What is Asset Management Software? (Definition, Features, ROI)

Your facilities’ physical assets are the cornerstone of your operations. When assets aren’t operating efficiently--or even worse, when they are offline due to failures--you could be losing money by the minute. Today’s leading facilities management software platforms offer integratable asset management tools. 

Asset management software offers a centralized solution for tracking, maintaining, and optimizing your organization’s physical assets for their entire lifecycle. From acquisition and deployment to maintenance and eventual replacement, your assets need to contribute positively to your bottom line. Asset management software makes it possible. 

Request a demo from Fexa to learn more about how our asset management software solution can improve your bottom line. 

What is asset management software, and how does it work?

Asset management software is a digital platform that tracks, manages, and optimizes your facilities’ physical assets. 

Facilities managers want to keep their assets running smoothly, without downtime or expensive replacement costs. The best way to do this is through effective asset management, supported by exceptional asset management software. 

A customizable asset management platform transforms scattered asset data into actionable insights that drive strategic decision-making and operational efficiency for organizations managing multiple locations and diverse equipment portfolios.

Although some organizations choose standalone asset management software, today’s leading CMMS platforms incorporate all the asset management tools you need into a comprehensive system for facilities managers. 

The central responsibility of asset management software is to centralize information about every single physical asset in your organization, from purchase dates and warranty details to maintenance histories and performance metrics. This provides a comprehensive overview of the health and performance of your assets. This information means that facilities managers can make data-informed, financially sound decisions about keeping their assets running at peak performance. 

How does asset management software work? 

Asset management software works by creating a digital repository of all asset information. This means that facilities managers can: 

• Document and track every piece of equipment
• Schedule and automate preventive maintenance
• Monitor asset performance and costs over time
• Make data-driven decisions about repairs versus replacements
• Extend asset life cycles through proactive management

Modern asset management solutions integrate with wider facilities management platforms, creating a seamless flow of information between asset tracking, work order management, and financial systems. 

This integration enables facilities managers to access real-time updates and data synchronization. For organizations that have previously worked with manual systems like paper or spreadsheet-based record-keeping, this is groundbreaking! Thanks to asset management, every decision-maker has access to accurate, up-to-date asset information.

Why is asset management important for multi-site operations?

Managing assets across multiple locations presents unique challenges that asset management software helps address. Without proper systems in place, multi-site organizations struggle with preventable issues that lead to costly sluggishness. 

Let’s take a closer look at five of the most common problems that facilities teams face when they don’t have a good asset management solution working for them. 

Inconsistent maintenance practices

Different locations often develop their own approaches to equipment maintenance, which leads to varying standards and outcomes across the organization. When this happens, the inconsistency can lead to problems, including: 

• Some organizational assets will be better maintained than others, simply because of the facility they are in
• Big learning curves exist for staff who move from one facility to another
• Challenges arise in corporate decision making because data is managed inconsistently across the organization 

Duplicate purchases and redundant assets

It’s pretty easy to see the problem with this one: duplicate purchases and redundant assets are a drain on your company’s resources. Without visibility into existing assets across all of your facilities, your organization risks making unnecessary purchases, including new assets and maintenance supplies.

Lost maintenance histories

Paper-based or isolated digital records can easily become lost or inaccessible, making it difficult to make informed decisions about asset history and maintenance. Contrast this with a comprehensive repository of maintenance information for all assets in all facilities. When everything is in one place, decision-makers can easily access and review maintenance histories to make better decisions, especially “repair or replace” decisions. 

Compliance challenges

Multi-site operations must navigate varying regulatory requirements across different locations, particularly for specialized equipment like HVAC/R systems. Asset management software addresses these challenges by providing a centralized platform that standardizes asset tracking, maintenance scheduling, and data collection across all locations, all of which can be used for compliance reporting. 

What key features should you look for in an asset management platform?

Evaluating asset management software options requires careful review of features, benefits, costs, and configurability. One organization will need different features compared to another. However, a truly flexible CMMS will offer customizable asset management tools that meet the needs of companies in all sorts of industries, within a wide range of budgets. 

Here are several essential features that distinguish basic track tools from robust asset management solutions:

• Comprehensive asset tracking, including serial numbers, model numbers, purchase dates, lifespan expectations, and locations
• Effective life cycle tracking, from acquisition through retirement, provides visibility into the total cost of ownership 
• Preventive maintenance scheduling, which operates under a “set and forget” approach; you should be able to automate the scheduling of routine maintenance to avoid costly breakdowns and repairs 
• Warranty tracking
• Custom fields and flexibility
• Mobile accessibility so that field technicians have full access to everything they need in real-time
• Seamless integration with CMMS and other systems
• Advanced reporting and analytics, including detailed reports on asset performance, maintenance costs, and lifecycle trends 
• Compliance management: For regulated industries or asset types (such as HVAC/R systems), built-in compliance tracking ensures you meet all regulatory requirements and avoid potential fines

How does asset management software improve efficiency and ROI?

One of the reasons many facilities teams hesitate to invest in state-of-the-art asset management software is that they are concerned about the potential implementation costs. However, what these teams experience when they make the change to a new asset management is a phenomenal ROI. 

Asset management software delivers measurable, meaningful benefits that have a direct impact on your bottom line. 

This includes: 

• Reduced downtime
• Extended asset life cycles 
• Lower maintenance costs
• Elimination of duplicate purchases 
• Optimized resource allocation
• Improved budget planning
• Data-driven decision making 
• Enhanced compliance 

The cumulative impact of these benefits can be substantial. Implementing a comprehensive asset management solution as part of a CMMS platform can deliver significant return on investment, often paying for itself within the first year of implementation through maintenance cost reductions, extended asset life cycles, and improved operational efficiency.

How does Fexa help with asset management?

We are excited to share that Fexa offers the most robust asset management capabilities of any CMMS platform available today. Fexa is designed to help multi-site operations maximize the performance and value of every single asset. 

Here are several of the ways that Fexa can improve your organization’s asset management through our flexible CMMS options. 

Fexa supports flexible asset tracking

Fexa allows organizations to create custom asset templates tailored to different equipment types, ensuring that the right data is captured for each asset class. Users can build asset hierarchies, track relationships between equipment, and monitor key performance metrics specific to each asset type. 

Fexa uses QR codes to tag and control assets

At Fexa, innovation keeps us moving forward. Our mobile-friendly tools allow technicians to scan barcodes or QR codes to access each asset’s complete asset history quickly. This improves efficiency and ensures accurate documentation.

Fexa improves preventive maintenance through customization

Fexa’s CMMS supports sophisticated "set and forget" preventive maintenance programs that can be customized for each asset class, automating routine maintenance scheduling based on time intervals, usage metrics, or other triggers. 

Fexa prioritizes intelligent work order integration

Work order management makes up a significant portion of a facility manager’s workload. When maintenance issues arise, Fexa automatically links work orders to the relevant assets, creating a comprehensive maintenance history that informs future decisions. Smoother work order management leads to faster repairs and less downtime. 

Fexa manages asset warranties on your behalf 

Fexa provides built-in warranty tracking, which ensures that covered repairs are properly routed, eliminating unnecessary expenses. With Fexa’s CMMS, you won’t end up spending unnecessary funds on repairs that should have been covered under warranty! 

Fexa provides decision-makers with real-time analytics

The platform provides detailed insights into asset performance, maintenance costs, and lifecycle trends. Together, this data gives you everything you need to know in order to make the best decisions about repairs, replacements, and budgets. 

Fexa’s reporting capabilities are advanced

Fexa's reporting tools enable you to analyze asset data across locations. This includes tracking the total cost of ownership and identifying opportunities for optimization. Better reporting leads to better decisions, which in turn lead to better outcomes! 

For organizations with HVAC/R assets, Fexa's integration with Trakref offers specialized compliance management for refrigerant tracking and regulatory reporting. Refrigerant tracking issues have the potential to cause major compliance issues for your company, and the ideal facilities management software will help you stay on top of every regulation. 

Contact Fexa to learn more 

Fexa's asset management capabilities have helped our clients achieve significant results, including extended asset life cycles, reduced maintenance costs, and improved capital planning. Check out our Customer Stories to learn more about the organizations we have helped! 

By providing a flexible, comprehensive approach to asset management, Fexa empowers facilities teams to maximize the value of their equipment investments while minimizing costs and downtime.Ready to transform your asset management approach? Contact Fexa today to schedule a demo and discover how our integrated CMMS platform can help optimize your asset performance and enhance your bottom line.