Why Asset Management Software Is Important in Telecom Sector?

Is keeping track of assets is getting an exhausting and laborious job? Then it is a crucial time that you should utilize telecom asset management software that will help your business.

The broadcast communications industry is developing quickly and witnesses different types of difficulties contrasted with various segments. The telecom business stands apart by the method of its prerequisites for gigantic capital speculation over a wide geological spread.

However, this industry needs to pay attention to each aspect more than any other industry because their customers depend on the technology directly.

The broadcast communications business is generally capital-concentrated and operators have various types of heavy assets on their books such as exchanges, ducts, cell towers, copper and fiber networks, data centers, etc.

What Is the Telecommunication Sector?

Telecommunication is made up of organizations through which communication can be done on a global level. Communication can be established by various methods such as telephone, internet, etc. It can either be video call or audio.

In the telecommunication sector, the big organization deals as a telephone operator, satellite companies, etc. Telecommunication companies need lots of cash flow to purchase instruments and equipment & to create a network. Overall, this industry is huge and expensive as well.

How Asset Management Software Can Be Beneficial for the Telecom Industry?

Asset management software can be beneficial for the telecom industry in various ways:

1. Asset Tracking

Assets tracking is the procedure to monitor assets and let you know where the asset is located physically. It also lets you know the status of each asset. Asset tracking is done for asset utilization to its optimum limit. It also provides security to the asset. Asset tracking is very important for telecom asset management.

For asset tracking there are many options are available such as Barcode QR Code (Quick Response Code), GPS (Global Positioning System), BLE (Bluetooth low energy), or RFID (Radio-frequency identification), IoT (Internet of Things), etc.

These asset tracking technologies can be used for indoor asset tracking or outdoor tracking as well. All organizations have different purposes for tracking assets. Moreover, all of these asset tracking technologies have their pros and cons.

The magic of asset tracking does not end here, it provides crucial information for example when an asset was purchased when it needs maintenance (as per the requirement) when an asset needs to be decommissioned. Overall, you can know the complete lifecycle of each asset.

2. Data Security

The data center is one of the most important and crucial assets of the telecommunication sector. As we know cyberattack & data breaching is not stopping.

According to Statista,

“In 2019, the number of data breaches in the United States amounted to 1,473 with over 164.68 million sensitive records exposed. In the first half of 2020, there were 540 reported data breaches.”

With telecom asset management software data security will not be an issue. Security will be the responsibility of the cloud service provider. They keep data in an encrypted form. In cloud technology, there are multiple levels of security. Moreover, they have dedicated servers and databases to enhance data security.

3. Asset Maintenance

Huge & expensive assets have a huge responsibility. But these assets, equipment need maintenance otherwise this equipment can stop working anytime.

Maintenance does not always mean to repair the asset. In the maintenance process, the assets are inspected closely to find out the issue, if there is any issue then they are found in this procedure.

This maintenance is done proactively & avoid chances of sudden asset failure. Maintenance is also done to remove the old part and install a new part so that asset performance can be optimized. It is also known as calibration management. Proactive maintenance reduces downtime and it is beneficial in the long run.

4. Managing Contract

Overseeing contracts in a telecom organization is a mind-boggling job covering a wide range of contract papers to be dealt with. It is progressively essential for telecommunication groups to have a detailed contract agreement with computerization and artificial intelligence abilities.

When you utilize the top level of artificial intelligence in contract management then it results in increased efficiency without compromising accuracy.

In the telecommunication industry, the operators require a simple yet effective type of asset management software that can represent complex data & figures in a simple form. So that the management can make a decision based on data.

Conclusion

Undoubtedly, telecom asset management software has a plethora of offerings. Not just for the telecom sector but all sectors, all businesses. This software centralizes data, it means no information is left behind. How many assets are there in total!

It provides a complete view of the asset list & everything related to each asset & history record as well. Software also helps in handling network planning & operation. It can help maintain regulatory compliance as well.

With this software, you can conduct an audit easily and save a lot of time. If you have assets that frequently move from one place to another that will not be an issue during an audit.

Frequently Asked Questions (FAQs)

1. What is inventory management in the telecom sector?‍

Managing inventory & spare parts in the right way. Making sure that inventory is finished in time so that it does not expire. Managing inventory efficiently also means that keeping a balance between stock is inventory management. The same thing applies to the telecom sector.

2. Why it is important to have assets?‍

Assets are very crucial for an organization they are the source of income for organization. It helps in generating revenue, they can be converted into cash.

3. What are the other benefits of telecom asset management?‍

Telecom asset management provides several other benefits it ensures compliance, is helpful in asset audit, physical verification of assets is done without any problem. It also makes sure that ghost asset does not exist & better utilization of assets.