There are several companies who have no idea about how many assets they own? How many they are using now? How many they have lost? How much loss they are bearing because that goes totally unnoticed. So, what's the solution for this? To tackle this problem, there is the Asset Tracking Management System.
“Asset Tracking is the process to track an asset's information. An asset can be a laptop, machinery or automobile, etc. Sometimes, Asset tracking is also known as Asset management. Asset Tracking is needed because assets are valuable for every company.”
If you are thinking that “Oh, I can keep track of all my assets manually”.
Yes, you can! Only if your organization is a small size and have few physical assets. When you keep the track of your asset manually it is a huge challenge, it can be hectic as well as chaotic.
Still, there would be a probability that you might have lost your assets in the past. Adding more to that, there would also need to maintain those assets properly.
So, therefore the Asset tracking system is very useful, efficient & effective. In this blog, we will give you reasons why your company needs asset tracking software.
7 Reason to Implement Asset Tracking Software
1. Information is Power -
Indeed it is! With knowledge, you can change and control decisions in favor of your company. It enables you to make an effective decision. Asset tracking is automated you will always get real-time asset tracking information. Every activity of an asset is also recorded.
2. Decreased Maintenance Cost -
Bad management of Assets not only leads to unnecessary money spend on maintenance but also decreased the lifespan of an asset. Asset tracking software does the job for you it keeps all in the information of all assets.
It also helps in scheduling a maintenance job as well and create alerts for you. It assists in growing your business by identifying unproductive items.
3. Get Audit Benefits -
When an asset audit is performed from an external team or intern source no doubt it creates a disturbance on business. However, it has many advantages such as ghost assets are identified in this process.
When there are fewer assets then obviously you have to pay fewer taxes and maintenance charges. It also reduces compliance risk.
4. No more asset theft -
Imagine a scenario, where you need a specific tool, you looked into your warehouse, but you don't find it, so this is also a case of bad management. In this case, you lost your asset, or somebody took it, but it is declared on documents.
This will increase your unnecessary expenses and these types of assets which are not physically there but declared in the document are called ghost assets. How would you identify a ghost asset? What is the solution for asset loss or theft? With one solution! Asset Tracking System! It leads to our next point
5. Precise Information -
Since you are using an asset tracking system, your asset/item cannot be lost or theft. So, you will never buy asset unnecessary and always have information where are your asset & who is using.
You can also see track maintenance record, see if not any asset is taking more maintenance than required so you can sell that asset at disposal value.
6. Reduced Human Error -
“To err is human” so true! Human makes mistakes nobody wants to do it, but it happens. However, machines and software don't so asset management software ensures no double data entry from the same asset, in short accuracy.
Asset tracking gives automated management of assets assuring buying decisions are made based on specific, accurate information.
7. Tremendous money saving -
Reduced chances for loss or theft. Regular maintenance results in increased efficiency. No unnecessary expenses on asset increased the productivity of your employees. These factors will save you lots of expenses & grow your business.
All organization big or small, asset tracking system is effective in all industries if executed correctly. Asset tracking not only keeps track of physical assets in real-time but also develops your business.
Unfortunately, organizations are still using old-fashioned asset tracking technology or not using it at all, which is keeping them from amplifying this technology successfully.
If you still have any confusion, we have a highly skilled team which will help you on strategy, operation & execution of Asset Tracking management & solution. Our team will create the software as per your business requirement.
Once everything is set you will have all asset information at your fingertips. You will be able to monitor your assets, calculate the depreciation of assets, taxation, and other significant variables. You will see the enhanced productivity of your employees.