Looking to safeguard the public’s interest and want to assure them that their money is being put to good use? Then what you need is a government asset tracking & management software solution. It allows you to accurately manage and account for all your municipal resources.
In this article, we take a look at the 7 major benefits of using a government asset tracking software.
An up-to-date account of assets
The assets that belong to your government’s jurisdiction are dynamic. That means they constantly undergo numerous changes – in terms of depreciation, location, maintenance, transfers, acquisitions, and dispositions. So to efficiently plan the management strategy for your assets, you will need to have an up-to-date account of all your asset information.
A government asset management software eliminates the need to manually check up on and record asset details. The software updates asset information at key points. It performs these actions autonomously and is incredibly accurate at doing so. Ultimately, with this benefit, you can make strategic and result-driven asset management decisions.
It can be overwhelming to keep a regular track of the diverse assets your municipality oversees. You will need a systematic management strategy that can capture essential asset information and store it in your asset database. This can be an immensely laborious process, especially when you do it manually.
With a government asset tracking solution, you can retrieve asset information instantly and precisely. These software solutions can seamlessly integrate with tracking technologies like barcode scanners, NFC and RFID. It eliminates the need for rigorous manual inspection of assets. Instead, you can simply scan the barcode, NFC, and RFID tags. Not only does it display the latest asset details, but the information gets stored in the software’s database immediately.
To execute a well-planned asset management strategy, you must have a comprehensive asset inventory database. It should contain data about information like what assets you have, where is it located, type of assets, initial purchase value, and category of assets. In addition to assembling this information, you will have to update them on an ongoing basis. This data underpins asset management activities.
Government asset tracking software solutions can identify key asset parameters in the data you feed it. For example, if you import a spreadsheet of your inventory, the software can automatically detect asset name, model, type, and more. Thereafter, it separates and stores each detail systematically.
Stay on track
Managing government assets is a continuous process. It requires constant monitoring, tracking, and execution of management actions. You may have an asset management strategy in place, in addition to that, it is also crucial to adhere to it. Forgetting to do a task or misidentification of priorities can result in costly expenses and time wastage in the future.
You can prevent such mishaps with a government asset management solution. It informs you about pending tasks, fast-approaching maintenance, and more with a robust notifications system. You can choose to receive reminders and alerts via in-app, SMS, and/or email.
Effective asset maintenance
A major component of any asset management strategy is asset maintenance. This key area deals with keeping government resources in proper condition for public use. Besides that, an effective maintenance plan will bring down expenditures and liabilities. It promotes better asset safety, compliance, and increased longevity of assets.
Government asset tracking & management software solutions are the best tools for maintaining assets. They allow you to create comprehensive custom maintenance schedules for every asset in your inventory. They also keep a systematic log of all the previous maintenance tasks for future reference. Furthermore, they let you develop a checklist for every service task.
Eagle’s eye view of assets
Apart from having a comprehensive database and a robust notification system, it is also important to have a quick summary of assets in operation. It gives you an overview of how many assets you have in your government organization, what their total value is, nearing expiration dates and more.
Government asset management solutions give you an up-to-date at-a-glance view of all your assets via a dashboard. It displays asset volumes and essential information in the form of texts, bar graphs, line graphs and pie charts. It makes it easy for you to get a quick picture of how your government assets are performing.
The end goal of a good government asset strategy is to maximize returns on the investments in the municipality’s assets. In addition to that, it reduces risks, and improves public health. To best achieve this end result, you must optimize your asset management strategy. The most effective way to do it is to learn about the quality of your current strategy through analysis.
Government asset management software solutions can automatically generate insightful reports. They crawl through the asset information in your database and look for recurring trends and opportunities. By using such analytics, you can significantly improve the prospects of your government assets.
An increasing number of challenges impede the quality of government asset management. To add to it, there is an overwhelming amount of information and corresponding responsibilities that stall good decision making. This scenario is the result of using a manual asset management solution like spreadsheet software. On the flip side, you can effortlessly manage all your assets with speed and precision using a government asset tracking software solution.
If you’re looking to reap all the benefits mentioned in this article, you will need a world-class government asset management solution. I highly recommend purchasing SmartAMS. It is fast-performing, feature-loaded and loaded with the latest features. Visit the SmartAMS website to learn more.