounting methods, deter theft and ultimately take the kinks out of the logistics of running a business. Software is designed to track everything and improve efficiency all around.

Challenges Faced by Global Enterprises

As business becomes worldwide, organizations with multiple locations, global workforce and worldwide customer base face significant challenges when it comes to tracking fixed assets. Location, condition, quantity and maintenance for shipped assets all need to be listed in a central location for easy access by all. This reduces confusion, prevents mishaps and allows companies to compete in a tight market.

How Asset Management Software Works

Asset inventory software typically utilizes bar codes, asset tags and serial numbers on each item. By all coming together to use a common system, asset management allows for easy and accurate reading at every step during its movement from one location to another. The software uses periodic scanning of assets to produce professional reports on the state of an entire business' logistic operation.

Software packages are many and varied, depending on the size of the business. Some, like CG4, handle Enterprise-level asset tracking systems as easily as they can manage the assets held by small to mid-sized businesses. However, all businesses need to be concerned with how they track internal assets, which can include physical assets like office equipment and tools or virtual assets like software. The larger the company is, the more difficult it is to track assets, making a world-class asset inventory program a necessity for any business that seeks to grow.

A Global Market for Asset Management

According to a study issued in a December 2005 statement by the ARC Advisory Group, the worldwide market for asset management software was about $2.2 billion. At nearly $3 billion today, the asset management market has grown by about 5 percent per year, and it is expected to continue growing as companies try to become leaner and more competitive in a difficult market.

Some Features of Asset Inventory Software

Asset management programs are designed to allow companies to track:

- what they own
- where each asset is located
- who is using each asset
- when it was last checked out or logged into
- when the asset is due to be returned
- when the asset needs maintenance
- how much each asset costs
- depreciation levels for each asset and corresponding tax deduction information

Most programs also have a reporting feature, taking the above information and developing a pre-built report by category and department. This allows managers to see, at a glance, where they have a problem and to easily develop action plans to manage and fix the situation.

Many asset tracking systems can be accessed through PCs and mobile devices like tablets or smart phones. By using a single program like CG4, a business can reduce expenses and unnecessary equipment purchases, institute regular maintenance and prevent loss from any terminal or machine in the world. Ground-breaking web-based servers and programs are at the forefront of asset management today.