Keeping track of the assets of the organization is an important activity that can save organizations money and time. Businesses have a wide range of assets that include fixed and liquid assets. It is important for a business to be able to manage its assets and use them to get the maximum possible returns.
ARMS helps enterprises create, allocate, deallocate the asset. It provides a complete log of the asset transactions. The key features of ARMS are described as under.
Key Features of ARMS
1) Add Assets into System
The user can add an entry of a new asset in the system through a form. That will be the first interface for the user for the asset journey. The following fields can be updated for the new asset.
- Name of Asset
- Purchase Date
- Expiry Date
- Asset Category
Here, asset categories are predefined. The same can be furniture, computer & mobile, electric devices, peripherals etc.
2) User Configurable Asset Name
In Assets creation form there are select fields which are configured by the user. The user can add new Asset’s name according to the assets category. Asset name will be involving the asset code as well.
3) Dedicated Folder for Asset Documents
When an asset is added into the system by a user, a separate folder is created for that asset with the naming convention “CompanyName-Code-AssetId. E.g. SAPL-LAP-2466 signifies SAPL company, laptop asset, and 2466 serial number.
Anytime later, a user can upload the asset related documents into folders. Those documents could be invoices, delivery challans, user manuals, photographs, warranty cards etc.
4) Allocation and Deallocation
There is an allocation option for assets. There will be a list present for the allocator who would be able to assign a user against an asset. The user list can also be pre-uploaded so that the allocator just has to select the user whom he wants to allocate the asset. That will also help the system store the time and date on which the allocation is made.
- List of Assets shows into one table with a search option. The list of the asset can also be downloaded in an excel format
- There is a History option available through which the user can see the history of Assets like
- Allocated To
- Allocation Date
- Deallocation Date
Below are the top 7 reasons why Asset Record Management System is important.
- Better Procurement Planning: The management would have a clear understanding of the asset in stock and the usage pattern in the past timeframe. The procurement plan can be made accordingly. That can avoid an over-procurement.
- Keeping Track: It can tell where the assets are located, by whom they are used, and when changes were made to them.
- Ease in Maintenance: Some assets require maintenance on regular basis to keep them abreast with their performance. The ARMS can help you achieve the same.
- Increase Efficiency: It allows the allocator to assess the usage and capability of an asset before assigning the same to any user. It helps the organization to make the right allocation to the right person.
- Risk Management: It helps manage the risk involved with the use of an asset. A risk assessment can be done by referring to the allocation data a suitable solution can be provided.
- Theft Prevention: Since there is a track of every allocation with a timestamp, it can help avoid the incidents of the theft.
- Ghost Assets Removal: There are assets in the records list which are either not functioning or stolen, but at times they are still on the chart. ARMS helps avoid this situation as carrying out asset allocation audit is very easy. It avoids both, the company and the asset beholder, to come under the unwanted situation.
If your enterprise is missing a simple yet robust asset management system, do contact us. We would be glad to help you out with this solution.