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5 Keys to Choosing an Asset Management Solution for Your Small Business

5 Keys to Choosing an Asset Management Solution for Your Small Business Accurately managing assets is a key component to the success of your small business. Whether you are tracking an IT asset, vehicles or rental equipment, keeping all of your important assets in check can make or break your business. If you’re new to asset tracking or just not sure where to go from there, we’ve put together a list of factors to consider when you’re trying to find the perfect asset management solution for your small business.  
  • Ease of Operation – Training staff to use new technology can be an expensive, time-consuming process. Many vendors offer live demonstrations or even limited trials, so you can test-drive the asset management software before you buy it. This is a great way to evaluate how easy (or hard!) a product will be for you and your employees to learn, without having to reorganize your entire budget.
  • Consider What Comes Packaged– Similar to buying a new computer; it’s easy to get caught up in all the bells and whistles that are not necessary. Unfortunately, this can add to the complexity of a product. Make a list of the asset management features you can’t live without – like the ability to track assets by serial number or see assets at various locations – and use this as a guide for the solutions you’re considering.
  • Mobile Capabilities– Asset management software can be used on its own or with a mobile computer. Using a mobile computer gives you the flexibility to update asset data while on the go, instead of doing every transaction from one fixed location.
  • Integration with Existing Technology – There are two considerations here: hardware and software. Avoid unexpected expenses by carefully reviewing the system requirements for the asset management software you are considering. Be sure that your existing computer and operating system can support the solution in question. You should also take into account any software you currently use. For example, if you’ve used a rudimentary method, like Excel, can you import this data into the new system?
  • Is It Affordable? – Trying to determine what an asset management solution actually costs can be challenging. Elements that can bump up your basic solution cost are per-seat software licenses, hardware add-ons (like mobile computers or barcode scanners), technical support contracts, training, and implementation. Our suggestion is to request a quote that includes everything you need, so there aren’t any surprises when it comes time to buy.
  Choosing the right asset management solution for your business can take time and careful research, but it is well worth the investment. Does your small business use an asset management solution? If so, did you use any criteria that didn’t make the list above?