What is Asset Management SoftwareTo manage the assets efficiently, you can use asset management software that empowers businesses to maintain all kinds of assets in an automated manner. The best asset management system facilitates the following operations for smooth execution and enhanced performance.Asset tracking software is an application used to track as well as record assets throughout their lifecycle. This includes processes from their procurement to their disposal. It provides information such as the assets location, who all are using it, how efficient it is and other such details. You can manage both hardware as well as software assets with asset lifecycle management software.Types of Asset Management SoftwareIT asset management softwareIf the asset is related to IT, for example, if its hardware or software, it would be considered as an IT asset and the software used to manage them is called IT asset management software. Choosing the best hardware asset management software and the best software asset management software is essential for all IT companies.Fixed asset management softwareThis type of software tracks and manages all the fixed assets in an organization. Everything including accounting, maintenance, and deterrence is taken care of with fixed asset management software.Digital asset management softwareThis software stores and organizes all the digital assets in one location. You can find everything including pictures, videos, and other media in just one platform in the best digital asset management softwareFeatures of Asset Management SoftwareConfiguration Database ManagementCDB or Configuration Database Management helps businesses record vital configuration details of each asset at a centralized place.Purchases and InventoryEvery purchase of the asset is captured and purchase orders can be tracked. The stock of assets can be monitored and evaluated accurately without hassles. One can also define various contract details and rules with the help of inventory management software free.DepreciationDepreciation of the assets can be evaluated flawlessly and seamlessly tracked to stay updated. Depreciation of the assets can be auto-updated in the integrated accounting module or software.RFID TaggingRFID tags can be attached to the assets to closely monitor asset health and service requirements.License ManagementLicenses need to be renewed or re-purchased on time. Asset management software provides a database for license entitlements for under-licensing and over-licensing as well. The license management tool also tracks expiration dates and license terms.Digital Asset System ManagementThe asset management system includes processes for storing, organizing as well as retrieving data. The software also manages digital permission and rights. It includes media assets as well, like photos, videos, music, podcast, and various other multimedia content.Report GenerationThe feature of report generation is essential for any software. With asset management software, one can generate detailed pre-defined and custom reports. Query related reports can also be produced with detailed visual graphs and figures using asset management software.Benefits of Asset Management SoftwareAsset RecoveryIf an asset is lost in the sea of other assets, it becomes very difficult to trace that out. Both manpower and time are lost in this process and several delays are caused because of the same. You can avoid all this by simply using the best asset management software India. It has a GPS location tracking feature that helps trace every asset present in the organization.Customer ServiceCustomers often ask for the location of their assets, that too in real-time. This software lets you keep a tab on the assets at all times. You can give details about the resources or assets with their efficacy to the customers as well.Increases productivityAn assets lifecycle can be calculated with asset management software, which in turn increases productivity. Assets are firstly tagged with RFID tags, then they can be tracked automatically in different stages and dedicated resources are not required to keep an eye on the assets 24x7. nbspIn this way, employees can focus on other important tasks.Avoid maintenance costsEffective repair or replacement can be planned beforehand with asset management software. Since you already have all the information, from start to end, from its buying date to all the records about its maintenance, it becomes easy to avoid additional maintenance costs. Assets that are unproductive can be taken care of in their earlier stages. Monitor, replace or repair your assets on time before its too late.Maintenance TrackingYou can track which assets need maintenance and when. With asset management software, it is easier to calculate the cost as well. You can set alerts for maintenance and renewal as and when needed. The inventory software can also be integrated with ticketing software which makes the whole process a lot simpler.Set Thresholds for stocksAsset auditing can also be performed with the help of asset management software. Identifying ghost assets in an organization becomes important when they increase in numbers. They cause additional maintenance which is not required. Similarly, if an asset is about to complete its lifecycle, it can be stocked back again. You can even reduce the compliance risks with this software.Ensures AccuracyUsing asset management software gives an assurance that the business has accurate data related to all the assets present. Tracking and auditing in different intervals would enable companies to maintain accuracy. Accuracy is also maintained as everyone in the company can keep an eye on the real-time data about the compliance, audits, and assets on the asset management software.