BusinessHABWays to Set-up Asset Management Company: Asset management systems can be set up physically.
Or through specialized software, and can manage physical assets, software, or digital media.
We‘ll help you figure out how to choose and set up the system that will best fit the needs of your business!
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Ways to Set-up Asset Management Company
1. Define your assets.
Identify all of the assets managed or owned by your business.
Assets are any items, whether physical, digital, or intangible, that have value to your business.
Assets can be anything from fixed assets like machinery, vehicles, or buildings, to digital content or software.
Define these things as they specifically apply to your business.
What objects produce value for you?
- Your assets are referred to collectively as your asset portfolio.
2. Take inventory of your assets.
To get a good picture of your current asset portfolio and future asset costs.
You’ll need to count, organize, and value the assets you currently have.
You should also take care to assess the condition of your assets.
And take note of where they are physically located.
- Asset value should be assessed using the fair market value calculation.
- This amount represents the potential sale value of the asset, rather than its relative, economic, or book value.
- It is not the same as your company’s deprecation basis for assets that you use for taxes and financial statements.
3. Figure out asset demand.
The point here is to determine how much value needs to be created by your assets.
This combines shareholder value creation demand, customer product demand, and regulatory requirements.
This information will help you to determine a level of service, which here refers to how much, how frequently.
Or how many times you will have to use each asset to create value.
Ways to Set-up Asset Management Company
4. Determine each asset’s total cost over its life.
After determining the asset’s level of service.
You will need to determine the cost of maintaining, servicing.
Or repairing the assets to keep them at that level of service.
Repair costs will combine the actual cost of repair with the likelihood.
That the asset will require repair over its lifetime.
5. Reduce risk.
Measure asset risk as a way to identify and minimize your exposure to risk.
Asset risk includes the chance that your assets will break down.
Or fail to provide value adequately and the cost of that failure.
By analyzing this information, you are able to assess the potential costs of your assets over time and find ways to minimize that risk.
For example, you could design processes to replace risky assets.
Or temporarily use alternative assets in place of them.
This would reduce the cost of the asset failing.
- You can use a probability table to assist you in this assessment.
Ways to Set-up Asset Management Company
6. Minimize cost.
Look for ways to optimize the efficiency of acquiring, managing, maintaining, moving, or using your assets.
This will mostly depend on the nature of your business’s assets.
Figure in the cost of maintaining assets over a long period of time.
And decide whether it would be more cost effective to just replace.
Alternately, you could find more efficient methods of moving your assets around as you need.
Consult with your management team to brainstorm cost-reduction ideas.
7. Determine your asset management needs.
Before selecting the right asset management software for your business.
You need to check out the type of assets you wish to manage.
You should also consider what your goals are in implementing this system.
What is it you are trying to accomplish or solve by making this change?
Are there any organizational or managerial structures that this system will have to fit into?
Thinking about these questions can help you choose the right asset management software.
- You should also consider whether or not the cost of implementing this type of system would be more than the value it will bring to the business.
- Maybe the trouble of changing everything around for this system will set you back more than the system will move your business forward.
Ways to Set-up Asset Management Company
8. Choose software that will accommodate the various types of assets.
These can be IT, non-IT and other asset components as per your requirements.
Your software choice will also depend on the size and complexity of your software portfolio.
Think about your goals in implementing this type of system.
And make sure they are achieved with the software you have selected.
- For example, some reputable asset management programs to consider include: mHelpDesk, Microsoft Dynamics CRM, Spiceworks, NetSuite, and Samanage.
9. Start with a free trial.
This will help you to become familiar with the program’s features.
Then you can choose among the different versions supplied by the software provider.
Look at each variety of the program and assess it for ease of use.
And how well it fits into the rest of your organization.
10. Check out the efficiency of that particular asset management software.
For example, check whether or not it includes the complete PC audit and hardware discovery.
Software discovery and usage, automatic discovery of other assets in a user-friendly format for easy accessing.
- Make sure that your software ensures software license management and compliance and helps with software audit.
11. Set up your asset management software.
Purchase the software and run the setup on your system as directed.
The software will likely direct you to perform an inventory of your software and system elements.
Ways to Set-up Asset Management Company
12. Figure out your storage needs.
Digital asset management (DAM) refers to a system that manages digital media content and information.
Including things like photos, audio files, market information, videos, and customer information, among others.
This content can be easily managed using DAM software.
To determine what type of DAM system to use, you need to first assess your assets. For example:
- What is the volume of your data and content?
- Determine a measurement in terabytes or gigabytes.
- How is the data/content formatted? What file types do you use?
13. Determine your asset access needs.
Another important factor in determining what type of DAM software to use is who needs access to the content and when they need it.
Think about where the content will be held as well.
Will the content be stored in your server and accessed by the DAM or stored in the cloud?
In addition, figure out if outside parties, like customers or vendors, will need to access the system.
This can be easier with some DAM software packages than others.
14. Find a DAM system to use.
There is a large market for DAM software with many different competitors all offering slightly different options.
Some of these options are web-based and some are installed on your system.
They offer a huge range of different services and can handle various volumes of data.
Some of the more popular systems include:
- Canto.
- Celum.
- Nuxeo.
- EnterMedia.
- Widen.
Ways to Set-up Asset Management Company
15. Launch your DAM system.
Compare the different DAM options and choose one that fits the needs that you identified earlier.
From here, you can try a free trial if the software provider offers one.
Otherwise, you can just purchase the software and begin loading your data.
The exact process will vary between providers and software platforms.
But expect to work with the software to upload the extent of your content.
And then set up your distribution and storage as needed.
Conclusion
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