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Asset Management Software

Definition - What does Asset Management Software mean?

Asset management software is a dedicated application which is used to record and track an asset throughout its life cycle, from procurement to disposal. It provides an organization with information like where certain assets are located, who is using them, how they are being utilized and details about the asset. The asset management software is used for management of both software and hardware assets.

Asset management software is also known as an asset management tool.

Techopedia explains Asset Management Software

Asset management software tracks every aspect of an asset and is very useful to an organization because, aside from keeping track of assets, it can also provide additional functions like:

  • Measuring vendor performance
  • Optimization of supplier portfolio
  • Vendor audit and policy compliance
  • Optimization of costs for licensing
  • Streamlining of procurement processes

Benefits of asset management software include:

  • Maximize utilization and value of assets
  • Enable informed decision making through cost transparency
  • Proactive software license compliance
  • Manage services as well as assets
  • Track vendor and supplier performance through transparent metrics
  • Optimized allocation of assets for greater return on investment
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