Your organization may be undercutting its profits by thousands & millions! Yes, you read that correctly & the worst part is you don't have a clue about it. If your organization isn't focusing on asset tracking, you are losing precious money as well as time.
In this blog, you will discover 7 Ways to Improve Business Profit through Asset Tracking System that will save your money & time.
When an organization starts its business, tracking their own asset is not their prime concern. Believe me, it should be! Why? Because it has a lot of potentials to enhance your business. A well-executed asset tracking may result in decreased administrative expenses, streamline your business services, increase your client service, and enable you to scale your business upwards effortlessly.
First of all, let's start with basics, what is an Asset & Asset Tracking?
An asset is an item that is considered a resource possessed by an organization and has economic value that can be estimated and measured in money. An asset can be divided into 2 categories
- Tangible Asset such as camera, furniture computer, etc.
- Intangible Asset such as contract, copyright, goodwill, etc.
Asset Tracking is the method of capturing asset's crucial data & information on the status and area of the organization. By utilizing scanners to detect barcodes or RFID tags. It provides accurate real-time data.
As simple as that!
Here are the 7 benefits of Asset Tracking System.
Preventing Loss -
When you are into a day-to-day business, it's easy to lose significant assets. Devices, equipment such as USB drive regularly move throughout an organization & you may not able to track it all the time however, you can prevent it from losing it with asset tracking.
Increasing Asset's lifespan -
With this system, you have the capability to see if the asset is working properly or not, either it needs to be repaired or not, if the asset is functioning properly & performing as expected or not.
When you know what's going on with an asset you can make a reasonable decision in order to save expenses and extend the life of an asset.
Maintenance Tracking -
Maintaining your assets is very important for efficiency. With asset management software you can set a timer & alert for maintenance of your expensive equipment. Now you don't have to assume for the maintenance time period or search all those maintenance documents.
Real-time tracking -
Through the Asset Tracking System, you can track your assets in real-time, resulting in more efficient production planning and reduced downtime.
Avoid Unnecessary Repair -
It is crucial to track the life cycle of the asset and also to track unproductive items that you are not using it, however, spending a lot of money on maintaining it. These types of equipment hindering an organization's productivity. This is where Asset tracking software comes into play it can monitor and anticipate depreciation of items, and hence you can replace them.
Increase Labor Productivity -
If assets are tagged with RFID tags, they can be scanned automatically as they move through different stages of the process, hence no need of having people scan manually & log their movements.
Utilizing an asset tracker will free your workers from boring responsibilities and leave them to concentrate on other parts of your business.
Identify ghost Assets -
Regardless of disappearance, or dropping out of utilization, ghost assets are still shown in an organization's tax & account book. If you perform a proper and accurate physical audit of assets via asset management system, you can discover ghost assets easily and in the future, there won't be any ghost asset if an audit is done on a regular basis.
The general objective of asset tracking is to save your business time and cash. It increases the productivity of human. It enables us to keep real-time monitoring of your asset.
Asset Tracking Software informs you about how many fixed assets you own, what is the exact location of an asset, or what's the condition of that asset. It can give you notification & alert when an asset needs maintenance.