What is Leased Equipment Tracking and Why It is Important?

Leased equipment tracking is very essential for every company. Because it is time taking activity. However, companies do not follow this practice. As a result, less productivity & less profit!

So, it's important to understand what is leased equipment tracking and why it is considered important for all organizations! Let's drill this topic!

First of all, it is important to understand what is leased equipment is! In order to understand what exactly leased equipment tracking is!

As the name suggests leased equipment is that equipment which is taken on lease from some other organization. So, rather than purchasing, equipment companies take equipment on rent.

There can be many possible reasons for not buying such as budget issues. Or a project which required specific equipment so they can complete the project on time and after completing returning equipment. That is the definition of lease equipment.

Similarly, leased equipment tracking is the process for keeping track of leased equipment. It can be used by both companies (That company who is giving equipment on lease & that company who is taking equipment on lease).

Also Read: Why Leasing Equipment Is More Beneficial Than Buying It?

Leased equipment tracking is important for both companies. Let us see from both prospects, first from the company who is giving equipment on the lease (lessor) -

A professional lessor company may have given equipment and item to the different-different organization. Therefore, keeping track of each item & equipment can be a very daunting & hectic task. This is where leased equipment tracking software comes into play.

Similarly, when you are depending on the spreadsheet to track the asset and equipment especially when you have hundreds & thousands of assets & equipment. It can be unorganized and inaccurate.

It keeps track when the lease is expiring it helps in collecting back the equipment or renewing the lease.

To check if the payments are made on a regular basis or not. Also, data tracking in any industry is an important part of the business in order to become successful.

If the lessor has any question, they can get all the contact information quickly of the tenant with the software.

Accurate and Proper item or equipment tracking is crucial. It helps in making correct asset reports and according to that income tax & evaluation is done.

The lessor will also have to keep track of maintenance activity in order to keep the equipment efficient.

Through asset tracking, the equipment & asset life cycle can also be increased if maintenance activity is performed at a regular interval.

Now let us see from the tenant's point of view -

In case if the equipment is lost or theft. Then it will be a huge loss for the company who took it on the lease. Because the product delivery will not be done on time. Plus, they will have to pay money to the lessor for lost equipment. That is why Equipment tracking software is crucial.

If the tenant has any question regarding the equipment, they can get all the contact information from the software.

You would not want to search and looking for equipment documents at the last minute or at the critical time.

Leasing equipment is an excellent way to acquire the equipment fulfil your project needs. It saves money from buying & avoids maintenance expenses.

Technology is evolving day by day so getting equipment on lease is a good option. Moreover, you always get a piece of updated equipment.

Also Read: 15 Useful Asset Tracking Tips to Help You Track Your Assets

What are the benefits of leased equipment tracking?

Some of the benefits are given below -

Automate Business for Tracking

With the features of equipment tracking software, you can computerize the critical business procedure for tracking equipment from underlying contracting and booking to the end-of-term record listing and return.

Reduce lease cost by approx. 10 per cent

Capture the overall data about your rented equipment handling, IT, and data center equipment into a centralized archive repository. Now here you can find all the required information in one spot, with this data and information you will have the option to rapidly identify the problem and chances to decrease costs.

Notification & Warning

Never miss a target date with our proactive warning and notification for returning date or equipment lease renewal. Comprehend renewal prices value changes, ask or updated equipment if required & settle on a decision, and then inform and ask the renting organization.

Schedule Maintenance

When you are using equipment tracking software that also provides the facility to schedule maintenance. It means you do not have to track each equipment manually for maintenance. The software does it for you, it does not only send alerts to you for maintenance. But it also keeps a record of each equipment which assists you in the process of making a decision.

Conclusion

Equipment tracking is necessary for both parties. It does not matter if you are the lessor or tenant. Both of them have several advantages and disadvantages. It is important to keep your owned assets in one list and another list of leased assets & equipment. If you need any help regarding the equipment tracking Asset Infinity can help you. Asset Infinity also provides a mobile app for all platforms!

Also Read: 7 Reasons Why Your Company Needs Asset Tracking Software

Frequently Asked Questions (FAQs)

1. What information can I see on the mobile application?‍

All your critical equipment information at your fingertips! Track leased equipment with return due dates. Instantly view warranty information, asset location, and more, from one simple interface.

2. How many people can access information about any equipment?‍

Give access to every member of your firm from maintenance checklists to security access levels, delegate responsibility for assets, and ensure everyone in your plant can play their part. You can give restrict users as per their employment level.

3. For quick Asset Auditing, what techniques can be used?‍

Use Barcode tracking labels for faster audits. Scan equipment using RFID scanners, barcodes, or QR codes by mobile. Strong adhesive & non-removable ink on a durable polyester sticker on stickers to prevent wear.

Scan tags using our Android and iOS apps to cut down your audit times. Create audits based on locations, categories, or departments. Asset Infinity helps companies in auditing on a regular basis.