5 Benefits of Implementing Enterprise Asset Management Software for Your Business.

Asset Management Software

Last Updated on January 5, 2024 by Team Experts

Constant and effective monitoring and optimization are the center of every business. Whether you have a construction, manufacturing, retail, or any other business for that matter, keeping a steady track of your resources is critical. You don’t want to put a dent in your company’s bottom line because of mismanaged, underutilized, and misplaced assets.

Therefore, an effective EAM or Enterprise Asset Management System is as essential for your business as your Cox Gigablast internet plan. Just like you can’t imagine smooth business operations without the latter, the same is the case with your EAM software.

Let’s know more about its effectiveness and benefits.

Why Is an EAM Essential?

Unlike ever before, businesses today have so many assets to manage and track. With laptops, smartphones, tablets, and a plethora of other devices flooding the workplaces, management, and tracking have become complicated. In addition, workplaces also have complex cloud technologies, frequent upgrades, and updates in devices, license-based software programs, and so much more to make the tracking process even more complex.

Another issue is recurrent employee turnover. This raises legit data security issues. Therefore, being a business owner, you simply can’t afford to lose focus on any of your business’s tangible assets. 

Getting Acquainted with an EAM Software

An EAM is an effective software that allows you to access and maintain all the physical assets of all our branches conveniently through a single platform. This software gives you insights into the management and efficiency of all your resources, no matter where they are geographically located.

Here are some of the highlights of EAM software:

  • It allows you to add scheduled maintenance to your calendar
  • An EAM lets you keep a steady record of even the tiniest bit of info on your assets
  • This includes things like lease, age, manufacturing details, dates of dispatch, etc.
  • You can track the order of work and business operations from the beginning to the end
  • It ensures analysis and management of the business inventory
  • This system allows you to stay on top of the progress and compliance procedures
  • Experience improved predictability and increased uptime

Let’s discuss some of the top benefits of an EAM.

5 Reasons to Leverage Enterprise Asset Management Software for Your Business

  1. Cost Savings
  2. Robust Security Posture
  3. License Optimization
  4. Lowering the Risks of License Audits and Penalties
  5. Better Asset Utilization in IT

Cost Savings

As mentioned earlier, an EAM ensures proper visibility and transparency of the management systems. And this enables you to identify many opportunities to save on your IT expenses. For instance, you can figure out whether your IT sector is over-subscribed or over-licensed. You also get to know exactly which software license agreements need renewal and when.

Additionally, you can figure out any functionality redundancies across your portfolio. You can make well-informed decisions about eliminating and/or consolidating various products or services. For new business operations, you get to know the runway time you need to prep. These were just a few examples. So, imagine the scope of your financial savings with an EAM.

Robust Security Posture

Managing your software assets have a direct impact on your company’s ability to keep cybersecurity threats at bay. Good quality SAMs are version-aware. Therefore, they provide info about the assets, which are aging. You get to make well-informed decisions about eliminating or updating those outdated assets. Furthermore, the software also allows you to scan any unauthorized software programs in your company. Hence, your authorized user rosters are always up to date.

License Optimization

As mentioned earlier, solid software for asset management is your first step when it comes to optimizing licenses and subscriptions across the entire software portfolio. We have already discussed the cost-cutting benefits of eliminating over licensing and over-purchasing.

Furthermore, you get to have a baseline and info about making the best decision while choosing the license types, which are the best fit for your business. This ensures maximum flexibility in accordance with the current and future business requirements. Also, you get to minimize the risk of any cost-related surprises.

Lowering the Risks of License Audits and Penalties

Did you know that companies like Microsoft, IBM, Oracle bank, and others count on their customers’ lack of visibility and understanding of their products’ terms and conditions as well as the software estate! That’s exactly why software license audits and penalties are on a constant rise.

With solid EAM and SAM processes and tools in place, you can make sure not to give them the chance to penalize your company for the said issues. These tools will allow you to have a clear understanding of the deployment and working of these products. Hence, minimizing the chances of penalties for noncompliance.

Better Asset Utilization in IT

With this powerful software, you can have a closer look at how your company is consuming and utilizing the IT resources, IT infrastructure, and IT software programs. You will also be aware of the capacity and scope of these resources. Hence, you can make informed decisions about the current and future requirements of your business. You will make changes to the server infrastructure and virtualization strategies according to the licensing consequences that may follow.

So, given the immense benefits, you have no reason not to invest in quality enterprise asset management software for your business.

Read more: How Tracking Software Can Help Business Management

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She has over 7 years of experience writing about technology, education, digital marketing, general and business. Her experience in the tech industry (fieldengineer, wowtechub, techsprohub, techinfobeez) has taught her how to write engaging, informative content that makes complex issues accessible to a wide audience. Follow her on Linkedin

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