We know several organizations are not equipped with asset tracking software. They believe that purchasing these types of software is an unnecessary expense. However, asset tracking software features can save a lot of money and it can also assist in growing business.
Traditionally organizations use excel sheets to maintain, manage & monitor their assets. However, utilizing these strategies has demonstrated to be nothing but wastage of time incorporating reports based on assumptions & inaccurate spreadsheet bringing the wrong dynamic of financial performance.
But with an effective asset tracking software assistance one can easily wipe out all these problems. It can help associations by keeping them informed about their assets in terms of asset location, usage, maintenance, and saving their valuable time and cash. You must be thinking? How asset tracking software features can save time and money? We will come to that but before that, let have a look at the basic concept of asset tracking software!
What is Asset Tracking Software?
Asset tracking software holds the records of each and every asset through which you get regular updates about the assets such as what activity needs to be performed on which asset! Basically, all the information is stored in the software, i.e., when the asset was purchased (from procurement to disposal, complete asset lifecycle).
Optimize asset performance, efficiency, and minimizing expenses is the main aim of the software. Identifying assets which are not useful, unused, and unproductive is another objective. Through this process, you can take action accordingly.
According to the website, “It indicates that up to 30% of all organizations are in a chaotic state, meaning they do not know what they own, where the assets are located, and who is using them. Another 45% are in a reactive state, meaning they track assets on a project- by- project basis, such as a licensing audit, never stopping to fully analyze the data.”
What Issues Face the Organization When Asset Tracking Software Is Not Implemented?
There are several issues are faced by an organization if the software is not implemented:
A. Unreliable Data
As we have said above, the spreadsheet is a traditional method and it is prone to inaccuracy. Therefore, data produced with the spreadsheet is not correct.
B. Inaccurate Decision
The decision based on the spreadsheet data will also wrong.
C. Asset Theft
When assets are protected with the asset tracking management software then asset theft probability is increased.
D. Human Error
When data entered manually then wrong asset information can be entered in the system.
E. Maintenance Issue
One of the biggest common asset tracking issues for the organization is asset maintenance. There are lots of assets in an organization & keeping track of each and every asset is almost impossible.
These were some of the major problems. However, there are other problems too such as compliance & audit issue.
What Are the Main Asset Tracking Software Features?
The main asset tracking software features you should be looking for:
1. Check-In Check-Out
In order to save your assets from theft or misplacement, this is a very beneficial feature of this software. It can improve accuracy and reduce the time spent passing out assets and receiving assets. Through Search option facility you can find an asset by its name, tag, vendor name, employee name, etc.
This feature is really useful for those organizations that are equipped with a lot of assets for example construction company, warehouse etc. It allows multiple assets to multiple assignees for checking in & out in a single transaction.
2. Alerts & Notifications
Alerts and notifications come really handy for the purpose of asset maintenance. It eliminates to keep track of asset maintenance manually! Imagine when there are lots of assets and you keep track of them manually, it would be a daunting task! Right?
This feature is considered as one of the best features of the asset management system. The user does not have to worry about missed maintenance or manual record keeping. Asset management software takes care of the activity.
3. Utility Monitoring
In a company, there are various types of instrument that are kept under monitoring for smooth functioning. The consumption done by an instrument can be too much, for this reason, companies set alerts & warning so that they can avoid over consumption.
Basically, utility monitoring collects detailed consumption information for selected utilities. In this process, a notification is sent to the responsible person that consumption is about to finish.
4. Reports and Analytics
Asset tracking software empowers venture firms to diminish the weight of paperwork and handling. The issue with documented papers is they just enable organizations to catch constrained data about their assets.
Asset tracking software provides deep analytics and reports expanded knowledge of all organization assets. It allows companies to enhance performance by overcoming issues and identifying areas where improvement can be done.
Re-ordering feature is important especially for stock purposes. Stocks have to be always maintained for continued operations specifically at manufacturing units.
For this purpose, the user can set the reorder level. In easy words, the stock quantity is set at a specific limit. Whenever the stock reaches to that level, the software notifies the responsible person about the re-order. As a result, nobody has to check stock manually.
These were some of the most basic and essential asset tracking software features you should look in software. These features will definitely assist you in saving your precious time and money as well.
Through real-time asset tracking, you will know exactly how many assets are there is an organization, how many of them need maintenance & what is the condition of each asset. Is every asset is contributing to productivity, if not then you eliminate that particular asset from organization.
Frequently Asked Questions (FAQs)
1. How Do You Track an Asset?
For asset tracking, tag or label is attached to the asset & that tag has a unique identification through which asset is tracked. For asset tracking, there are several techniques available such as Barcode, QR Code, RFID, NFC, GPS etc.
2. What Is the Difference Between Enterprise Asset Management & Asset Management Software?
Enterprise asset management is used to manage the asset lifecycle from its procurement to disposal. Enterprise asset management plays a crucial role in maintaining the asset & decision-making process. It provides a complete holistic view of assets to an organization.
Asset management software used for providing real-time asset information. This software centralizes the information & data through which everyone aware of assets.
3. How to Choose the Best Asset Management Software?
For choosing the best asset management software, first of all, it crucial that you understand what is asset management software. After that, know what exactly are the requirements of the organizations. Then only you will be able to choose the best asset management software. However, to know what are asset management important aspects in detail.