Tracking and managing assets is one of the main pillars that contribute to improving companies' productivity and improving operational efficiency. In order to be able to manage assets, you must rely on a system that helps manage them more efficiently and effectively. This is where asset management programs come in, which help business owners enhance the value of company assets, which positively reflects on company productivity and contributes to improving the return on investment process as a result of using those assets.

In order to be able to track and manage your company's assets successfully, you must ensure that the asset management and covenant tracking program that you will choose contains 5 important and key features to track assets effectively.

In this new article on our blog, we will first explain to you what corporate assets are, what asset management programs are and their importance for different companies and institutions, and the most important features that must be available in those programs.

Explanation of the concept of corporate assets (assets)
Company assets is a term given to the resources owned by any institution or company, regardless of its size or activity. Assets are divided into two main types, which are fixed assets and non-fixed assets. The following is a full explanation of the two types:

First: Fixed assets
Are the assets that any company or institution owns for a long-term period (more than a year). They are fixed assets of companies and are considered one of the main factors in achieving long-term profits. They are a major part of the permanent capital of companies and are also called capital assets.

What are the types of fixed assets?
Fixed assets are divided into a number of types, including the following:

Buildings: This refers to all the buildings owned by the company, including, for example, administrative buildings, warehouses, factories, and retail stores. Buildings that companies rent are not included under the name of fixed assets, and in the event that there are buildings under this name, only the depreciation of the building is calculated.

Vehicles: These are the company's assets such as cars, trucks, boats, etc.

Land: This is one of the assets for which no depreciation is calculated because its value increases over time.

Furniture and furnishings: These are all the assets owned by the company related to offices, chairs, and other types of different furniture.
Machinery and Equipment: All types of machinery, heavy equipment, transportation machinery, manufacturing and construction equipment, and other equipment.

Electronic devices: These are devices used in work, such as computers, various phones, and tablets.

Second: Non-fixed assets

Also called current assets or short-term assets, they are assets that can be converted into cash and used for a short period, and can be sold after a short period to achieve profits, and these assets are used to cover daily operating expenses.

What are the types of non-fixed assets?

The various bank accounts of the company or institution and any cash liquidity that is kept.

Accounts receivable, which means the money that customers owe to the company and will be collected after a specific period of time.

Stocked materials, whether raw materials or goods and products that will be sold.

Short-term investments, such as stocks and bonds.
Top 5 Features That Should Be Available in an Asset Management Program
After we learned what is meant by the term assets and its fixed and non-fixed types, we now have a clear understanding of their importance and the necessity of developing a system to track and manage assets more efficiently and effectively to improve productivity and enhance the investment capacity related to them; therefore, when choosing between different asset management programs, you must ensure that these main features are present in them to obtain the best user experience and the best results.

Integration with other systems
In order to be able to track and manage the company's assets more effectively, you must ensure that asset management programs are integrated with various systems and applications, including, for example, financial management systems, project management systems, and enterprise resource planning (ERP) systems.

This integration allows for easy data flow between different systems, improves data accuracy, and reduces a lot of time, effort, and human errors resulting from recording data using traditional methods.

Real-time tracking of assets
Asset management programs provide a tool that helps you track assets in real time, whether those assets are in fixed or mobile locations. This can be done easily by creating a database for all the company's assets in the program.

This database contains a file for each asset containing the name, type, model, department used in it, the name of the employee responsible for it, and the location of the asset whether inside or outside the company.

Real-time tracking of assets of various types contributes to reducing the exposure of these assets to loss or theft, which contributes to making successful real-time decisions.

Follow-up of periodic maintenance
In order to be able to maintain your company's assets and ensure that they are not exposed to immediate depreciation and maintain the normal rate of their use, you must track assets in terms of their periodic maintenance operations and set the appropriate schedule for each type and follow it up continuously to ensure that maintenance operations are implemented on time and review what has been done.

Through asset management programs, you will be able to do this process easily without any problems, as you can set schedules for maintenance dates and appoint the people responsible for implementing them, with the possibility of setting alerts for these dates, as notifications are sent when their date is approaching either through the program's messages or through e-mails.

Periodic maintenance contributes to avoiding sudden breakdowns and extending the lifespan of all assets used.

Performance Reports
Decisions regarding asset management and making the necessary recommendations regarding existing assets or purchasing any future assets are based on the statement.