Asset monitoring is important for organizations because organizations have an abundance of assets, and you cannot manage them manually. That is why you need to manage assets with an automated software!
If you are thinking that you can manage them manually then you need to think again as you need to maintain assets, keep track of assets, how each asset is performing, and so on!
An asset monitoring software can help your business in many ways! But first, let us know what this software is!
What Is Asset Monitoring Software?
Asset monitoring software helps organizations in keeping track of assets in an automated way. Keeping track of asset not only helps in maintenance tracking but also assist in asset security. It avoids theft and misplacement of an asset.
Asset monitoring software provides real-time information of assets that helps in making productive decisions. It allows you to schedule maintenance as per the usage of the asset.
In simple words, asset monitoring software tracks the movement of assets. It assists management in running business operations smoothly and enhances the productivity of employees and the performance of assets.
If you want to do asset management in the right way, then this software is essential!
Also Read: Which Is the Main Tool for Effective Maintenance Management?
What Are the Benefits of Asset Monitoring Software?
The benefits of asset monitoring software are discussed below:
1. Accurate Asset Tracking
Organizations suffer from huge losses every year due to theft & it only increases expenses. Moreover, theft and misplacement of the asset decrease organization's productivity.
As employees waste a lot of their time finding their assets. But this software keeps track of assets, you can know asset location all the time.
Whenever an asset is missing it will send an alert to the asset manager. The alert feature can be used in various ways depending on the requirements.
2. Avoiding Sudden Asset Failure
Lots of organizations do not take care of their assets as a result asset failure occurs. When a sudden asset breakdown happens it not only halts the operation, but you end up paying huge maintenance expenses as well.
Sudden asset failure maintenance is more expensive than regular maintenance.
The best plan for avoiding asset failure is to provide maintenance regularly and proactively. Asset monitoring software helps by providing preventive maintenance. It is one of the best asset maintenance types.
3. Effective Maintenance
Maintenance is a very important section of the business. No organization wants to spend its money on maintenance, but it is crucial.
Your profit ratio can decrease by huge margins if you don't take care of your assets. The software can really help your business with maintenance.
Since this software is built for monitoring and tracking you can really take benefit for maintenance purposes.
With the previous asset tracking data, you can get an idea of when an asset needs maintenance & you can plan and schedule maintenance.
Also Read: What Are the Factors Affecting the Inventory Management?
4. Data and Statistics
Data is key to business growth data can be very helpful in optimization and improvisation. Data-driven decisions are more accurate and effective rather deciding based on assumptions.
From maintenance to inventory management data is helpful in all areas. If you have the data, then you can take your business to another level.
For example, we know for maintenance inventory is required but how much inventory you will require in the next few months! You can get an estimation of that with data. Data also help you tracking trends that might help in a growing business.
5. Data Security
Data security is one of the sensitive subjects for all organizations. However, according to the Statista survey, “As of 2015, 25 percent of the global data required security but was not protected”. But when you invest in asset monitoring software you will not have to worry about data security.
Because asset monitoring software is based on cloud technology, so data security is the responsibility of cloud technology service providers.
They keep data in an encrypted way and multiple security levels are there so whenever someone tries to hack management will be alerted.
6. Quick Audit
If you do not have automated software, you will have a lot of problems in the auditing procedure. Moreover, this process is usually long, hectic, and complex when you do not have asset management software.
Because you do not know exactly where your assets are located, where are their respective bills!
When you have asset monitoring software, you will know the exact location of assets and you can plan for the audit process. For the same reason, you can bring all your assets together for physical verification.
This software also provides the facility to store all the bills and crucial documents in the software. So, this software simplifies and enhances process speed.
Moreover, the audit also ensures that ghost assets, phantom inventories do not exist in the organization.
7. Regulatory Compliance
All organizations need to follow rules and rules, policies. If an organization is found not following rules, then the organization might end up paying a huge penalty.
As it is against the law if you don't follow rules that is why organizations need to comply as per the rules.
Compliance can be related to various parts such as asset maintenance, asset documentations, keeping accurate and up-to-date information is also important.
An asset monitoring software can be helpful to businesses as it centralizes information, and every department can know from the software itself.
It means that no one must tell manually. Providing maintenance reduces downtime and increases uptime. This software gives more visibility to the customer.
There is no doubt that with customized asset tracking software your business can save a lot of money. This software adds a lot of value to the organization by making assets and employees more productive and efficient.
Also Read: Why Integrate an Equipment Monitoring System with Asset Management Software?
Frequently Asked Questions (FAQs)
1. How does asset tracking work?
For accurate asset tracking, asset tracking technologies are used such as Barcode, QR Code (Quick Response Code), RFID (Radio-frequency Identification), etc. These technologies come in the form of tags and labels. Each tag has a unique identification number that is stored in the software whenever the label is scanned it quickly retrieves information of the attached asset tag.
2. What are the other advantages of asset monitoring software?
Other advantages of asset monitoring software are:
1. Depreciation management is helpful in tax saving.
2. For effective maintenance, inventory tracking can also be managed within the software.
3. When you deliver products on time it keeps customers happy so you can provide better customer service.
4. With this software, you can manage the asset lifecycle efficiently and keep assets updated.
3. What are ghost assets and phantom inventories?
Ghost assets are those assets that do not physically exist in the organization either they are stolen or missing. The organization thinks that they are available but actually they are not.
Similarly, phantom inventories are also not available for usage. These assets and inventories are lethal for business.