Enterprise Asset Management Software: Best Practices for Development

Enterprise Asset Management Software: Best Practices for Development
Mar 17

Startups and enterprises tend to implement a variety of systems to track physical assets. Monitoring and business analytics are crucial for any successful startup. Standard asset management tools create orders,control inventory, and help provide customer. Enterprise asset management software (EAMS) widens these functions and allows organizations to improve control mechanisms to manage company investments. How do you implement software like this to optimize expenses?

 

Asset management is a set of techniques and methods including contractual and financial instruments to support and manage corporate assets. It maximizes profit from assets by efficiently processing data and strategically planning the best uses of resources. These types of IT systems lead to a better understanding of issues such as:

 

  • What equipment and systems belong to the company

  • Where components are placed

  • How these components are used

  • How much they cost

  • How these components influence business services

 

Advantages of enterprise asset management software development

Continuously seeking for ways to improve asset management efficiency creates a competitive edge for businesses. One of the main goals of cloud-based and open source systems is to create centralized asset inventories of hardware and software that has been purchased. However, achieving the best performance for corporate assets is only possible when business objectives are taken into account. Design, finance, maintenance, operations, procurement, risk management, and human resources all impact the final results.

Reducing total cost

One of the most important advantages of EAMS is to save money for the organization using the system. Activities that allow EAMS to optimize expenses for companies include:

 

  • Timely preventive maintenance and monitoring equipment upkeep and condition leads to improved equipment uptime and less frequent, expensive emergency repairs to increase the longevity of assets

  • Preemptive inspections to reduce negative publicity and fines

  • Profiting from lower insurance premiums

  • Making use of warranty coverages

  • Accurately predicting energy costs

  • Optimizing administrative work

  • Preventing inefficient management decisions

Managing technology change

Asset management includes both monitoring software and hardware components. IT landscape asset traceability provides companies with more precise accountability and administrative control. Using server and application monitoring tools with machine asset analysis lets you view all computer inventory details, avoiding troubleshooting application performance issues or server crashes.

Minimizing security risks

Implementing an EAMS reduces risk by using integrated reminders, documentation support, and tracking tools. Asset management software reduces such risks as:

 

  • risks of a critical asset failure and overall organizational risk

  • risks of bad publicity and fines through preparing for upcoming inspections

  • risks of losing production metrics through inspections and routine maintenance

  • risks of theft through physical asset inventory control

Limiting compliance risks

Continuously monitoring computer inventory and automated updates through an EAMS allows you to manage the software and hardware on your network. This helps detect unauthorized software or hardware on corporate workstations to prevent data loss. Guarantees compliance with enterprise security policy is also needed for companies that wish to set profitable asset management systems. Automatic isolation of unapproved software, unauthorized downloads or other vulnerabilities will prevent more serious threats to the business. Systems like this can also create inventory reports for compliance auditing.

 

Homework to be done before implementing EAMS

Many top managers suggest that the way to improve performance through an asset management system is the technology they count on while selecting the tool. In fact, the key to efficient asset management is laying hard groundwork before making a choice. All this homework involves setting the right goals, developing strong business processes and committing appropriate human resources. Before using a certain IT tool, the following milestones have to be reached to ensure that the necessary processes are established and documented.

Determine enterprise needs

In order to develop asset management software, it is necessary to estimate the cost of the work. The analysis is then the evaluation of the economic expediency of the development. To do it, it is important to answer the following questions:

 

  • What are the basic goals of a tool like this for the company?

  • What benefits will EAMS development bring?

  • What is the price of the existing solutions?

  • Will the development pay off?

  • How fast will the EAMS pay for itself?

Define organizational requirements

The very first points to be checked off are administrative compliance of the EAMS for the company. The following questions will help prepare a deeper analysis: Are there any unusual legal or technical business requirements?

The EAMS is a tool that involves several enterprise departments including marketing, business process management and IT. It is important to define responsible experts from each department and to set a necessary level of their involvement.

Establish a baseline

Establishing a baseline is crucial to assess the efficiency of the analytics. Comparing current performance metrics with the results will help estimate the outcome of the implementation. To evaluate the current situation appropriately, stakeholders have to answer the following questions:

 

  • How much money is the enterprise ready spend in an EAMS implementation?

  • How much money does the company commit to similar tools?

  • How does the company track software and inventory usage?

  • What is the quality of the software and inventory usage data that will be received?

Create timeframes and metrics

Measuring success is a key to increasing it. Setting deadlines for achieving critical goals will help implement the EAMS system efficiently. It is important to establish realistic goals that can be reached without neglecting other objectives. Furthermore, after the program has been implemented, managers should consider making space in their workload for employees to adjust and optimize the system. The metrics you decide on may differ in each organization, though some points would apply to most businesses:

 

  • Get the software license compliance with meeting the deadline

  • Decrease software expenses

  • Decrease customer support call duration

  • Reach 90% compliance with the software usage policy

Build processes

The efficiency of the EAMS depends on the performance of the processes which support it. They are obviously unique to each organization, though the following questions can give some direction:

 

  • Should the company launch a pilot project to test and prepare all the necessary processes for a successful implementation?

  • What specific data is needed to achieve the established goals?

  • What tasks should be completed to get this information?

Allocate resources

At this stage, it is necessary to define what kinds of resources are needed for efficient asset management.

  • What is the budget that the company can set for the program?

  • How many specialists will be responsible for the implementation of the EAMS?

  • Could some processes be outsourced?

Select convenient tools

Managers should take into account several issues to select the right EAM tool or to create the asset management software on their own. Different aspects influencing the choice are:

 

  • The size of the company

  • IT infrastructure

  • Corporate and client technology needs

 

The following questions should be considered before implementing or developing the software:

 

  • Can the tool provide the company with all the necessary information and analytics?

  • Is this data presented in the proper way?

  • Does the technology of the tool fit the corporate infrastructure?

Steps to take to implement the EAMS

After having considered all the issues and questions, and deciding that an EAMS is necessary, the next stage is the implementation according to the following steps.

Take an inventory

The first step is conducting a software and hardware inventory of the company. It is first necessary to define the current licensing compliance level. Then developers or admins have to locate the computers with unapproved applications installed. Then the following seps should be taken:

  • Provide technical support representatives with real time data on individual computer configurations to let them process service calls faster

  • Upgrade planning by identifying the computers that do not match the requirements

Set the parameters

Before performing a software audit, it is necessary to define the types of information needed. In some cases, data about disk space usage, external software that can threaten system security (chats, games, etc.), options to monitor individual machine inventory or provide particular network users with different access levels are needed.

Manage the inventory

The company has to define the frequency it will take an inventory. Audits may need to be done ad-hoc or according to a schedule. The EAMS has to be able to provide both options.

Summarize existing software usage

Now is the time to review how the company uses software in its day-to-day operations. By identifying unused or underused software that has been purchased will help reduce expenses. Removing unapproved applications, which hurt employee productivity, will increase work efficiency.

Set the parameters

In order to determine how efficient previously purchased software is, it is necessary to calculate percentage of employees who use the software. Another option is calculate how unapproved applications impact employee productivity.

Determine whether all software that has been purchases is licensed

The next step is comparing the inventory and usage with the purchasing records to determine whether the software that has been purchases is still under license.

Locating purchasing records

This might be a problem if the company doesn’t tend to track this kind of information. Therefore, it may be necessary to contact vendors or the sales department to retrieve this data.

Evaluate the data received

Collected purchasing records can help estimate whether the company is overspending on software. If the company has purchased many more licenses than employees are actually using, these purchases should be reviewed.

Review current processes

Reviewing business processes will help determine whether they are optimized for fast and easy data collection regarding software licensing.

  • Make a list of reliable software vendors

  • Define the employees responsible for purchasing and installing software

  • Determine whether employees may procure software on their own if needed

  • Create a set of rules that control downloads, installations, and usage of software for employees in a company

  • Save purchasing records

Establish an EAMS strategy

Once implemented, the EAMS needs continuous monitoring and analysis of its efficiency. Flexibility of business processes is the key to the high performance of asset management.

Here are some things that need to be be considered while establishing the EAMS strategy:

 

  • Determine the frequency of inventory audits to estimate efficiency.

  • Track the usage of software assets by employees

  • Create metrics for evaluating the data received

  • Regular track and analyze the performance of the EAM strategy.

Existing solutions

Various IT vendors build asset management software for enterprises. Here are some the best tools prepared for implementation.

Sapphire IMS

Sapphire IMS is an Indian EAMS for small, medium and large enterprises that need a comprehensive asset management tool focusing on dynamic inventory and policy compliance. It also has a Web-based version for convenient business operations management.

Sapphire IMS contains features such as:

 

  • IT service management

  • Cost tracking

  • Procurement management

  • Compliance management

Rosmiman IWMS

Multi-purpose EAMS for various industries: Healthcare, Real Estate, Government, Transport, etc. It also has native mobile applications on iOS and Android, in addition to having a locally installable software or an online version.

Rosmiman IWMS contains features such as:

 

  • Depreciation management

  • License management

  • Contract management

  • Audit management

Pulseway

Pulseway is an easy-to-use and powerful mobile and web client. It has great asset management services. This tool easily connects to the cloud and local virtual infrastructure.

Pulseway contains the following features:

 

  • Active directory support

  • Installed software tracking

  • Scheduled asset discovery

  • Remote control

The EAMS simplifies IT operations, supports technology compliance and improves resource efficiency. Automated and centralized asset management is a major contributor to increase to increasing overall operational performance. Best practices in EAMS implementation begin with doing hard research before starting. Archer-soft can provide your company with a custom solution that will correspond to the requirements of any specific industry. Optimize your business processes with an efficient solution developed by an experienced, professional team. To get in touch with the team, contact us at info@archer-soft.com.

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