According to Market Growth Reports, in 2023, more than 1400 large organizations used asset management software to handle their asset-related field operations. Another research report highlighted that SMEs are the fastest-growing segment in asset-based field service management software adoption. These facts mean one thing. If you’re still only considering using asset management software, it’s time to take action.
The best part is, if you’re a small to medium size field service business, you don’t have to get a super-expensive, standalone asset management tool. A field service management software like Klervo that integrates core aspects of asset management like parts usage and inventory levels tracking is a good starting point.
Asset management is a by-product of field service management software service. It’s pretty much like a cloud-based asset management software designed to help companies keep track of their assets such as important equipment and machinery that are routinely used by field service teams.
For many Field Service businesses (SMEs), Inventory = Assets.
They can include small tools like power drills and saws for plumbers and HVAC techs, as well as large vehicles like forklifts and cranes for construction crews.
Assets can be divided into two categories:
The software keeps track of these assets and which team members used them. It also keeps track of which inventory item needs to be restocked, which asset needs maintenance, and which needs to be replaced. This platform basically relieves you from maintaining spreadsheets and manually keeping notes. It also improves the overall coordination and communication of the business regarding its equipment.
A home services management software not only ensures the maximization of your assets’ performance but also manages your business’s resources smartly. Here’s how:
Did you know that equipment maintenance alone can contribute 60-70% of total operational costs in businesses? But that’s not the only loss SMEs experience. The biggest cost in asset management isn't maintenance or depreciation; it's lost parts. Good software tracks who took what, stopping inventory 'shrinkage' immediately.
Small tools like drills, saws, and specialized kits frequently "walk away" or get lost in the back of a truck. This "shrinkage" forces companies to repurchase equipment they already own. If you digitally log who checked out a specific tool or part, you create 100% accountability. When technicians know that inventory is tracked to their name, loss and theft drop significantly, saving you thousands in unnecessary replacement costs.
The data from a field service management software can bring great value to a business (not just in terms of assets). For starters, it shows you how long the employees are taking to complete a specific task. It also keeps you updated about other resources, like how long parts and machines perform before needing replacement. This can especially be helpful in making smarter purchasing decisions (bulk-buying or adoption of new machinery). In fact, 98% respondents from a survey mentioned that they rely on data to make operational decisions.
With the right asset management software, companies can look at their resources from a broader perspective. This is why an asset management service must have the following features.
You want to know what parts or products are being used the most on field jobs and who is using them the most. That’s precisely what FSM inventory management tools like Klervo can do for you.
As soon as your inventory levels reach low levels, you’ll be alerted to restock. This can help you avoid repeat service visits too as not having all parts/tools is a big reason for that.
By collecting data on parts usage, businesses can see exactly where their money is going. You can identify which parts are being used faster than expected (indicating waste or potential side jobs) and which expensive items are sitting on the shelf gathering dust. This helps you stop buying stock you don't need and focus cashflow on the items that actually drive revenue.
Scheduling or allotting your equipment beforehand on specific projects saves you from later chaos. It keeps the business organized, as you know, when the tools and equipment are available and when not.
Plus, Harvard found that 78% of American workers experience some kind of idle time. Not having tools, inventory, and machinery can be a major reason for that. So proactive scheduling with asset management tools prevents delay in dispatching the assets to job sites, reducing the idle time of technicians.
The main USP of field service management solution software is that it cuts down the paperwork and makes your life hassle-free. Technicians or workers only need to have access to the application of the FSM software.
From there, they can check when the asset or machinery is available and when it will reach the project site. This basically reduces the administration workload regarding the asset and speeds up the communication process.
Asset lifecycle tracking is another important feature of FSM software. The fact that 65% of companies in asset-focused industries opt for FSM speaks volumes about it.
Lifecycle management is basically related to tracking an asset, from its date of acquisition to its date of disposal (be it usage or expiry). It’s different from real-time tracking as it keeps track of the financial outflow by the company on the asset.
Locating assets in the field service industry is a major challenge. Below are some other hardships that companies without FSM software face.
With AI breaking barriers of speed and accuracy, the future of asset service management seems sorted. Predictive insights will become more accurate with AI forecasting usage trends and potential inventory shortages before they happen. The mobile app access will allow technicians to stay in touch with the company regarding asset availability, delivery, and dispatch.
The cloud-based platforms are a great way to get everyone using or owning the assets on one page. This is mainly why 82% of studies about cloud-based integration for small and medium-sized businesses show improvement in operations. It's because the AI-powered cloud-based FSM software that companies are (and will be) using is unlocking the full potential of their assets.
In today’s cut-throat business scenario, spreadsheets are no longer the smart way to move. You need someone to take charge of your assets and be responsible for them. An AI-backed cloud-based asset management software is the best option for you. With Klervo, you’ll know exactly what inventory items are being used the most, who is accessing them, when to order parts/items before you run out and more.
So try our platform for free for 7 days and witness your work life getting 10x easier and productive.
The most important features in field service asset management software include asset or inventory usage tracking, complete service history, preventive maintenance scheduling, mobile access for technicians, barcode or QR scanning, and analytics reporting. These features improve visibility, reduce downtime, and support faster service decisions.
Asset management within FSM software improves uptime by ensuring the right parts are stocked and available, improves first-time fix rate by giving technicians accurate inventory visibility and parts usage history, and increases profitability by reducing repeat visits, minimizing emergency restocks, and controlling parts costs through better usage tracking.
Asset management should be part of an all-in-one FSM platform. Integrated asset data connects directly to scheduling, dispatch, work orders, and inventory, eliminating data silos, improving technician context, increasing first-time fix rates, and reducing operational costs compared to standalone tools.
FSM software with embedded asset and inventory modules can track which parts were used on which asset, from which warehouse or truck, and automatically decrement stock and trigger replenishment rules. Practitioners highlight that linking parts to specific asset records helps understand true lifecycle cost, improves trunk‑stock planning, and avoids repeat visits caused by missing or wrong parts.
