Wise people will always keep an eye on the movement of their assets. Whether it is a fixed asset or a current asset, they maintain a chronicle of their assets' movement. They keep a diary or a datebook on which all the activities regarding the status of the asset are recorded.
Improving Equipment Utilization with Asset Tracking Systems
Asset tracking, also known as asset management, will help them retrieve the data of all the tasks conducted on the properties. So, the questions that generally arise in mind are:
- What is an asset?
- Is it something expensive token like the soul in your body?
- Is it anything costly material you can buy with money?
In general terms, an asset is an item that is physically present, and its existence is acquired through purchasing, gifting, or other means of the transaction with a higher value of money. Unlike other fast-moving consumer goods, an asset is for long-term usage.
A well-organized company maintains a trace of its assets. The management team of the organization allocates each of the asset items under a unique asset code in accordance with the different categories they belong to.
A collective set of assets may include several items such as:
- Company Vehicles
- Electrical Equipment
- Cell Phones
- Men Leverage
How to Trace an Asset?
The objective of tracking an asset is to optimize and improve equipment utilization and to prevent the equipment from damage. A module of asset tracking can write off a lot of time, energy, and acquisition cost.
However, you can operate in other methods that give less hassle in the process. For instance, asset coding is one of the simple ways of tracking. It will provide you with information about the asset in an accurate and efficient manner.
The asset coding can help an organization to glance at the assets so that they can relish a smooth operation of their business. Each of the items will get an identifier.
With asset tracking management software, you are legit to find out whose possession your asset is in. In this way, the department heads will know where all the assets are allocated in the current scenario.
How Does an Asset Tracking System Help a Company?
Here is an example of assets coding of a restaurant chain. The procurement department of the catering company has an acquisition of some valuable assets for the functioning of their services.
This set of assets includes cooking utensils, electrical appliances like grinding machines and boilers, catering vans, motorcycles for food delivery, tables, chairs, power generator, and billing machines.
The asset code will help separate the items complying with the character of each item. The stocked items are set with certain criteria to recognize them by attaching a code tag as a tracker during the procedure of their movements.
Equipment and asset tracking software eliminates the manual process, human error and improves the accuracy of data. It is helpful in enhancing the efficiency of the organization.
These items may categorize according to their types, utility, business, acquisition costs, and other features. At the time of allotting an asset code, the executions are informed by the company management. All the items are secured under the company merchandise rules and policy.
The company has to use scanning software to read the tagged codes in a short period of time. This will save much manpower leverage without creating an error.
Now coming back to the question, the equipment tracking software system allows you to keep track of assets and enables you to know that who is using the asset when it will be returned! So, the system alerts the team in advance when an asset needs to be returned.
An equipment & asset tracking system assists in improving the performance of assets. Equipment tracking systems come in handy when there are a lot of assets that need to be tracked properly. This equipment tracking system keeps assets safe and secured from theft and misplacement.
Why Do You Need Asset Tracking?
Asset tracking is a pivotal method of procurement service of an organization. It will cut down expenses on taking manual labor and employs the assets in an effective way. Different departments of the company can stay updated with the latest information.
It will allow them to determine the place where the assets are directed. There won't be a need of using more resources to move the assets. You will know the exact position and status of your assets when they are allocated.
Your company will grow smoothly, and it will get more space if you surmount an asset tracking system. There will be uninterrupted flows of customer services and enhancement of efficiency through proper asset management.
You will experience veracity of amount and a real-time report when an asset is damaged so that the functioning of the company won't be hindered by the asset loss.
When Can You Start Asset Tracking?
You can start tracking your assets right here, and right now. Do not delay in facilitating the prosperity of your business. Be ready to invest some money in acquiring asset management software. A little pain of investing today is for a better tomorrow. When your asset is on the move, you need to move up a step.
Recommend To Read: 6 Tips to Minimize Maintenance Cost for Equipment
There are more features such as Auditing of your assets & Physical verification, Maintenance management, Utility Monitoring, and report on the equipment you can use from anywhere, at any time. Asset Infinity offers a free 14-day trial - no credit card required!
In order to grow your business equipment asset tracking system is important. When you are setting your goal for the next few years you will this software can play a crucial role in developing business.