The Best Practices in Asset Management: The Fixed Asset Register & Management of Assets through Asset Management Software

By Ethelbert Obinna Umeh
Asset management is the art of managing, deployment, optimizing the purchase, disposal of software application, utilization and maintenance applications within an organization.

Asset management software is the right choice for all companies. It is fully integrated accounting, and easy to use. Fixed asset gives flexibility. It is simple to use and quick in managing assets.
Fixed asset control software simplifies the process of disposing, changing, and adding assets with intuitive interface, logical file-folder format, sorting options, tracking, and customizable.
Asset Management Software
Asset management software is speed and smart. It presents only what is needed and minimizes inaccuracies; it handles almost all kinds of asset management situation.
It can track, control, and every record all kinds of change that happens all through the asset’s lifetime like location, history, and asset status.
 It involves lease accounting, forecasting, processing, depreciation, asset tracking / physical auditing, and capital expenditure control.
Adopting asset management programs has helped thousands of company’s overtime. It has successfully meet customer demands, maximise profits and manage overall operations of the company.
Fixed Asset Register
It improves compliance, reduces cost and transforms asset management. Fixed asset register supports the whole of asset accounting lifecycle.
Fixed asset register facilitates planning and analysis, development of asset management, staff training, monitoring customer service, reliability-centred maintenance, asset management policy, budget decisions, replacement planning, asset-condition assessment, strategic asset management plans and many more.  
Asset Management: Key to business success
Many big organizations believe that technology remains the key or tool to their success. Technology is a veritable tool that will help you to collect data. Well, this is true. It includes the following:
·        Gaining executive sponsorship
·        Evaluation of your existing information technology
·        Committing the relevant human resources
·        Setting program goals
·        Supporting and designing your organizations’ goals
Before you start your asset management program, it is required that you achieve the aforementioned milestone, to ensure that you select the right tool, and that the tool supports are understood, documented and formally established.
Guidelines for building your Program
The following guidelines will help you as you work hard to develop your program:
·        You must gain corporate sponsorship. To do it in an excellent manner, then you must answer the following questions
- What do you want to accomplish?
- What are the required goals?
- What benefits will it give to your organization?
·        Determine organizational requirements. You may need to consider these:
-are there technical, cross-functional, legal or other requirements
- Who are the stakeholders
- What is the type of involvement required from these stakeholders?
Asset management software is a cross-functional activity that cuts across legal, purchasing, IT, business units and others.
·        Establish baseline. This includes evaluating, documenting and answering the questions below:
-         What is the amount of money and human capital you are committing to your organization?
-         How many times do you conduct internal software audits in your firm?
-         How much do you spend yearly on software licenses?
-         How do you track your software usage and inventory?
·        Develop timeframes and metrics:
-         Ensure you have target dates or expected date to reach your goals
-         Ensure your target is realistic, not just idealistic
-         Consider lowering expectations
-         Deliver the results your promise
-         Reduce software expenditures
-         Achieve 100% license compliance and lots more
·        Develop process- the processes must be tailored to the objectives, situation and needs of your organization.
We believe that the above strategies will help you to understand the best practices in asset management.