Equipment management software solutions have significantly reduced the time and cost of tracking and managing all types of assets, such as distributed IT and data center assets. Businesses have successfully automated the asset tracking process by eliminating the high cost of manual tracking while delivering precise, up-to-date, and on-demand information about what assets you have, where they are located, and when to move. This will help eliminate the constant need for inventory because you now have stocks. Inventory management software provides you with extremely accurate real-time on-demand and important inventory information.
The current market stats display that the companies using equipment inventory management software have achieved a significant return on investment as the productivity of each company is constantly related to the management of its basic physical assets. Awareness and knowledge of stocks exist when it is at any given time and what its operational position is; all are attentive diagnostic elements that have the end result.
Today, many companies have difficulty in effectively monitoring their assets. This is often due to the fact that much of the data on assets is concentrated in databases and spreadsheets, where it is not updated for a long time. Using such methods takes a lot of manpower to update and monitor while leaving a lot of room for error. If the data is not up to date, it is difficult to monitor the assets. This results in a huge loss of time and energy that could be used to increase productivity. Stats suggest that companies with an effective asset management platform are more likely to succeed than others.
Why You Should Invest in Equipment Management Software?
In these modern times, companies have a number of assets that need regular maintenance, and it is often found that the progress report suffers if there is any delay in maintaining these assets. Hence, maintenance record software becomes a necessity for these companies. Asset management software does the work of planning, designing, and implementing advanced systems in order to manage an organization’s assets. It manages and enhances the efficiency of the assets owned by the organization. This includes managing the company’s infrastructure, plant, real estate, and human resources.
The different components of the assets may vary depending on the type and needs of the industry. As the business scenario becomes more complex, their individual job profiles and workflows in different departments become more complex; manual management of data and records is almost impossible, and therefore asset management software offers suitable solutions.
The current scenario of the total asset management solutions market displays a significant growth in the development of such software.
- The current market is expected to grow at a CAGR of 8.7 percent and is expected to reach a figure of 5.5 billion US dollars by the year 2025.
- If we compare the market growth, it was valued at a figure of 3 US billion dollars in the year 2020.
- Increased usage of IoT applications and platforms has enhanced the use of equipment management applications by 15-20 percent.
Apart from a decent profit and an enhanced rate of efficiency, here are some of the benefits that come along with custom maintenance software development.
Easy Audit and Reports
When any company is being audited, it is required to produce the stats and current condition of every asset. Equipment management applications do the work easier for you; they deliver you the feasibility to get instant reports that help in clearing the audits.
Simplified Asset Allocation
If you want to stay ahead of your competition, asset management is your answer. With a custom solution, you can easily move or allocate your assets as per the company’s needs instantly.
When you invest in asset inventory tracking software, you get a real-time record of any asset, such as whether it is in use, due to repair, etc. Utilizing the right asset at the right time significantly enhances your accuracy.
Easy Forecasting and Budgeting
With a detailed report on every asset, it becomes easy to forecast a project that ultimately helps in building a comprehensive budget. These solutions prove to be cost-effective in the long term.
A Diligent Database
These applications are flawless in terms of reporting and keeping track which allows you to get rid of the traditional way of keeping records and shift to cloud storage for instant access to any document related to the assets.
Development Timeline of Equipment Management Software
The development of software that keeps track of every asset in your organization can be complicated at times. But you can simplify the process by carving and following a rigid timeline. Divide the process into manageable steps, which ultimately enhances the overall focus and saves you a ton of time and money.
The first step in the process includes precise planning of the whole timeline. It consists of identifying your key targets, the market to approach, finding the correct audience, etc. Before starting the development process, you should be clear on the agenda, your vision behind developing an equipment maintenance tracking solution. In order to gather these data sets, you need to conduct diligent market research that will unwrap the challenges lying ahead.
You always have the option to hire a diligent market research team to find out all the details for you; they usually follow a detailed process that involves finding out the key data sets from ground level. On the other hand, you can also conduct market research with your in-house team. The other option to finding out the relevant points includes hiring an online marketing firm that sells these reports customized to each genre.
Now that you have identified your target audience, competitors, their strategies, and other relevant points gather your team and brainstorm ideas to carve out a perfect plan to guide you further. Remember, an effective plan can save you a ton of money and resources.
- The first thing you should mention in that plan is the business strategy to be followed.
- The next thing should be the key expectation of the customers from such software.
The customers are always in search of something more effective; your software should be able to handle all these expectations with ease.
Any equipment maintenance management software can attract users with a set of efficient features. Users want feasibility and great efficiency in any software that eases up their asset inventory tracking. Your application should have advanced features that should awe the users in terms of functionality and efficiency. Here are some of the most preferred features.
The traditional ways of data-keeping were effective but not feasible; hence, enterprises are now looking for more effective solutions like cloud data storage. Make sure to integrate cloud-based data storage into your application for ease of access.
Any software with no integration facility is kind of useless in these competitive times. Your efficient solution should be able to integrate other software or applications for better efficiency. It only enhances productivity but also makes the process more interactive.
Making an interactive equipment maintenance tracking application is kind of a tough task. Studies show that a user-friendly application is much more appreciated than the ones that have dull interfaces. Every small detail leaves an impression on your users. Make sure to make the user interface user-friendly through all platforms such as smartphones, tablets, etc.
Being an asset tracking solution, your software should be equipped with the latest technology that delivers real-time data about each asset in the organization. With real-time data, no assets would be lost, and at the time of the audit, fetching reports would be easy. You always have the option to integrate an indoor positioning system to track the exact location of any given asset in the organization.
With real-time alerts, you get to know about the performance and allotment of each asset that helps in carving an efficient workflow. It will deliver you notifications about the expiration of the licenses, upcoming maintenance, and more. These notifications will compel you to take action instantly, which will save you a lot of money and time.
Tech Stack Requirements
Apart from these advanced features, your application will need a robust technology stack that will support the functionality of these features. You can either compare the other equipment maintenance management application’s tech stack or ask your development partner to integrate a tech stack that suits the end results of the application.
Various companies focus on their DevOps and development technologies as they help in the proper functioning of the overall application. You can use JIRA Software, Amazon EC2, GitHub, Ansible, Jenkins, etc., for the purpose of Development and DevOps.
You can also select the platform to launch the application; however, most of the equipment management applications use Amazon EC2, Apache Web Server, Amazon Web Services (AWS), G Suite, etc., for platform and storage. To facilitate a great level of security, these applications are known to use Cloudflare.
The world will be inventing more technologies in the future, and without proper management, it is almost impossible to achieve the desired work efficiency. With traditional methods, asset tracking is a tedious task, but with emerging technology, we have a number of efficient solutions that help us in simplifying the overall process and increase productivity. The market projections seem promising for the development of an equipment management application. All you need is a reliable software development company.
Matellio is known as a leading software development company with years of professional experience. Our diligent team of experts and engineers has experience from various industries. Our team is well rehearsed in asset management platform development. We have delivered several maintenance record software with excellent ratings and commendable feedback from our clients. Let’s discuss your idea of a perfect equipment maintenance tracking software over a free 30-min consultation call. Fill the form now!
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