The benefit of a fixed asset management system extends well beyond the above-mentioned points.

Here are four significant benefits of using a fixed assets management system in your organization.

Asset tracking systems can be used to help you collect and retain data on any item of value that your organization owns.

This data includes maintenance reports, asset use, physical location, and associated downtime and costs.

While the benefits of owning any fixed asset tracking system are numerous, it’s essential to purchase software that suits your business’s requirements, is accessible when and where you need it, integrates easily into existing workflows, can scale with your business’ growth, meets your budget and streamlines fixed asset management to maximize your ROI.

What is a fixed asset management system?


The main objective of a Fixed Asset Management System is to simplify and automate the tasks involved in managing fixed assets throughout their lifecycle. 

This system gives businesses a single hub to store, organize, and review all their asset data, helping them make smarter decisions, work more efficiently, and manage finances better. 

By adopting such a system, companies can achieve a comprehensive view of their fixed assets, allowing them to make informed decisions regarding repairs, maintenance, replacements, and disposal.

One of the key advantages of a Fixed Asset Management System is how well it keeps track of where assets are, how they move, and how they’re used.

This tracking capability is often supported by technologies such as barcodes, QR codes, RFID tags, or GPS tracking.

Utilizing these technologies, organizations can easily identify and keep track of their assets, ensuring they are used effectively and are situated in the right place at the right time.

This enhances asset visibility, minimizes the risk of loss or theft, and improves overall asset utilization.

Fixed asset management system Key Features:

Managing fixed assets can get complicated, especially for large companies or those with a lot of inventory, like car rental businesses or multinational manufacturers.

Many organizations rely on spreadsheets or ERP tools to keep track of their assets. But manual data entry can lead to errors and is often too slow for managing large inventories, especially when assets like vehicle fleets are constantly moving between locations.

Imagine your company owns a fleet of vehicles.

You might use a notebook to track maintenance needs like oil changes, new wiper blades, or tire replacements.

As your fleet grows, this system becomes unmanageable.

If all this data were centralized, tracking maintenance would be much easier and less prone to errors.

That’s exactly what an asset management system does.

Asset tracking software provides a dependable way to manage fixed assets, offering features like location tracking, work order processing, and audit trails to keep everything organized and efficient.

The assets that you should be tracking include:

  • Construction equipment
  • Fleet vehicles
  • Machinery and manufacturing equipment
  • Office supplies
  • Computer hardware and peripherals
  • Furnishings
  • Signage
  • Medical equipment
  • Safety equipment
  • Appliances
  • Tools
  • Construction supplies
  • Cabling

 Extend the life of your assets

We’ve already touched on one how paying close attention to maintenance can keep your assets running for longer.

But there are actually many aspects of asset tracking that contribute to this benefit.

You can also extend the life of your assets by knowing where they are, what condition they’re in, and—if they’ve been broken or mishandled—who had them last.

A good asset tracking solution helps create visibility and accountability within your organization when it comes to handling assets with care.

Start by creating clear-cut standard operating procedures for your assets that outlines exactly how employees should be caring for assets day in and day out.

Then document your assets by creating an asset list—and a schedule for conducting comprehensive asset audits.

Helping your assets run for longer saves your business time, money, and stress.

What’s more, helping your equipment, machinery, and technology operate for as many years as possible also reduces waste, helping create a more sustainable, environmentally-conscious business.