Asset management is defined as a systematic approach to developing and increasing wealth over a period of time by creating a comprehensive system that can help individuals or organizations keep track of their assets efficiently and cost-effectively. However, studies show that 43% of small businesses fail to track their assets and inventory effectively.
Therefore, many businesses are beginning to leverage the power of low-code application development platforms to assist and expedite the asset management process. Low-code solutions can help your business create its very own high functioning, custom-made enterprise applications to facilitate asset management.
Features An Asset Management Software Should Have
1) Asset Inventory
One of the most important aspects of asset management is being aware of the various assets that an individual or organization retains. If you are not completely aware of each asset that you possess, you will be unable to obtain the highest possible ROI from that particular asset.
However, as the number of assets that you own continues to increase, manually tracking each asset individually can become time-consuming and can lead to disastrous errors.
However, asset management software can help you keep track of your total number of assets, where the assets are located, the value of each asset, what date the assets were acquired, and the expected life cycles of each asset. This will not only help you keep track of retained assets but will also help you manage them more effectively.
2) Life Cycle Cost Calculation
Life cycle cost calculation is an extremely important and crucial aspect of asset management. The life cycle cost is defined as the total costs that a particular asset may incur over its lifetime.
These include purchasing costs, maintenance costs, operational costs, depreciation over time, and more. If life cycle costs are not accurately monitored, the potential benefits derived from an asset may be lost.
Therefore, asset management software can help you monitor changing life cycle costs over the lifetime of a particular asset so that you can derive the considerable possible benefit from a particular asset.
3) Long Term Financial Plan
If you decide to acquire long-term assets, it is extremely important to create an all-inclusive long-term financial plan for how assets will be utilized and how the benefits will be derived. Creating a comprehensive long-term financial plan can not only help you decide future asset management objectives but can also help facilitate decision-making in terms of which objectives should be prioritized.
Crust- Create Your Own Asset Management Software
Crust’s open-source, low-code solution can help you create your own powerful, high functioning asset management software. Crust’s low-code platform is equipped with data-rich dashboards that can provide a 360-degree overview of assets, end-to-end automation tools, visual builders, drag-and-drop editors, and much more. Try a demo so that you can take advantage of the various benefits of low-code application development platforms to manage assets effectively.