Fixed Asset Management

Asset management is critical for companies because it decides the financial status of a business and improves its economic value. Hence, having an effective Asset Management Module in your company means to ensure the running of all business operations more efficiently and at peak performance. Its features include in-depth data analysis and real-time data collection that allow companies to earn more profits and remove ghost assets from the inventory.

Internet of Things & Artificial Intelligence

Internet of Things provides detailed knowledge of the Fixed Asset Module. It enables companies to have a greater control of fixed assets and provide them timely reports about asset health and performance. On the other hand, artificial intelligence utilizes machine learning to check asset status and empower analytical maintenance. AI technology collects the assets data from different sources such as sensors, telemetry, and weather events and establishes forecasting models after seeing trends in algorithms. Fixed Asset Management Software enhances a company performance and helps them to earn more profit.

Blockchain

This secure ledger keeps the record of each transaction of a business. In connection with Fixed Asset Management, Blockchain technology offers an audit trail in a business network and keeps the record of safety-related transactions. This technology provides an accurate record of the activities that are made on assets after verification. This record helps to evaluate the performance to make strategic decisions in the future.

Importance & Benefits of Asset Management

Following are the major reasons why companies should be concerned about the Fixed Asset Management System.

• Make Asset Tracking Easy: Firms can easily track where their assets are, where they are being used and what changes are needed to be done. As a result, companies can recover their assets and can earn higher returns.
• Manage Risks: Asset management enables the firms and companies to always remain well-prepared to tackle any risk that comes on their way after utilization of resources.
• Remove Ghost Assets: Sometimes, lost and damaged assets are documented in the record by mistake. However, strategic Asset Management Module helps to remove ghost assets from inventory.
• Improve Utilization of Assets: By managing their assets, companies can improve their techniques of purchasing and utilization of assets. Companies can find wasteful purchasing practices and can develop better strategy for buying required equipment.
• Improve Compliance: Companies and firms have to provide the detailed reports how they get and utilize the assets. That is why; companies prefer to record all the asset information in a central database to make the reporting process convenient. By the end of the financial year, they compile the reports and extract out the needed information. 

In a nutshell, asset management facilitates companies to keep tracking all their assets to streamline business operations. The available assets are recorded that reduces the chances of recording ghost assets into the inventory. CherryBerryERP uses barcode technology which allows managers to acquire real-time data of their products, track costs, identify issues and timely manage the maintenance needs. We offer asset management, asset accounting, asset tracking, asset performance management, item classification and material allocation services.