What Is Enterprise Assets Tracking?
Definition: Enterprise Assets Tracking is tracking the assets of an organization/enterprise in real-time to optimize processes and reduce costs. Managing the entire lifecycle of the physical asset of an organization is called as “Enterprise Asset Management”.
Assets in an enterprise are identified across departments, facilities, locations, and supporting business functions e.g. Finance and General Ledger, Human Resources, and Payroll. And these assets can be divided into fixed assets like vehicles, ships, moving types of equipment etc. And IT assets like software licenses, computer hardware devices, copyright protections etc.
Tracking and managing the lifecycle of these enterprise assets requires regressive planning and execution of the work. Therefore utilization of an Enterprise assets management software makes it possible for companies to monitor, maintain and improve their execution. An EAM system also helps in guidance to equipment purchase and replacement.
Asset Management software is also commonly used to show and verify regulatory compliance; it allows the organization to establish a record of all work orders that have been performed on a particular asset to show regulatory compliance.
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