We know that managing assets can be an arduous task! Because in business, there are assets & you need to know asset location all the time!
There is a risk of an asset getting stolen, missing, or theft. Plus, fixed assets play an important part in an organization's overall growth.
It is important to keep details of each asset such as when you have bought an asset and when it needs maintenance & repairing and when it will need replacement. This is where Fixed Asset Tracking Software comes into play! However, first, let us go through the basics of fixed asset tracking.
What is Fixed Asset?
According to the website, Investopedia
“A fixed asset is a long-term tangible piece of property or equipment that a firm owns and uses in its operations to generate income. Fixed assets are not expected to be consumed or converted into cash within a year. Fixed assets most commonly appear on the balance sheet as property, plant, and equipment (PP&E). They are also referred to as capital assets.”
What is a Fixed Asset Tracking Software?
Asset tracking is to track down your fixed assets, using several techniques and methods including barcode, RFID, NFC tags, etc.
Fixed asset tracking is important for your organization, for its foundation and compliance, you will be responsible for locating and replacing the lost or missing of the physical assets, as well as for those that have come to an end of their lifecycle.
Also Read: What is Incident Management? What are its benefits?
What are the advantages of Fixed Asset Tracking Software?
Some of the major advantages of Fixed Asset Tracking Software are given below:
Maximized Return on Assets
As we have told you earlier, an asset is monitored continuously via the system to increase its life and when an asset works properly it also increases return on investment.
This is one of the most important benefits & features through which you can schedule maintenance. As we all know, an unexpected breakdown can be very dangerous for a company and it can make a dent in your pocket. However, this software can assist you, avoiding these types of maintenance.
Enhanced decision making
When you have all the crucial information on your fingers. This can help you in making an effective decision. Here is an example, one machinery is not working properly and taking more maintenance than required in that case you can make a better decision through software either it needs to change or not.
The large task becomes a simple task
Keeping track of a company's physical assets is a huge & hectic job. Asset management software can be a great way of enhancing operational productivity and reducing expenses. Imagine yourself when you have the ability to easily and efficiently monitor every perspective of your company's physical assets.
Eliminating paperwork & human error
Since everything is managed on cloud-based there would be less paperwork which will lead to fewer human mistakes. Digital documents can be searched & stored easily.
They are faster to fetch and when every document is online so no chance for deletion too. As simple as that!
Productive utilization of assets
In companies without ERM, top-level management might be included in reporting, observing & concluding the risk in operational units. Whereas this software assists in taking care of the risk. It also removes unnecessary procedures & improves effectiveness by designating the appropriate resource to reduce risk.
Identify ghost Assets
Regardless of disappearance, or dropping out of utilization, ghost assets are still shown in an organization's tax & account book. If you perform a proper and accurate asset verification via an asset management system, you can discover ghost assets easily and for the future, there won't be any ghost asset if an audit is done on a regular basis.
Also Read: Fixed Asset Tracking & Asset Management: Are They Both Same?
Why Asset Tracking is important?
Here are the few reasons why asset tracking is important:
Quick Asset Information via mobile
When you have all the data on your system or mobile. Then you can efficiently & easily manage your asset. You can also find data analysis in detail and how you can improve & which process is time consuming and how to reduce it. So that productivity can be enhanced.
Enhanced Customer Service
Whenever you improve your system, your customers undoubtedly will be happy. The production will be done on time and delivery will be done accordingly. Whether this improvement happens in terms of operation or managing inventory.
Get the exact location of an asset, who is using that asset & for how much the asset will be occupied. You will also know when it will be in a free state for others to utilize.
Therefore, you can make a better decision and inform the employees accordingly. You can also manage your assets from another location. Also, no chance for asset loss or theft.
Increased Business Productivity
You can streamline your operation & identify issues before it becomes an actual problem. Better planning & resource utilization in operation. Asset tracking and management software work with RFID, Barcode, etc. Using this software will make your employees free for other activities.
Unexpected maintenance can be a huge problem if you don't keep a sharp eye on your assets. As we know, it can hurt your pocket badly because an emergency breakdown can create a hindrance in your production process. Through asset tracking software, you get the notifications and alerts of maintenance on a regular basis. It will increase its lifespan of assets and save from unexpected breakdowns.
Also Read: 7 Best Asset Management Practices for Your Business
Fixed Asset Tracking Software offers great assistance to all the size of the company that possesses fixed assets. It enables us to avoid unnecessary expenses on maintenance. It will also alert you & send notifications for the maintenance process. The audit will be done on time & accurate worth value can be calculated.
Other than this there are several other benefits of implementing Fixed Asset Tracking Software in your organization. No doubt this software has a lot of potentials to improve business efficiency and operation.
If you need any assistance in asset tracking, asset infinity is always there for you. Our team or you can schedule a demo as per your needs. As we all know that the action you take today to make your organization better, the outcome can be seen tomorrow. At the end of the day, all these activities are to maximize profit, save money, and minimize loss.