Several organizations have invested heavily in an asset tracking software. However, they do not get expected results. What is the reason? They just invested without doing research such as what exactly are their requirements, how this software will be beneficial for them, etc. So, how do you determine which software is perfect for you?
Before investing in any software, you must ask the below-mentioned asset tracking questions to yourself! These asset management questions can help you in finding the right software for your firm.
Most Frequent Asset Tracking Questions Asked by Organizations!
Q1. What Is Asset Tracking Software?
This is one of the obvious asset management questions. Asset tracking software allows you to track assets & each asset movement. Asset tracking software is really helpful to those organizations which are equipped with a lot of assets.
It is hectic to keep track of each asset without any automated software. This software keeps assets safe and secure from theft and misplacement.
Furthermore, another challenge is to monitor which assets are maintained which are not, this software also assists in asset maintenance.
If assets are not maintained then asset breakdown can occur it can lead to decreased productivity and maintenance costs will increase.
This type of scenario is not good for business & asset tracking software helps organizations in avoiding them by providing maintenance to assets on time. It monitors & management assets efficiently that is why the asset tracking market is rising!
According to Market Research Future, “Asset Tracking Market was valued at USD 17.14 billion in 2020 and is expected to reach USD 34.82 billion by 2026 at a CAGR of 13.45% during the forecast period 2021 - 2026.”
Q2. What Are the Important Features of Asset Tracking Software?
This is one of the most important asset tracking questions! The important features of asset tracking software are as follow:
- Asset & inventory tracking - You can keep track of assets and inventories. So that theft misplacement can be avoided.
- Real-time information - Real-time data and information lets you know the location of assets in real-time. Furthermore, it lets you know the status of work.
- Asset life cycle management - From acquisition to disposal of an asset, this software takes care of assets in all phases. So that asset life can be maximized.
- Asset maintenance history - Asset maintenance history helps technicians in understanding asset problems easily. It also helps in increasing asset performance etc.
- Check-in & check-out - Check-in & check-out feature helpful in asset tracking. It makes the technician responsible for the asset.
- Alert & Notification - For upcoming maintenance work the team is alerted via mobile notification, SMS, e-mail.
- Centralized information - This software keeps everyone informed about work for instance work order status.
- Work order management - For any maintenance task work order is created it has all the information related to the asset such as when the work order needs to be completed & managers can see work order status in real-time and so on.
- Mobile & cloud-based system - Mobile & cloud-based systems allow you to access data from anywhere across the world & make changes in the work as per the priority.
- Checklist - Activities that need to be done in a maintenance work order are mentioned in the checklist.
- Reports - Reports related to assets, asset maintenance, asset movement, etc. helps in making informed decisions not based on assumptions.
Q3. Which Type of Assets You Can Track with Asset Tracking Software?
Assets you can keep track of with asset management software are laptops, computers, vehicles, machines, HVAC, bulk inventory, etc. Assets that are moved from one place to another place are prone to misplacement that is why it is important to keep track of them.
Inventories & assets which are expensive and small in size are prone to theft that's why it is important to keep track of them also. Industry-specific assets such as evacuators, hospital surgery pieces of equipment, hotels have sceneries, kitchen assets, and so on.
Some organizations track all physical assets, some only expensive assets. Some track assets which are essential for daily operation because if they fail business will suffer from loss. They keep track of them for maintenance objectives. So, it depends on you which type of assets you want to track in your business.
Q4. What Is the Functionality of Asset Tracking Software?
Below we have mentioned the functionality of asset tracking software:
- Automating process
- Gather real-time information
- Keep track of every asset
- Eliminate ghost assets
- Provide accurate data
- Keeping assets well-maintained
- Alert team for a maintenance schedule, low inventory stock, and so on
Q5. Why an Organization Needs Asset Tracking Software?
Organizations need asset tracking software because they are facing few problems that we have discussed below:
- Sudden asset failure
- Asset theft & misplacement
- No proper asset tracking
- Irregular compliance
- The problem in physical asset verification
- No proper documentation
- Inaccurate information
- Increased maintenance expenses
- Increased downtime
Q6. What Are the Benefits of Asset Tracking Software?
The benefits of asset tracking software are discussed below:
1. Minimize Maintenance Expenses
When asset maintenance is not done on time then it leads to increased maintenance expenses. However, this software ensures that assets get maintenance as per the schedule.
As a result, asset reliability increases, performance increases & maintenance expenses and downtime decreases. Furthermore, maintenance enhances asset life.
Asset life is crucial to an organization because it can impact the bottom line. With proper care and providing maintenance on time, one can increase asset life.
2. Cloud-based Access
When you can have access to cloud technology you can access it from anywhere in the world. You can also know who is working on which work order, where a specific asset is located when it will be returned.
Cloud-based asset tracking software provides information in real-time. When you are away from your office, with mobile & cloud technology you can make a change in the tasks as per the priority.
3. Enhance Productivity
When assets are in good condition their performance increases. When asset performance increases the production & productivity increase.
Employees' productivity also improves when assets are working as per the expectation. As sudden breakdown chances are minimized then efficiency improves. As we know work delay due to machine failure leads to decreased productivity.
4. Ensure Compliance
When an organization is not equipped with asset management software then compliance issues are obvious. Compliance is the set of rules, regulations, and policies that need to be followed by every business.
If an organization is found that do not follow rules then the organization can be penalized. Asset management compliance ensures that your assets are maintained, each asset documents are streamlined.
5. Asset Insights
Reports are a very powerful tool that helps in effective asset management & making the right decision at right time. Analytics can provide deep insights into assets and machines that can help in saving maintenance expenses and other expenses as well.
You can know how much you are spending and from where you can save money. Analytics can also help in improving the efficiency of machines & employees. Asset insight is the key to make improvements in the asset.
Q7. Can Asset Tracking Software Help My Business?
To know that asset software will be helpful to your business or not. You have to figure out what does this software do then you have to figure out what are the main issues that your organization facing. Some of the basic problems we have told above.
Similarly, we have also told above asset tracking software benefits for an organization. If you are having the same issues then asset tracking software can help your business.
These are the few important asset tracking questions that one must think about before investing in any asset tracking software. An effective asset management software should be able to provide a proper solution to your current problems.
Asset Infinity's asset tracking software is one of the best software. The software is value for money. It has a simple interface along with all the functions and benefits mentioned above. You can also try 14- day free trial. Furthermore, Asset Infinity's software can be customized as per the client's requirements.
Frequently Asked Questions (FAQs)
1. How does asset tracking software provide real-time location?
Asset tracking software provides the real-time location with asset tracking technology such as barcode, QR Code, RFID, etc.
2. How asset disposal is done on time?
With accurate tracking and accurate information. For instance, when an asset is purchased what is the life of an asset, it alerts accordingly. In simple words, it calculates & alerts in advance about the same.
3. What is the difference between asset tracking and asset management?
Asset tracking means knowing the exact position of an asset & who is using it what is the status of the asset. Asset management includes complete management of assets from their maintenance to their disposal. It also includes asset tracking.