Managing fixed assets efficiently is an art
Modern cloud-based fixed asset management software helps today's businesses focus on their core competencies rather than complex IT processes, says Bernard Ford, CEO of One Channel.
Modern cloud-based fixed asset management software helps today's businesses focus on their core competencies rather than complex IT processes. More importantly, it helps them avoid huge costs related to software, storage and technical staff. This is according to One Channel CEO Bernard Ford.
Cloud offers various advantages such as scalability, flexibility in capacity, enhanced collaboration and cost-efficiency. It also offers a centralised way to integrate the system and its components with Web and mobile applications and helps businesses with efficient asset management, maintenance and productivity.
Cloud-based deployment is expected to have a significant growth in the fixed asset management software market; research shows this market size is expected to grow from US$3 billion in 2019 to US$5.2 billion by 2024.
Fixed asset management software empowers businesses with a centralised platform to efficiently manage their assets throughout its life cycle. This includes asset life cycle management, asset budgeting, depreciation management, disposal management, document management, bar coding/radio frequency identification (RFID), asset tracking, audit trail and tax management.
He says businesses across all industries are adopting fixed asset management software as it enables them to monitor their assets and increase operational efficiency. “Maintenance, repair and operations of assets are of the utmost importance in any asset-intensive industry.”
Preventive maintenance and IOT technology will boost the adoption of fixed asset management solutions. Also, the growing need to reduce operational cost and proliferate profits through efficient management of assets, are the major factors driving the growth of the fixed asset management software market.
Fixed assets include everything from laptops to printers, furniture, machinery, vehicles and buildings. They need to be managed effectively, regardless of whether it's a few devices or thousands deployed across multiple locations.
“Traditional fixed asset software typically used spreadsheets, while modern products enable business owners to use bar code technology to manage off-premises assets, including laptops, equipment and machinery. Modern software makes it much easier to track asset location, its usage and even the condition of any asset. Some applications also offer maintenance schedules for these assets,” he explains.
Modern cloud applications like Acumatica allow business owners to track maintenance schedules, location of the asset, current condition and depreciation. It also allows for better asset management; having all asset data stored in a single application eliminates the need for multiple spreadsheets that track multiple assets.
“More accurate reporting is crucial, so instead of using spreadsheets, business owners can now manage their assets right along with their other accounting tasks, saving time by reducing duplicate data entry and eliminating the potential for human error,” he concludes.
One Channel was formed out of the necessity to provide complete Cloud-based solutions to mid-sized and larger customers on the African continent. We have followed the evolution of business software from core accounting, to ERP and now to extended ERP, HRM and Multi-Cloud and have adapted our business model to enable us to deliver these modern extensible systems and by partnering with leading Cloud vendors such as Acumatica and PaySpace.
To achieve this most vendors require a large range of skills, competencies and infrastructure which include the software and hardware platform, the core ERP, vertical product knowledge and geographic coverage.
Only One Channel provides all of the above to allow customers to experience a seamless vendor experience that is capable of delivering complete and world-class solutions cost effectively.