An organization has lots of aspects to look at in terms of equipment tracking & their time is not utilized productively. Lots of employees' time is wasted on finding information. According to the Transcendent, “Professionals spend 5-15% reading information but up to 50% looking for it & 80% of employees waste an average of 30 minutes per day retrieving information”. This type of scenario decreases efficiency. But equipment tracking system helps organizations in minimizing these types of scenarios and increasing efficiency. There are several other benefits of using equipment tracking that we will be discussing below. But first, let us know what exactly the equipment tracking system is! So, let us begin!
What Is an Equipment Tracking System?
An equipment tracking system allows you to keep track of your assets. It gives a complete & clear picture of your asset's crucial information. You can know where the asset is located, who is using it, when it will be back in stock or when it will require the next maintenance.
When you use an equipment tracking system you have a complete list of all your assets & equipment. For keeping track of assets barcode tags, QR Code tags, RFID labels are utilized.
These tags play a crucial role in asset tracking and effective asset management.
Also Read: 6 Ways to Improve Your Business with Equipment Management Software
What Are the Advantages of an Equipment Tracking System?
Advantages of the equipment tracking system are discussed below:
1. Eliminating Paperwork
A medium or enormous size organization has a lot of assets and pieces of equipment. When you have assets in abundance their paperwork also increases. It can become tedious to absorb full information and work with full concentration.
Anyway, how can you deal with these issues? Indeed, you can put resources into an equipment tracking system to wipe out manual cycles, recover data quicker, and significantly more.
This system automates data and fetches information quickly, saving you a lot of time. Any information can be found easily and quickly, for every asset.
2. Check-In & Check-Out
Asset pilferage & misplacement is one of the most common issues. Industries such as construction & manufacturing have several facilities & often their assets are moved around a lot from one place to another.
This is where assets and equipment loss are chances are increased.
The best way to avoid asset loss and misplacement is to use the check-in & check-out feature. This way assets are tracked, asset loss chances are eliminated, and this process makes employees more responsible to use assets efficiently and it is also helpful in keeping track of asset conditions.
It is one of the best effective ways to keep track of assets & their condition as well.
3. Track Maintenance
Keeping assets maintained is essential for all organizations otherwise it can lead to huge expenses. When assets are not provided with maintenance on time then suddenly machines halt while doing production work as a result production work also halts and production is not completed on time.
Moreover, the maintenance team has pressure to do work as quickly as possible, and maintenance expenses increase as well. That is why it is better to keep track of the maintenance of each asset that helps in maintaining assets & boosting asset performance.
Tracking maintenance will also help you in identifying assets that are taking more maintenance or assets which are productive.
Also Read: What Are Trends to Know About Equipment Maintenance?
4. Scheduling Maintenance
An organization has a lot of assets and keeping them maintained is a big challenge. Lots of organizations do not have essential tools to maintain & keep track of them which is why sudden breakdown occurs.
When your organization is equipped with equipment tracking software you do not have to worry about asset maintenance.
It will automatically send alerts & notifications which means you do not have to remember manually & as a result, no asset maintenance activity is skipped.
Schedule maintenance increased asset reliability & it is cost-effective in the long term.
5. Asset Audit
The equipment tracking system not only helps in asset tracking but is also beneficial in asset physical verification. This software ensures that assets comply with the rules and regulations of the industry.
If an organization is found not following rules, then the organization may end up paying a huge amount of penalty.
This software assists the organization in conduction audits successfully, easily & quickly. We know that usually, audit procedures are time-consuming but not with Asset Infinity's equipment tracking software. It is effective in proper asset tracking & management.
6. Reports & Information
Data is a crucial part of any organization when improvement is their goal. Reports provide an overall picture of asset performance, asset maintenance, and so on.
Reports assist in discovering bottlenecks, pitfalls, and data is also helpful in discovering ways to resolve those problems. Data Reports and analyses can help in boosting the efficiency of the machines and assets. It helps in making informed business decisions.
Equipment tracking is an important aspect of asset management. It can improve productivity & increase the efficiency of the machine that will directly improve your bottom line as well.
Equipment tracking software eliminates the manual process & makes it automated. It provides notifications and alerts that enhance the productivity of the organization.
Equipment tracking software also has a checklist feature which is extremely helpful to the maintenance team. If you want to grow your business, then this software can be helpful so you must invest in this software.
Also Read: Enhance your Equipment Utilization by Implementing Asset Tracking System
Frequently Asked Questions (FAQs)
1. What is asset & equipment management?
Asset & equipment management is done not just for keeping track of assets. It can also increase asset life and boost asset performance as well. Asset management includes complete management of assets from tracking assets to providing asset maintenance on time to every asset. It also provides accurate reports that assist organizations in making crucial business decisions.
2. What are the several types of asset tags useful for business?
Asset tags are useful for businesses to ensure accuracy tags are essential for asset-intensive organizations, specifically those whose business revenue is generated via assets. Several types of asset tags are Barcode, QR (Quik Response) Code, RFID (Radio-frequency Identification), GPS (Global Position System), BLE (Bluetooth Low Energy), IoT (Internet of Things), NFC (Near Field Communication), and so on.
3. Why checklist feature is important for the maintenance department?
A checklist is an important feature for the maintenance team because when the work order is created all the tasks that need to be done are mentioned in the checklist form. Therefore, it saves time for the maintenance team, and they do activities and check all the tasks done.