What Are the Importance and Features of an Asset Reservation System in Your Business?

Assets are crucial in order to run the daily operation efficiently. But how will your employees know if that required asset is available or not? If not available, then what will happen? This is where an asset reservation system comes into play! It will solve all your asset availability problems! In this blog, we will know what an asset reservation system is! Why it is important & what are the key features you should be looking for in an asset reservations system! So, without wasting any time let us begin.

What Is an Asset Reservation System?

The asset reservation system automates & simplifies the process of asset booking. It enables the user to use assets and reserve assets on specific dates as per the requirements.

With this system in place and you can book them in advance, and it eliminates the chances of double booking the same asset. Furthermore, employees can check the status of each asset, this way they will be able to see when the asset is under maintenance or used by some other employee.

This software is particularly helpful to the construction industry as their work location keeps changing and organizations keep track of assets with an asset reservation system as this system provides the location of each asset. Furthermore, you can track asset reservations as well.

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What Is the Importance of an Asset Reservation System in Your Business?

There are lots of assets that are neither used nor beneficial to business anyway. These types of assets are bought into use or can be sold to other organizations or exchanged and productive assets can be purchased.

Asset reservation ensures that one asset is not double booked. These types of scenarios occur when you manage assets manually. This system will alert you that on the required date the asset has been booked by some other employee.

What Are the Key Features of an Asset Reservation System?

Key features of the asset reservation system are discussed below:

1. Track Reservations

Most expected and obvious feature of the asset reservation system is tracking and creating a reservation. In this software, the user can check asset availability on a specific date if it is available then reservation of asset can be done in advance. Users can track specific asset reservations so that planning can be done accordingly.

2. Check-In & Check-Out

Check-in & Check-out make the user responsible and minimizes the chances of asset misplacement and theft. When an asset is assigned to a specific user then the system also takes note of when an asset will be returned then it alerts the user on the returning date so that the asset is not lost or misplaced.

It makes the organization more productive and saves us from unnecessary expenses.

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3. Asset Location

The asset location feature helps the organization in avoiding asset theft and misplacement. Knowing asset location is helpful in asset auditing. As the organization knows exactly where assets are located, there are several organizations that do not know the asset location.

It not only increases the asset audit process but hampers daily operation, as well as productivity, is decreased as well. With asset reservation, teams know where it is located so they make their work plan accordingly.

4. Asset Status

Knowing asset availability is a significant part of making a plan for the work process. In this software, there is a complete asset list where you can check the status of each asset whether it is available, unavailable, or under maintenance.

If the asset is not available, then when will it be back in stock? You can filter data by asset status, location, employee, and so on.

5. Reports & Information

Reports are immensely helpful to an organization in discovering crucial information. Reports provide a complete picture of asset utilization. How is the asset performing? How frequently as it is utilized? All this type of information is gathered.

For instance, if concrete mixer trucks are always available it means that you have many of them you can sell them or exchange them. If truck cranes are always unavailable it means that you need more truck cranes.

Furthermore, you can discover pitfalls and issues with reports, in the same way, data can be used for eliminating those issues.

Conclusion

As we said earlier, asset reservation is helpful to construction-based organizations. It is also helpful to those organizations who have limited assets or do not have much budget but want to utilize their access to their full potential.

Asset reservation system is a part of asset management software saves assets from theft and makes employees more responsible. With this software, you can schedule & plan equipment utilization for the next few months. This software can make your organization more productive and efficient investing in this software can be helpful for your business.

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Frequently Asked Questions (FAQs)

Q.1 - What Are the Techniques Used to Keep Track of Asset Reservations?

To perform efficiently asset tracking technology is used along with an asset reservation system. In the market, there are several types of asset tracking technologies available such as Barcode, QR (Quick Response) Code, RFID (Radio Frequency Identification), BLE (Bluetooth Low Energy), NFC (Near Field Communication), IoT (Internet of Things), GPS (Global Positioning System).

Q.2 - What Are the Benefits of the Asset Reservation System?

Below we have given the benefits of an Asset reservation system:

1. Better asset utilization

2. No double booking

3. Better accountable

4. Decreased asset theft & misplacement

Q.3 - Does This Software Come with Cloud Technology? What Is the Major Benefit of It?

Yes, this software comes with cloud technology and provides several benefits as well, such as data security. Lots of organizations do not cover and do not keep their data secured and chances of data theft or more. According to Statista, “In 2020, the number of data breaches in the United States came in at a total of 1001 cases. Meanwhile, over the course of the same year over 155.8 million individuals were affected by data exposures”. Another benefit is that you can access data from anywhere, which makes you more efficient and productive.