Why has it become necessary to rely on covenant programs or asset management systems within companies and institutions?

This is the question that we should ask at the beginning; so that you ultimately realize the importance of this for your business, and its role in improving asset management and covenant tracking, and thus improving production efficiency in the end.

In the world of business management, there are many administrative tasks that may distinguish one company from another and put it at the forefront of competition. One of those tasks is the ability to manage the company's various assets in an organized and successful manner in terms of developing strategic plans and carrying out any requirements related to maintenance operations for those assets and other related tasks.

Given the difficulty of establishing a system responsible for appropriate asset management and covenant management, many companies face problems and losses as a result. So if you are looking for the best way to manage your company's assets and improve operational efficiency, choosing an asset management system and covenant programs is the first step to achieving this.

In this article on our blog, we will provide you with a comprehensive guide that will help you choose the best covenant and asset management program suitable for your company.

What is the importance of covenant and asset management programs?
Covenant programs improve the operational efficiency of various types of companies and institutions, through the advantages and tools they provide that facilitate asset management and covenant tracking in a way that preserves the company's assets and resources.

The following are the most important of these advantages:

Through the asset management system, a database can be created for all types of assets used. This database includes all data related to each asset starting from the date of purchase, its condition upon purchase, its cost, and other various data.
In the case of assets that are delivered to employees for use to be transformed and become personal custody in their possession, you will be able to easily assign the names of the employees using each device and the condition of the device upon receipt through the covenant program tools.

To establish a strong system for asset management, this system must include a periodic schedule of all maintenance dates and ensure that they are implemented correctly. This can be easily implemented and tracked through the asset management system or professional covenant programs.
Improve the company's operational efficiency by paying attention to periodic maintenance dates, which preserves the life cycle of the asset and contributes to the continuity of work and improves productivity.
Reducing risks related to the health and safety of employees, as well as those related to the safety of assets as a result of their periodic tracking.
Reducing the time and effort spent in the inventory and evaluation process of all assets used.

Contribute to making future decisions related to determining the company's priorities for purchasing any new assets and their importance to the business, by obtaining accurate data reports related to the condition of the assets and what they provide to the company and the return on their investment and what has been achieved.

💡All of this can be easily achieved through professional covenant programs or relying on the asset management system that is appropriate for your business and the nature of your company and its needs.

How can you choose the appropriate covenant and asset management program for your business?
There are a set of procedures and steps that you must adhere to in order to ultimately choose the best asset management system that is appropriate for your business. The following are the most important of these steps and procedures:

Determining the company's needs
The process of determining the company's needs depends on a number of factors to contribute to making the right decision, including the following:

Determining the type of assets of the company, in terms of whether they are devices or heavy equipment or electronic programs or furniture and other types of assets, which may differ from one company to another.
Choosing the appropriate asset management system depends on determining the number or quantity of assets used by the company, to determine whether you need a program that allows managing a large number or a small number of assets.
Determine the types of personal trusts related to employee uses and their number to choose the right one among the available trust programs.
Advantages available in trust programs
Given the difference between trust programs and asset management systems, the advantages contained in each program may also differ; therefore, you must ensure that the basic advantages that you may need in your company are present, in addition to any other advantages that may contribute to improving asset management, including the following:

The ability to create a database to successfully manage assets and contain all the data that must be recorded and attached to the file of each asset used within the company.
Some trust programs may contain one language such as Arabic or a foreign language, while others contain more than one language, including Arabic. So make sure to choose what suits your needs and use.
The ability to link and integrate with various systems, including financial systems, for example, so that you can track and review everything related to the investment return from using those assets.
Some of the covenant programs contain a system for sending alerts and notifications related to periodic maintenance dates for all registered assets, which contributes to avoiding any delay in maintenance dates and maintaining the safety of assets and ensuring business continuity and productivity in return.
The ability to obtain accurate data reports on all types of assets to contribute to making decisions related to the asset management system in a successful and professional manner.
Backup
Covenant programs depend in their work on the data they contain that is entered into them, starting from creating a database for all assets, and passing through recording periodic maintenance data, inventory and evaluation operations, personal covenant data, and report data.

Therefore, you must ensure that the asset management system contains a backup feature for this data to ensure the availability of another copy in the event of any failure that may cause difficulty in accessing or losing data, etc.

Data Security
Make sure to choose an asset management system that has the ability to keep your data safe through cloud systems and provide the maximum required security