Asset Recovery Software is a business term that refers to a set of software tools or modules used in executing asset recovery transactions, managing buyer relationships, and controlling associated business processes. The key purpose of these tools is to help companies effectively identify, reuse, and divest idle assets.
Contents
Although the functionality included in these systems can vary, it commonly includes one or more of the following:
- Idle asset identification
- Internal asset redeployment
- Divestment management
- Idle asset tracking
- User management
- Order management
- Asset promotion
Web Accessibility
Asset recovery software can include anything ranging from a small desktop application to an application that resides on a server that can be accessed by many people across diverse geographic locations. The current trend in larger asset recovery departments is toward increased collaboration and web applications. The introduction of cloud technology and the rise Software-as-a-service model led to many new offerings focusing on different aspects of asset recovery. Firms can choose between solutions focusing on internal asset redeployment (e.g. AssetGlobe) or alternatives developed by online auction, asset trading and recycling providers.
Potential Benefits
Organizations that adopt asset recovery software generally expect to realize several benefits. These can be monetary or process improvement benefits. Some of these benefits include:
- Process standardization
- Higher asset sale prices
- Increased collaboration
- More redeployments
- Better identification of idle assets
- Effective buyer management
- Better audit preparation
- Transparent divestment process
- Increased visibility