The Telecom industry allows people to communicate with others through the internet as well as phones. According to IBEF (India brand equity foundation), “Currently, India is the world's second-largest telecommunications market with a subscriber base of 1.16 billion and has registered strong growth in the last decade. The Indian mobile economy is growing rapidly and will contribute substantially to India's Gross Domestic Product (GDP) according to a report prepared by GSM Association (GSMA) in collaboration with Boston Consulting Group (BCG).”
This data shows the importance of the telecommunication industry. This industry connects one organization to another, online business meetings are done effectively. The organizations in this sector have lots of complex assets and equipment which are very costly. Solution? Asset tracking software has everything which the telecom industry requires! We will discuss that but first!
What Is Asset Tracking Software?
Asset tracking software allows you to keep track of assets. It lets you know the location movement of assets and equipment all the time. Moreover, it keeps the asset secured from theft or misplacement. Asset tracking software permits you to monitor the physical health of each asset. This feature comes in handy while performing asset maintenance.
Also Read: Advantages of Asset Tracking Software for Remote-First Companies
For accurate tracking barcode tags, QR Code labels, RFID tags, GPS chip, IoT, etc. are used.
Why Asset Tracking Software Is Beneficial for Telecommunication Industry?
Asset tracking software is important for the telecommunication industry for several reasons:
1. Asset Tracking
Asset tracking is very important for the telecommunication industry. It keeps assets safe and secure.
lot of time is wasted because the employee does not find the required asset on time. With this asset tracking software, you can know the exact location of each asset. Thus, it saves the time of employees.
Asset tracking feature has proven to be effective when assets are moved from one place to another. This is the time when assets are lost, theft, or misplaced. While performing audits, asset tracking assists in the physical verification process.
2. Asset Maintenance
These assets run for long hours continuously & they need maintenance otherwise asset breakdown can occur. A breakdown can be costly to the organization that is why it is better to avoid it with scheduled maintenance.
Managing asset becomes more complicated when there an organization has lots of assets. With this software, you can manage your assets easily and plan maintenance.
Moreover, maintenance managers do not have to remember which asset was maintained or which asset needs maintenance! This software allows you to set alerts and notifications for each asset. So, it eliminates the guesswork.
Furthermore, it provides real-time updates about each maintenance work order. It provides the history of each asset that helps in improving asset performance.
3. Inventory Tracking
Inventory is crucial for organizations. They play an important role in maintenance, especially when maintenance work is done. In maintenance activity, old parts are changed with the new ones. Inventory tracking is important for managing the right level of stock. It saves an organization from over-stocking and understocking.
Overstocking and understocking are the main issues, in both of these issues, a business suffers from the loss. However, overstocking is the situation in which inventory is gathered more than necessary they can be expired or become non-effective enough after a certain time.
This software can also alert the team your inventory is below the defined level. It makes the team more productive and allows you to define a certain level of inventory. This strategy saves from overstocking or under-stocking issues.
Also Read: Why Asset Management Software Is Important in Telecom Sector?
4. Providing Cybersecurity
Data is the backbone of the telecommunication industry. The Telecom industry is huge and they have a lot of valuable data. Data is one of the most important assets much valuable than any other asset. Thus, keeping data secure is very necessary for them.
These days cyber-attacks are common and rising, they are done with a malware attack. According to the Purplesec.us “Recent malware attacks have become more sophisticated with the advent of machine learning and targeted spear-phishing emails.” In 2009 attacks were 12.4 million and in 2018 it has increased to 812.67 million. Most of the malware attack is done via emails.
Fortunately, asset tracking software comes with cloud technology. It means that data security is the responsibility of the third party. Indirectly it saves your software expenses and provides security to your valuable and sensitive data.
5. Reports Analysis
In business analysis is important. Analysis of assets, asset performance, and so on. Through analysis, managers can identify where they are spending more, where they need to invest more. They can also identify potential pitfalls.
Overall data helps them in understanding the present financial situation related to maintenance. Furthermore, it helps make strategic business decisions.
This also provides audit reports that help identify issues and these problems can be resolved easily with the assistance of asset tracking software.
Asset tracking software adds value to the organizations. It does not help in keeping track of assets but also assists in maintaining assets. It helps avoid sudden asset and equipment failure. Saves expenses and increasing productivity with the help of reports and statistics.
Reports help identify pitfalls and overcome them. Moreover, they also assist in making informed business decisions. This software plays a crucial role in increasing asset life. If this software increases asset life by 10 percent then it is good enough because these assets are costly.
Also Read: 5 Shocking Business Statistics & How Asset Management Software Overcomes Them?
Frequently Asked Questions (FAQs)
1. What is an asset report?
Asset reports help track the performance of each asset. It is helpful in the understanding of the asset life cycle and tracks assets in different stages. Reports help improve efficiency and avoid unnecessary expenses. Asset management report helps in calculating depreciation.
2. Why the telecommunication industry is important?
Telecommunication plays a crucial role in gathering information about our environment and news across the world. It keeps us connected with the internet and social media platforms. Moreover, distance learning is a critical part of education, with the help of telecommunication distance learning education is important.
3. What are the benefits of implementing asset tracking software in the telecommunication industry?
The benefits of implementing asset tracking software in the telecommunication industry
1. Complete asset view
2. Spare inventory management
3. Fixed asset records keeping
4. Alerts and notification for maintenance
5. Effective & quick audit