Asset tracking software benefits all types of industries by offering features like location tracking, efficient maintenance logging, timely alerts and notifications of overdue asset maintenance tasks, and more. Asset tracking software provides automated asset management, allowing you to invest your time in delivering your core business rather than managing your assets and inventory manually.
In this article, we will discuss how asset tracking processes have evolved over the years and simplified what can be an overwhelming asset management process.
Why should you use inventory management and asset tracking systems?
Asset tracking software seamlessly deploys equipment and manages your asset tracking operations. It manages the acquisition, accounting depreciation, maintenance, repair and disposal of assets and equipment, and helps you program investments into a sinking fund. Your assets and equipment can include everything from buildings, production equipment and material handling devices to benches, tables, sporting equipment, phones computers and printers.
How asset tracking approaches have changed over the years
Many businesses have shifted from manual asset management processes to automated asset tracking approaches. While some companies use a fixed asset accounting package to track financial depreciation and expenses associated with their assets, others prefer standalone asset maintenance and tracking software for more efficient management of assets.
Many organisations only monitor the depreciation of assets once a year at financial reporting time. This approach does not take into account the condition of an asset or if it is still fit for purpose. And as your depreciation schedule does not prompt you to assess or maintain your assets, there is no incentive to check if you can even find them all! A more sophisticated approach is to use dedicated asset management software that allows companies and organisations to track the current value and condition of assets, to program preventative maintenance , and to keep detailed and accurate reports as evidence of completed asset maintenance.
How implementation of asset tracking software can lead to a well-managed business
Asset tracking software eliminates the hassle of manually tracking and maintaining assets, while preparing your maintenance team for any potential downtimes in advance. The software enables enterprises to work more efficiently when it comes to maintaining equipment records.
With less equipment downtime, your company can improve its quality and performance.
Here are some of the notable benefits of an inventory management and asset tracking system
- Streamlined maintenance schedules
Companies employing manual methods to track their asset maintenance schedules are more likely to lag in maintenance management. However, asset tracking software can help keep schedules on track. If your assets need periodic maintenance, the software can send notifications and reminders to ensure there are no delays.
- Reduced repair and maintenance costs
A precise and up-to-date record of your assets – including their purchase date, anticipated replacement date, maintenance due dates and a list of maintenance activities – can help you effectively plan their repair or replacement. The software can help you monitor and anticipate the depreciation of items so that you can plan to replace them on time.
- Regulatory compliance
Most companies and not-for-profit organisations operate in industries with strict rules and regulations. For such organisations, it is important to capture and report data that proves their compliance with regulatory requirements.
Asset tracking helps you in complying with regulatory requirements such as meeting lease obligations, equipment maintenance, and equipment standardisation and testing. All your reporting requirements can be fulfilled by an advanced asset tracking software system that expedites report generation.
Here’s a curated list of some other benefits of asset management and tracking solutions:
- High asset visibility
- Improved cost control for maintenance and repairs
- Reduced downtime with predictive and preventive maintenance
- Reduced capital expenditure by avoiding the need for premature asset replacement
- Better capacity utilisation
- Enhanced product quality and consistency
- High manufacturing facility flexibility
- Better warranty tracking
- Improved insurance calculations and reporting
Automated asset tracking saves money and increases productivity. You can easily identify and prevent breakdown points to avoid long work delays. Keeping quality records and reports will keep you focused and systematic at the same time. assetTRAC provides smart and easy asset management software that helps you improve your business’s bottom line by increasing efficiency and reducing overall costs.