Asset tracking plays a significant role in today’s modern workplace environment. If proper records are not maintained for the assets that you own, you won’t know how much it is costing you to manage your assets, or whether they are still working properly. Asset tracking is the first step in determining the total value of all the assets that you own and your likely liability for asset maintenance costs. In this article, we will discuss asset tracking and how you can benefit from properly monitoring all of your assets.
What is asset tracking?
Asset tracking begins with the process of establishing an asset register, where you document all of your company’s physical assets. A sophisticate asset register will allow you to program asset maintenance and keep records and reports of your asset management activities. An asset register is a centralised platform that contains the details of the location, owner, contract and maintenance history of all the assets that you own.
Cloud-based asset tracking software eliminates the manual effort of spread-sheets, consequently reducing the cost, time and energy of asset management. Using spread-sheets to track and maintain assets is time consuming and unproductive, as spread-sheets typically lack automation and do not issue reminders when maintenance tasks are due.
Organisations are therefore increasingly relying on asset tracking software. Asset tracking software acts as a digital centralised system that helps your business track the details of your assets and your asset maintenance schedules in real-time.
Here’s a curated list of the top benefits of asset monitoring and tracking software.
Benefits of asset tracking software:
- Reduced human error
As asset tracking software automates asset management, it reduces the need for human involvement. This significantly allays the risk of human errors that might lead to asset loss. Furthermore, automated asset management allows your people to focus on other, more productive tasks. This is critical in a volunteer-based organisation, where properly valuing people’s time is critical.
- Improved accountability and cost savings
If you have not been properly tracking your assets, it’s possible that you might have been experiencing costly losses without even realising it. Adopting an automated asset tracking system can lead to cost savings by giving you clear visibility over everything that you own. It also ensures that employees are accountable for the assets in their care.
- Better customer service
When you improve how your business functions, it has a direct and positive impact on your customers. For them, your services become more reliable. When you properly track your inventory and provide employees with detailed information, they have the data needed to more effectively deal with customer enquiries and provide better customer service.
- Well planned future growth
Maintaining your entire inventory manually makes it difficult to grow your business. Asset tracking software can automatically program asset maintenance, issue reminders and keep reports, making it far easier to plan future growth while meeting your compliance obligations.
- Well-maintained records
It is necessary for organisations that lease their premises to maintain detailed records of each leased asset. This is especially important for organisations that lease community infrastructure, such as sports clubs. With asset tracking software, you can easily maintain a detailed record of your leased assets, including details of their location and condition, as well as records of the preventative and reactive maintenance conducted for each asset.
Asset tracking software serves as a central repository for asset details, photos, product guides, key contracts, contract terms, maintenance frequencies and completed maintenance reports. Managing this level of information manually can be intimidating, especially for volunteers. Specialised asset management software therefore lightens the load on volunteers, while at the same time maintaining comprehensive records and reports.
Robust asset and inventory maintenance reports help you to make well-informed decisions.
- Access information anywhere
A cloud-based asset tracking software solution that includes mobile access for smartphones and tablets allows you to validate asset information and get insights anywhere and anytime. You can easily search your assets via owner, location, serial number or assigned inspector and edit the records on the go.
- Easily perform asset audits
Conducting asset audits can be very stressful for businesses, and even more so for volunteers in non-profit organisations without any prior asset audit experience. However, these audits are of great importance as they help to confirm the location and condition of your assets, whether any assets have been lost or stolen, and whether paid servicing or maintenance programs are still relevant and appropriate. Asset tracking software can help you easily perform audits to increase the visibility of your assets and make informed decisions.
assetTRAC provides smart and easy asset management software that helps you improve your business overall performance by increasing efficiency and reducing overall costs. Asset tracking is beneficial for both a business and its customers. Asset monitoring and tracking software alsoreduces the burden on staff and volunteers by automating most of the process.