What is the Need for Asset Tracking Software in the AV Industry?

The Audiovisual (AV) industry contains several businesses such as film and photo studios, print media, events, etc. Needless to say, the AV industry uses a huge quantity of costly equipment which need asset tracking.

In this industry, every piece of equipment is sophisticated, expensive, and valuable and has a key role in video conferencing, web streaming, and so forth.

What is Asset Tracking?

It enables in tracking asset movement. Assets include costly items such as laptops, computers, vehicles and other equipment play a key role for a business. The system provides information such as asset status, location etc.

Asset tracking software benefits are realized via RFID tags, GPS, QR codes (asset tracking method). The main objective of the software system is to refine the asset usage, provide security to valuable items, assets, and equipment. The other objective is to increase asset control and asset performance and decrease equipment loss.

AV equipment is used for various purposes, such as visual display, audio reproduction, recoding, production and post-production, lighting, control systems, streaming media. Some of the major audio-visual equipment include:

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1. LCD screens
2. Projectors
3. Monitors
4. Audio cables
5. Connectors and Speaker Wires
6. Digital Audio Workstations
7. Microphones
8. Broadcast Processors
9. Animation and CAD Software
10. Lighting Kits
11. Lighting Remote Controls
12. LED Screens
13. Control Systems Enterprise Software
14. Media Control and Distribution Systems
15. Transmission Servers
16. Streaming Media Player

AV equipment plays a crucial role in today's world of digitization. Without audio-visual equipment, digitization of businesses and processes is not possible. It is therefore necessary for the organization to keep track of their assets and equipment. This is where asset tracking management software plays its part.

The AV industry is directly or indirectly connected to several other industries. This is why asset tracking software must be flexible in order to assist AV professionals to manage and monitor their assets and equipment and enhance accountability. There are several other benefits of asset tracking software that prove to be very useful for the AV industry.

Tracking Equipment & Assets

This is one of the most important features of asset tracking software for the AV industry. The functional teams of any organization can know all asset-related information e.g. What are the current assets possessed by the organization? Where are their current locations? How many assets are being utilized? Which employee is using what asset? When it will be released to a free state?

As a result of such information, no asset is lost or forgotten as they are all accurately tracked. Tracking of equipment and assets in real-time provides their current locational information. Such activities help in managing daily tasks and the operational efficiency gets enhanced.

Minimize Asset Theft

According to a blog of Sheerid, $50 billions worth of assets get stolen annually from U.S. businesses. Inventory shrinkage is also a big concern even as theft and misplacement of assets are worrisome not just in the USA but across the world too.

Asset or equipment damage can cause prove to be costly e.g. in the Media industry, camera equipment is the backbone for news coverage. If a camera lost or damaged, the news coverage can get blocked or delayed. Media asset management software is an effective method to detect theft or asset misplacement.

Through asset tracking, you can obtain all information about an asset or equipment in a centralized system, including missing or stolen assets.

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Equipment Maintenance

Bad management of assets not only leads to unnecessary costs spent on maintenance but also decreases the functional lifespan of an asset.As we all know, an unexpected breakdown can be very damaging for a company. However, the asset management software assists in preventing breakdown maintenance.

Asset tracking software stores all asset-related information and also helps in scheduling maintenance and create advance alerts for the users. Thus, keeping a manual record for maintenance is not needed.

Equipment Life Cycle

Understanding the life cycle of equipment is very important for every business. It is useful from the procurement stage until the asset is disposed of e.g. a building has many valuable items that require regular maintenance such as elevators, DG sets, etc. The facility manager has to manage the assets and know when they need to be replaced.

Proper maintenance and timely repairs can increase the life and efficiency of an asset. The software assists in identifying assets that are no longer productive.

It notifies to the team when an asset needs to be replaced or disposed of. Such data-driven information helps in effective decision-making to optimize the life cycle of assets and equipment.

In short, the system creates transparency as well as control across the entire equipment portfolio, from the procurement stage until their replacement. It covers the processes and policies that govern how an organization's physical assets are managed, monitored and maximized.

Equipment Audit

Auditing is quite important to verify the presence, location and other particulars of assets and equipment of the organization own.

Audits are essential, among other things, to achieve the objectives of a business by reporting on its operations, preventing fraudulent use or misappropriation of its assets, and maintaining the cost of assets at the minimum level.

Auditing also has a crucial role in the correct computation of taxation. Through this software, the organization can schedule own audit timelines and receive actionable information and status updates in the process.

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Conclusion

The AV industry is ever-growing. The recent advancements in Information and Communication technology have widely opened up new avenues of opportunities for the AV sector.

However, the management of equipment and assets still remains a huge issue. An asset management solution can truly support companies in streamlining their AV activities, business operations, and organizational workflow.

Organizations managing AV equipment can thus monitor their assets and equipment. The solution integrates all information into a centralized system, through which organizations can implement important decisions and increase the Return on Investment (ROI) of all their assets.

Through this software, you can manage equipment maintenance and extract reports and analytics easily. It greatly assists the business with savings in both time and money.