The construction Industry is an asset-intensive industry. It is full of assets and equipment and each organization in the construction industry has equipment in abundance. Moreover, for project work, Organization sends the assets and equipment to various locations. When pieces of equipment are in distinct locations, keeping track of asset movement becomes complicated.
However, several construction organizations neglect that as a result, they do not have knowledge of their assets and equipment location. Moreover, it leads to asset theft & misplacement as well. Fixed asset movement tracking is essential for the organization as it helps in numerous factors. What are the benefits of a fixed asset movement? That we will discuss in this blog. So, without wasting any time, let us begin.
What Is Asset Movement? Why Is Asset Movement Tracking Important?
When assets are moved from one location to another is called asset movement. Asset movement tracking is important for all organizations to keep assets safe from asset theft and misplacement.
It enables the organization to know exactly where its assets are located and who is using them. Asset movement tracking also allows organizations to know how frequently it is utilized. It provides valuable information to the organization that helps in making informed decisions.
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What Are the Benefits of Fixed Asset Movement Tracking?
The benefits of fixed asset movement tracking are discussed below:
1. Avoiding Asset Theft
One of the main reasons why asset movement tracking is done is because organizations suffer from huge asset loss and asset misplacement. When asset loss occurs organizations not only suffer from physical asset loss, but they also have to re-invest their money by purchasing another asset.
Furthermore, this also leads to business operation hindrances. Fixed asset movement tracking minimizes asset theft and misplacement chances. As it provides accurate asset location of each asset.
According to Security Magazine, “U.S. businesses affected by employee theft lost an average of $1.13 million in 2016. Small and midsize businesses accounted for 68 percent of cases, and their median loss last year was $289,864.”
2. Asset Maintenance
Fixed asset movement tracking is helpful in asset maintenance. It enables organizations to access data of assets and schedule maintenance. When you keep track of asset movement, then you know how frequently an asset is utilized. Post which you can schedule asset maintenance.
For example, the construction industry has huge assets that need maintenance at regular intervals. Maintaining them and tracking them both are equally important. Asset movement tracking can be helpful in both aspects.
3. Helpful in Asset Auditing
Asset movement tracking allows organizations to know precise asset location. However, several organizations do not know precise asset location. For this purpose, they can use asset movement tracking features.
For asset auditing, lots of time is wasted as organizations do not know the exact location of their assets. As a result, auditing time increases as an organization must summon all assets in one place. However, this problem can be easily resolved with asset movement tracking.
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4. Depreciation Management
Asset movement tracking provides valuable information about assets. It provides information such as assets purchased, asset life expectancy.
Depreciation can be helpful to organizations in terms of saving on tax. Precise asset information helps in processing & calculating the proper depreciation.
5. Maintaining Compliance
Compliance management is a particularly important aspect of any organization.
During an audit it lets the auditor know that the organization is following rules and regulations as per the industry. That is why it is crucial that organization assets are maintained, if assets are not maintained then employee health can be in danger as sudden asset breakdown can occur.
Moreover, assets can release dangerous gases if they are not maintained. With asset movement tracking, asset maintenance can be done easily. When assets are maintained, compliance can be managed as well.
Which Method Can Be Used for Asset Movement Tracking?
Asset tracking software can be used along with asset tags, which is helpful in asset movement tracking. This software is built for asset movement tracking and asset tags boost the software capabilities by providing more accurate asset information along with that it provides other valuable information as well.
Asset movement tracking is helpful in eliminating ghost assets as it keeps track of every asset. Whereas asset tracking software is helpful to organizations in several ways.
From asset maintenance to asset location. In every aspect, asset tracking software is helpful. It provides accurate reports which are helpful in making an informed decision.
Asset movement tracking is an effective solution, especially for those organizations which send their assets outside the organization's premises. You can keep track of the asset movement of different located assets.
If you want to enhance the efficiency of movement tracking, then investing in asset tracking software is significant.
The software centralizes information, from a single view, you can know the exact location of each asset located in different locations.
Undoubtedly, asset tracking software enhances asset performance and plays a crucial role in boosting the efficiency of all pieces of equipment. Furthermore, it is very fruitful for the organization as well & it is essential in effective asset management.
Frequently Asked Questions (FAQs)
Q.1 - Why Is Asset Tracking So Important?
Asset tracking is important because it monitors all your assets and keeps track of every asset movement. You can improve the efficiency of the organization and provide better service to your clients. Asset tracking is helpful and provides a strategic approach to asset maintenance. It decreases maintaining expenses as well & helps in boosting asset performance. Better visibility of assets.
Q.2 - How Does an Asset Tag Work?
Asset tag comes with various technologies such as barcode, QR code, RFID, NFC, GPS, BLE, IoT. Each technology has its benefits such as some are cost-effective, some are faster, and so on. Each asset tag has a unique identification number that is stickered to the asset tag. Whenever this identification number is scanned, it automatically fetches all the information about the asset.
Q.3 - Does This Software Come with Cloud Technology?
Yes, it does. Comes with cloud technology. You can access it from anywhere Across the world, all you need is a good Internet connection. Furthermore, with cloud technology, your data is secured as well because security is the responsibility of the cloud service provider.