What is SAP asset management?

SAP Asset Management is a software designed to track and maintain an organization’s assets throughout its lifecycle. It’s a resource that works to ensure optimal asset use and performance.

SAP Asset Management is one of several asset management tools, among the likes of Flexera, that can help companies maximize their investments and improve operational productivity.

Asset management poses several benefits, including improved visibility, enhanced efficiency, cost savings, increased scalability and better compliance. Here’s a breakdown of why asset management is a must for today’s businesses:

Improved visibility

Asset management tools can centralize all of your assets and their data, giving you a holistic look into your operations. You can track and monitor all of your assets and easily look into important information such as location, status, usage, history, etc. This allows you to boost productivity, remove wastage and make data-driven business decisions.

Enhanced efficiency

With asset management software, you can automate manual processes and streamline workflows. This reduces the risk of human error and administrative overhead, plus saves time and resources that would otherwise be used on a paper-based system.

Cost savings

Asset management enables you to optimize utilization, minimize downtime, schedule proactive maintenance and identify underused assets. It can help you lessen unnecessary expenses, extend asset lifecycles and avoid costly fixes or replacements. Moreover, a properly managed asset system can bring about a significant return on investment for organizations, thanks to improved planning and budgeting.

Increased scalability

Organizations often accommodate growth by acquiring new assets. In this case, asset management software can give you the means to handle the scale of an expanded business as it makes it easier to integrate assets, update information and optimize your entire working system.

Better compliance

Most industries are bound by compliance regulations and requirements concerning their assets. Asset management solutions can help you maintain accurate records, document activities and generate audit reports to ensure your business runs by the book, allowing you to avoid penalties or legal repercussions.

There are several different types of asset management software that companies can use to address needs specific to their industry. Here’s a look into some of the most common types:

Software asset management software

Software asset management software focuses on maximizing the lifecycle of software assets, including applications and licenses. It ensures that your digital infrastructure is optimized for efficient performance and is compliant where necessary.

Hardware asset management software

Hardware asset management software monitors the usage and performance of your hardware assets, such as computers and other physical equipment used in day-to-day operations.

IT asset management software

IT asset management software helps companies maintain digital assets, including all the elements related to it. It typically tracks usage, compliance and cybersecurity.

Enterprise asset management software

Enterprise asset management software is one of the most comprehensive types of asset management tools. It’s deployed by large organizations to oversee and analyze physical assets, from equipment to infrastructure, throughout its entire lifecycle.

Computerized maintenance management system

A computerized maintenance management system (CMMS) primarily deals with asset maintenance. It’s made to automate work orders, improve equipment reliability, streamline workflows, increase inventory accuracy and maintain regulatory compliance.

Most organizations today deal with hybrid work environments wherein digital and physical assets work together to accomplish their needs. As such, companies must invest in the right asset management software to effectively manage systems and workflows.

In many cases, this requires comprehensive tools that can tackle all aspects of a business’s operations. Find out how Flexera can help you manage your IT estate by getting in touch with one of our experts or booking a demo today!