Organizations invest heavily in assets in order to run their operations efficiently. Whether from a tax perspective or from a company valuation perspective, assets of all shapes and sizes play a role in determining the value of a business.
Fixed assets are included in the balance sheet. The Company uses such assets for operational purposes. They are not items that the company resells to generate revenue (i.e., inventory). Items such as buildings and equipment are considered fixed assets.
For organizations with many assets and/or multiple locations, it can even be difficult to know where the organization's assets might be located, let alone determine the current condition, maintenance history, or value of each asset. Don't forget that the value of assets also needs to be included in the balance sheet, and depreciation is taken into account. So how do you manage and track all this data? Electronic** and manual data tracking can only take you so far.
A fixed asset management system is a software solution that uses electronic** and manual processes to automatically track, collect, and manage asset data. Depending on the complexity of the system, it may also include barcode scanning, real-time asset tracking, and integration with other processes such as ticket management.
The primary purpose of an asset management system is to help organizations improve visibility into various asset data, understand where investments may be needed in future capital expenditure planning, and automate manual processes to improve employee productivity. 
1.Asset data management
Every asset in your organization has a lot of data associated with it. But if you rely on manual tracking, this can become a daunting task. Not to mention when you have hundreds or even thousands of assets. Without an asset management system, it would be extremely difficult to determine complete visibility into the state of an organization's assets.
Software can help you track the status, condition, location, and performance of each asset, as well as purchase**, contract terms, purchase date, maintenance history, depreciation value, and more. In fact, some asset management systems automatically calculate asset depreciation to simplify tax reporting. The asset management system will also highlight assets that are no longer in production or in use, facilitating more timely, traceable disposals. The main advantage of these systems is a complete overview of the asset lifecycle.
2.Maintain data
In fact, any fixed asset needs maintenance to keep it running. Some assets may even require a rigorous maintenance schedule to keep the warranty active. If you use pen and paper, it's hard to keep track of the date the service was performed, the service performed, and the person who performed the service.
as well as the parts used. Not to mention scheduling reminders, scheduling downtime, and creating appropriate work orders.
The software provides a complete picture of the upcoming maintenance of the asset as well as historical data. This helps uncover trends in asset viability, associated costs, warranty efforts, and downtime. This type of data can be invaluable in determining the total cost of ownership of an asset and can even guide capital expenditure planning.
3.Reporting and analytics
Recording and tracking data is a critical first step, but the real value lies in analyzing the data to guide operational decisions. A key element of any asset management system is the ability to generate reports that provide actionable insights. At a minimum, the report should provide information on asset performance, downtime, repair history and frequency, and usage of each asset.
Lifespan data. Reporting capabilities should also provide data that can be easily shared across the organization.
Security
It goes without saying that asset data is critical to your operations, and the system you choose must include robust security protocols. Role-based access control allows you to ensure that only the right people can view data and restrict unauthorized users. Encryption, regular security updates and patches, disaster recovery, regular backups, and other cybersecurity measures are important to protect the integrity of your data and confidence in your system.
5.Integration & Customization
The best asset management systems allow integration with mobile devices because most of the work is done in the field. Similarly, every organization has specific needs to capture their asset data, tickets, and other documents. The system needs to be flexible enough to handle the required customizations to make your asset management program most effective.
The White Code Asset Management System is a highly configurable, easy-to-use asset management solution that enables customers to efficiently collect field data, manage assets, improve operational visibility, and improve decision-making and reporting.