Managing assets across your organization can be daunting, but EAM software makes the job easy. If you’re considering purchasing an EAM platform, it’s important to understand your organization’s asset management requirements first. Then you can choose an asset management platform best suited to your business needs.

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This article will not only guide you through asset management features but also help you lay the groundwork for implementing IT asset management.

If you’re someone who’s aspiring to be an asset manager, we’ve got that covered too.

Without further ado, let’s get started!

What This Article Covers

• Key Requirements/Features
  • Analytics & Reporting
  • Asset Management
  • Asset Tracking
  • Environment, Health & Safety Management
  • Maintenance & Equipment Management
  • Mobile EAM
  • Resource Allocation & Work Order Scheduling
  • Spare Parts Handling
  • Workforce Management
  • Work Order Management
• IT Asset Management Checklist
• Benefits
• Best Practices
• Steps To Become an Asset Manager
• Next Steps

Key Takeaways

• List your EAM requirements, like analytics & reporting, asset management & tracking, mobile EAM, and more, to select your ideal solution.
• Implementing an effective ITAM strategy requires defining objectives, determining scope and employing best practices.
• Key steps to implement ITAM include asset identification, baseline creation, tool selection, audit preparation and continuous improvement.
• Aspiring asset managers should focus on education, experience, skills and staying updated to navigate the dynamic field.
• The job outlook for financial managers (including asset managers) is projected to grow 16% from 2022 to 2032.

Key Requirements/Features

We’ve made this helpful asset management checklist to assist you in your selection process:

1. Analytics & Reporting

Imagine transforming your assets’ raw data into actionable insights. Analytics and reporting capabilities empower you to do just that. You can gather info on asset performance, usage, costs and maintenance histories.

Use dashboards to translate data into visually compelling reports which enables you to:

• Identify underperforming or idle assets for improved resource allocation.
• Predict potential failures and schedule preventive maintenance, reducing downtime.
• Analyze maintenance costs and optimize service contracts.
• Track key performance indicators (KPIs) and measure your asset management strategy’s effectiveness.

Data analytics tools enable you to predict equipment failures by analyzing historical data. This helps you schedule maintenance proactively, reducing downtime and extending asset life spans.

• Asset Life Cycle Analytics/Reporting
• Inventory Analytics/Reporting
• Maintenance Costs Analytics/Reporting
• MTTR and MTBF
• Predictive Analytics Tools
• Work Order Analytics/Reporting

2. Asset Management

The EAM you select should act as your all-in-one asset information hub. It should provide a centralized repository for storing detailed asset data, including purchase dates, warranty information, service histories and current locations.

The system should enable you to:

• Set up workflows and automated processes for tasks like asset onboarding, depreciation calculations and compliance checks.
• Manage asset-related documents, such as manuals, warranty certificates and inspection reports in a secure and centralized location.
• Track the entire asset life cycle, from acquisition and commissioning through maintenance, depreciation and disposal.
• Implement user permissions and access controls.

Effective asset management helps you enhance visibility, streamline processes and improve organizational efficiency.

• Asset Hierarchy
• Asset Notes
• Asset Categories
• Barcodes and QR Codes Generation
• Import Assets from CSV or Excel
• Linear Asset Management
• Multi-Site Asset Management

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3. Asset Tracking

Knowing where your assets are and their real-time status is crucial for any organization. Asset tracking tools allow you to:

• Use barcode scanners, RFID tags or GPS location services to track assets in real time.
• Detect unauthorized movement or asset relocation outside designated zones.
• Monitor asset usage and identify opportunities for optimizing deployment.
• Improve workforce efficiency by locating essential assets quickly and easily.

Accurate asset tracking helps you enhance security, prevent loss or theft, and facilitate efficient usage, ensuring your resources are working for you when and where they’re needed most.

4. Environment, Health & Safety Management

Ensure the asset management solution you choose safeguards both assets and your people with robust EHS features.

With these capabilities, you can:

• Track permits, certifications and reporting requirements.
• Conduct and document comprehensive hazard assessments and safety inspections.
• Track incidents, document corrective actions and analyze trends to prevent future occurrences and enhance workers’ safety.
• Quantify and track your organization’s carbon footprint.
• Gain an in-depth understanding of your organization’s resource consumption (energy, water and raw materials).

EHS capabilities help you create a safe working environment, reduce workplace accidents and adhere to environmental sustainability goals.

• Compliance Management
• Environment Management
• Incident Management
• Lockout/Tagout
• Worker Safety Management
• Work Permits

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5. Maintenance & Equipment Management

Ensuring optimal asset performance and uptime is paramount. An asset management system’s maintenance and equipment management modules empower you to achieve this efficiently.

They allow you to:

• Plan and schedule maintenance activities, preventing unexpected downtime and extending equipment life spans.
• Document maintenance histories, aiding you in troubleshooting, performance analysis and future planning.
• Catalog detailed information about each piece of equipment, including specifications, serial numbers and warranty details.
• Integrate sensor technologies like IoT devices for real-time monitoring and predictive maintenance.

By choosing a solution that excels in maintenance and equipment management, you can optimize resource usage and minimize downtime.

6. Mobile EAM

Mobile EAM capabilities enable field technicians, maintenance crews and other personnel to access asset data using smartphones, tablets or other mobile devices, ensuring real-time collaboration and virtual data availability from anywhere.

Crews can update statuses, report issues, scan barcodes for parts, and even capture photos or videos in real-time. This streamlines communication, eliminates paperwork and provides greater visibility into field operations.

They can also:

• View and accept work orders.
• Manage purchase orders.
• View real-time inventory levels and request resupply.
• Access detailed procedures and manuals for specific equipment.

Investing in a robust mobile EAM solution can improve field team efficiency, asset uptime and overall operational performance.

• Android Application
• iOS Application
• Offline and Online Mobile Asset Management
• Barcode Scanning
• User Collaboration
• Work Order Management

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7. Resource Allocation & Work Order Scheduling

Remember, the right resource allocation features go beyond simply filling open slots. They should help you:

• Create detailed profiles of your technicians, listing their skills, certifications and experience.
• Match work orders to the most qualified technician based on required skills and current workload.
• Analyze skill gaps and recommend training programs to ensure your workforce remains equipped for future tasks.

By matching skills and workload, you can ensure your technicians aren’t overstretched or underused, maximizing their capabilities.

Work order scheduling is closely tied to resource allocation and involves systematically organizing and sequencing tasks or work orders over time.

This feature enables you to:

• Set priorities and allocate resources based on urgency and importance.
• Flag potential scheduling conflicts with existing tasks or technician availability.
• Integrate weather forecasts and site-specific factors to optimize scheduling for remote or weather-dependent tasks.

These capabilities help you transform your maintenance operations from a chaotic scramble to a graceful ballet, ensuring the right work gets done at the right time.

• Capacity Planning
• Resource Allocation Based on Matching Competencies
• Scheduled Execution
• Work Order Calendar View
• Work Order Rescheduling

8. Spare Parts Handling

You should consider spare parts handling functionalities if you rely heavily on machinery, equipment or any assets that may require replacement parts over time.

They allow you to:

• Trigger purchase orders or initiate transfers based on preset thresholds and reorder points.
• Track individual part life spans and failure rates.
• Integrate spare parts data with maintenance schedules to ensure technicians have the parts when they arrive on site.
• Integrate with procurement tools and supply chain management systems to streamline sourcing and material management.

These capabilities help you reduce unnecessary stocking through accurate forecasting and strategic purchasing, minimizing capital tied up in spare parts inventory.

• Automatic Spare Parts Purchase Order Creation
• Spare Parts Availability
• Spare Parts Consumption
• Spare Parts Lists
• Spare Parts Reorder Points
• Spare Parts Tracking

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9. Workforce Management

Are you struggling to allocate skilled personnel efficiently or manage complex work schedules? You should look for workforce management tools.

They enable you to:

• Optimize technician routes to minimize travel time and fuel costs.
• Assign overtime based on availability.
• Integrate with payroll solutions for accurate compensation.
• Integrate with HR systems for employee information, onboarding and offboarding.

• Contractor Cost Tracking
• Contractor Portal
• Labor Time and Attendance
• Overtime Management

10. Work Order Management

Most EAM applications offer work order tools to help you streamline work order workflows like submitting, processing and closing. Many offer role-based access to restrict permissions for closing work orders to admin users.

They also let you:

• Dispatch work orders to the right field technicians or maintenance teams.
• Automatically generate work orders based on predefined maintenance intervals.
• Generate reports on work order performance, asset health and maintenance history.
• Link work orders to the required parts, materials and tools.

Managing work orders effectively helps you clarify tasks and optimize resource allocations. It also allows you to track jobs in real time for proactive issue resolution.

• Automatic Work Order Creation Using Preventive Maintenance Scheduling
• Creation of Purchase Requisition from Work Order
• Manual Work Order Creation
• Personnel Assignment to Work Orders
• Update Work Order Stages
• Work Order Alerts and Notifications
• Work Order Creation from Work Request List
• Work or Maintenance Request Portal

Are you thinking of implementing an IT asset management solution? Before making any investment, it’s crucial to establish the right groundwork for a seamless integration of ITAM into your organizational processes. We’ve provided a comprehensive checklist for the same in the next section.

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IT Asset Management Checklist

From assessing your current IT assets and defining clear objectives to selecting the right technology and establishing robust processes, each item on this checklist plays a crucial role in shaping the success of your ITAM initiative. Check it out below.

Strategy Design

Follow these steps to craft a successful ITAM strategy:

• Define Objectives: Clearly articulate your ITAM goals such as optimizing asset use, reducing costs and ensuring compliance.
• Determine Scope: Outline asset types you want to cover — hardware, software and network equipment. Define the geographical scope if your organization operates in multiple locations. Determine if the strategy will cover all departments or specific business units.
• Employ Best Practices: Use frameworks such as IT Infrastructure Library (ITIL) and Control Objectives for Information and Related Technology (COBIT) for strategy design.
• Align With Regulations: Ensure your strategy aligns with existing Governance, Risk, and Compliance (GRC) objectives.
• Engage Customers: Involve stakeholders and end-users in your strategy development process. Understand their needs to tailor your ITAM strategy to better serve your organization.

Regularly review and update your strategy to ensure it stays relevant and effective in the dynamic IT landscape.

Asset Identification

In this phase, determine assets and define the scope clearly to prevent scope creep. Concentrate on key risk zones and consider various asset categories such as:

• Infrastructure hardware
• Software
• Mobile devices
• Network devices
• Virtual servers

Baseline Creation

Now that you’ve outlined what needs tracking, it’s time to build your IT inventory. Here’s your guide:

• Hardware Asset Management: Track physical assets (PCs, laptops and smart devices) and consider implementing barcodes for efficient management.
• Software Asset Management: Administer both internally developed and externally acquired software, establishing license management practices to ensure compliance.
• Work Order Management: Track assets through maintenance or repairs, maintaining accurate records of their status and condition.
• Utility Management: Monitor asset usage to make informed decisions on resource allocation.
• Asset Risk Management: Consider GRC guidelines while examining assets to mitigate potential risks and hazards.

Tool Implementation

Take ample time to implement your ITAM system. Don’t forget to assess your organizational goals for effective deployment. Consider features like:

• Automated discovery
• Asset inventory
• Auditing
• License management
• Contract management
• Reporting
• ITSM integration

Audit Preparation

Here’s what you should include on your audit preparation checklist:

• Audit Schedule: Be aware of scheduled audit dates, allowing your team to allocate resources and be ready for scrutiny during these periods.
• Document Contracts & Licenses: Maintain links to relevant contractual and licensing details, ensuring easy access for audit verification and compliance checks.
• Previous Audits: Document dates and results of prior audits, understanding past challenges and areas of improvement.
• In-House Audit: Make a note of any recent informal assessments.
• Audit Response Approach: Create a clear plan specifying responsibilities, communication channels and steps to ensure a smooth and transparent audit process.
• Improvement Tracker: Keep a tracker for ideas to enhance processes based on audit findings.

Improvement Strategy

Moving forward in your ITAM practice involves implementing practical improvements for real-life effectiveness.

Collaborate with the service desk to create an efficient process. Guarantee that analysts and technicians promptly correct any inaccuracies in asset data as they log requests or incidents in real time.

Engage with change enablement to establish success criteria directly supporting ITAM, such as closing changes only when you update asset or service information.

Work towards automatically linking security incidents to specific assets or services, facilitating prompt and targeted responses.

Streamline Software Selection with Services

Primary Benefits

Implementing effective IT asset management offers several benefits:

Increased Visibility & Control

Imagine a panoramic view of your entire IT ecosystem, encompassing hardware, software, licenses and even peripherals. ITAM grants you this clarity, providing real-time visibility into your assets’ locations, usage and conditions.

Geo-fencing capabilities send you immediate alerts if an asset leaves a designated area, potentially preventing theft or unauthorized use.
Lost laptops become found treasures, underused resources blossom into unexpected efficiency gains and outdated software fades into history before it can turn into a security nightmare.

Optimized Costs & Enhanced Efficiency

ITAM’s impact extends far beyond mere inventory management. It helps you identify underused assets and redeploy them where needed, cutting down on unnecessary purchases.

It enables you to streamline processes and automate manual tasks, freeing your team to focus on core priorities

Improved Security & Compliance

An effective ITAM strategy enables you to:

• Ensure all software and firmware are up to date to patch security vulnerabilities.
• Avoid costly penalties by ensuring compliance with software license agreements.
• Comply with industry and government regulations for data security and privacy.

Better Decision-Making

ITAM data helps you reveal asset usage and performance metrics and end-of-life timelines. This allows you to prioritize upgrades and replacements based on actual need, rather than gut feeling, maximizing your investment value.

Additionally, it assists you in understanding future IT needs based on historical data and growth projections. This enables you to proactively acquire new assets or scale existing infrastructure to avoid bottlenecks and maintain optimal performance.

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Best Practices

Here are some best practices for IT asset management:

Know What’s Important

Identify and prioritize critical assets according to their impact on your business operations. Classify these assets based on their importance, distinguishing between mission, business or non-critical elements. Direct your focus specifically to high-value assets that significantly contribute to your organization’s goals.

Learn From Your Mistakes

Regularly conduct audits and assessments to identify weaknesses and spot areas for improvement in your IT asset management strategy.

Document and analyze past incidents, errors or issues related to enterprise asset management to prevent them from happening again in the future.

Use historical data to bolster your decision-making capabilities and fine-tune your ITAM workflows.

Gather Data

Ensure that you register asset details like purchase dates, warranty information and user assignments.

Regularly update and verify asset information to prevent errors and inconsistencies. Consider using automation tools to streamline data entry and reduce manual effort.

Create a Maintenance Plan

Establish a proactive maintenance plan for hardware and software to ensure optimal performance and longevity.

Schedule regular updates, patches and upgrades to keep systems secure and up to date.

Implement a preventive maintenance plan to minimize downtime and extend assets’ life spans.

Steps To Become an Asset Manager

Aspiring to become an asset manager is a thrilling choice! It’s a dynamic field where you steer investments, analyze markets and shape financial realities. But navigating the path to becoming an asset manager can feel complex.

Here are some things you can do to become an asset manager:

Education

• Relevant Degree: A bachelor’s degree in finance, accounting, economics or business is usually the entry point. Strong quantitative skills are crucial, so courses in mathematics, statistics and financial modeling are highly beneficial.
• Postgraduate Studies: While not mandatory, an MBA, Master of Finance or Chartered Financial Analyst (CFA) designation can significantly enhance your resume and open doors to prestigious firms.

Experience

• Internships: Look for internships in asset management firms, investment banks or financial institutions. This provides practical exposure to the industry and valuable networking opportunities.
• Roles: Start your career in positions like research, portfolio or risk analyst. This allows you to hone your analytical and technical skills while gaining insights into specific asset classes.
• Progression: With experience and proven performance, you can move up to roles like portfolio manager, associate or trader, gradually taking on larger responsibilities and managing significant assets.

Skills

• Technical Skills: Excel in financial modeling, data analysis, valuation techniques and portfolio optimization tools.
• Market Knowledge: Stay abreast of economic trends, industry nuances and regulatory changes impacting different asset classes.
• Analytical Abilities: Possess strong critical thinking, problem-solving and research skills to make informed investment decisions.
• Communication Skills: Clearly articulate complex financial concepts to clients, colleagues and superiors.
• Interpersonal Skills: Build strong relationships with stakeholders, collaborate effectively within teams and manage client expectations.

Additional Tips

• Networking: Participate in industry events, conferences and professional organizations to connect with mentors and potential employers.
• Professional Certifications: Consider pursuing relevant certifications like the CFA or Financial Risk Manager (FRM) to demonstrate your expertise and commitment to the field.
• Stay Updated: Continuously learn and adapt to the evolving financial landscape. Read industry publications, attend training programs and keep yourself informed about market trends.

Salary

According to various sources, here’s a rough breakdown of an asset manager’s salary:

• Entry-Level: $54,000 – $75,000
• Mid-Career: $80,000 – $130,000
• Senior-Level: $140,000 – $200,000+

An asset manager’s salary can vary widely based on several factors like:

• Location: Salaries for asset managers are generally higher in developed countries like the U.S. and UK compared to developing nations.
• Industry: Asset managers working in the financial services industry tend to earn more than those in other sectors like manufacturing or health care.
• Experience: As with most careers, experience plays a significant role in salary. Senior asset managers with proven track records naturally command higher pay than entry-level analysts.
• Asset Class: Specialization in certain asset classes like private equity or hedge funds can lead to higher earning potential compared to managing more common assets like bonds or mutual funds.

Job Outlook

The U.S. Bureau of Labor Statistics projects the employment of financial managers (which includes asset managers) to grow 16% from 2022 to 2032.

According to a PwC report, global asset under management (AuM) is also expected to grow steadily, reaching $145 trillion by 2025. This growth means increased demand for asset managers to handle these investments.

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Next Steps

Now that you know what to look for in an EAM solution, you can begin building your asset management requirements checklist. You can also build your own EAM checklist with our free requirements template.

Use our interactive tool to set your requirements, prioritize features and tasks with role-based permissions, and export stakeholder-validated RFPs for efficient vendor evaluation.

Did we miss any enterprise asset management system requirements in our checklist? Which features do you think are the most crucial for EAM vendors to include in their platforms? Let us know your thoughts in the comments!