Discover the top 7 essential features of a fixed asset management system. Improve asset tracking, reduce errors, and optimize asset utilization. Learn more now.

1. 1 © WNS-Vuram 2023. All rights reserved.
© WNS-Vuram 2023. All rights reserved.
Top 7 Essential
Features of a Fixed
Asset Management
System

2. 2 © WNS-Vuram 2023. All rights reserved.
Introduction
Businesses are investing quite a lot
for expansion, staying competitive,
increasing customer base, and more.
Amidst all of these big things, smaller
ones may get unnoticed. And one
such is the fixed assets. Fixed assets
are important in calculating how much
the business is worth. These fixed assets
of an organization include all the tangible
assets that come under property, plan,
and equipment (PP&E) in the balance
sheet.

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Asset tracking
This feature enables users to track the status, location, and
movement of fixed assets. Users can get a complete
picture of the asset details such as cost, date of purchase,
guides, contract terms – monitor its usage, frequency of
breakdowns, and impact of downtime.
An asset management system will act as a single source of
truth for visibility. Generating custom reports for asset
location, performance, costs, maintenance records,
compliance, security, especially if related to hazardous
materials or environmental sustainability, and more.

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Depreciation tracking
A fixed asset loses value with each passing year
although it helps continue savings or income for
your organization. Calculating depreciation is no
easy feat.
With changing tax laws, every asset’s useful life,
cost, and other factors, an asset management
system can help in calculating depreciation without
errors and unwanted penalties.

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Maintenance scheduling
Asset management systems have a
built-in reminder systems that alert the
users about upcoming downtime.
Users can create a schedule specifying
the type of maintenance; create work
orders for repair activities and track the
history

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Asset disposals tracking
Have you thought about that piece of equipment lying in your
production line in spite of you taking the digital route? Assets
that are no longer needed or the ones whose productive life is
over should be disposed off timely so that you don’t continue
spending for them. Stay on top of all the processes with
disposal using smart automation. You can automate the entire
asset lifecycle workflow

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Business intelligence features offer
real-time data on how each asset is
performing, the average downtime,
and the frequency of repairs to
evaluate the avg lifecycle of the
assets.
Users can generate reports on fixed
asset activity, including acquisitions,
disposals, costs, performance,
depreciation, and overall profitability
for the organization.
The system should allow users to export reports
to a variety of formats such as PDF, Excel, or
CSV for further analysis or sharing with others.
Reporting & Analytics

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02
04
03
01
Ensuring data is backed up and
restored is one of the best asset
management system features
Every action of the users can be logged in and
recorded so that auditing process is smooth
Track every asset, store the
data accurately and safely.
Provide role-based user access
Identify security breaches, get high level of
data encryption, regular security updates
and patches to protect against
vulnerabilities.
Security

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Integration and customization
Relying on smartphones for convenience and speed
right from buying groceries to banking has become the
norm of the day. For businesses, enterprise software and
applications with mobile compatibility could no longer be
an option; but an absolute requirement, especially to track
in real time the data of assets, it is important to select the
right asset management software that is compatible with
your existing systems.
Fixed Asset Management System
https://www.vuram.com/blog/essential-features-of-fixed-
asset-management-system/

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10 © WNS-Vuram 2023. All rights reserved.
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