Most organizations are clueless when the mismanagement of their daily financial losses and assets occurs. It is not easy to track down all assets, especially if the asset count is in the hundreds or thousands.
Instead of handling it manually, consider using powerful tracking software technology. This will automate asset management for you. Also, it provides you with a magnified view of the status of your assets and the needs of your business.
Conducting business without management software results in a ledger caught up by ghost assets. The term refers to business assets that become unusable or go missing. Incorporating an all-encompassing solution is the best way to eradicate these ghost assets.
Here are some benefits your business can enjoy if you implement asset tracking technology now.
1. Track Your Assets’ Physical Location
Most businesses use a decentralized approach for the check-in and check-out systems for their shared fixed assets like vehicles, mobile computers, and laptops. Often, these practices result in assets that are not where they are supposed to be.
Two of the common reasons for losing or misplacing your business assets are theft and human error. These two factors can be eliminated with an asset tracking technology. This system will tell you who checked out a certain asset, when they did so, when it is expected to be returned, and where it was when it was checked out.
2. Eliminate Paperwork Errors
Paperwork errors can be as problematic as not knowing the physical location of your asset. Accountants and auditors can also make mistakes, especially when they are forced to use spreadsheets when tallying assets. A misplaced comma or decimal point can cause accounting dilemmas. Errors like these will create assets that appear in the office but have no record on your accounting forms.
With a tracking system, all your assets, both tangible and intangible, will have a digital record. Everything is complete with notes concerning maintenance schedules, tracking labels, photos, and other details that are deemed necessary. This way, no asset will be mishandled or misplaced.
3. Ensure Continuity
Continuity will mean two things when it comes to asset tracking.
- Continuity across audits and inventory lists, which is crucial as your business continues to prosper. Making an inventory of your assets will take up so much time that even the count of items might change by the time you are done writing.
- Continuity of personnel. If the person in charge of fixed asset inventory moves on to another department or goes on vacation, the new employees who will step in to handle the task will be confused if there is no drop-off of the right protocols.
By making an upgrade to reliable asset management software, all your business records will continuously be kept accurate, regardless of who will be responsible for the task.
4. Accomplish Effective Maintenance Tracking
Asset tracking systems will allow you to set repeated alerts for the regular maintenance of equipment and other items. You can easily schedule the alerts depending on the guidelines provided by the manufacturer.
The system also allows you to integrate ticketing software so you can keep track of who is responsible for performing the maintenance and when it must be completed. Regular checks help cut down on serving costs and maintenance activities of costly equipment in a huge way.
5. Perform Asset Audits and Set Stock Thresholds
Audits place a lot of strain on your business. Asset audits will let your company highlight possible ghost assets and licenses. Ghost assets will eat away your budgets fast by forcing you to pay maintenance fees and taxes on equipment that you do not have anymore.
Moreover, you can set stock thresholds for consumables. This way, you can be sure that you will have those important items whenever you need them.
6. Manage Your Asset in Real-Time
Asset management will mean adding new items and changing or disposing of current equipment each day. This is what real-time asset tracking software does for your business. It allows you to monitor your business inventory as it moves through certain locations. Also, it features by-the-minute updates, meaning you don’t need to stay in the dark when it comes to knowing the current state of your assets.
Real-time asset management is indeed an excellent feature. It makes it a lot easier for you to spot as well as remove duplicate records in your company’s system, which can mislead or confuse you.
7. Utilise Cloud and Mobile Computing
People can now work using their mobile devices. Asset management can be performed through mobile devices as well. It allows you to scan and sync with the centralized asset database. This will help you save time as well as eliminate errors that come with waiting to upload documents and information through a conventional computer.
When you audit fixed assets manually, your records might become outdated before you even finish typing or writing the items on the paper. Cloud computing will allow for instant updates, and for managers and employees to coordinate as they go.
Asset tracking software is a business solution that uses cloud technology to its advantage. It allows companies to control and track their assets from a centralized online space. And using this can definitely prove to be a huge benefit to your business.
Oliver Threlfall is the CEO of TechLoc, a provider of innovative assets and workforce management technology for businesses. TechLoc asset tracking and business systems now has three international offices in the US, Canada and Australia and continues to roll out all over the globe. A biology major at Deakin University and a born entrepreneur, Oliver also founded Steamatic Australia, a leading cleaning and restoration firm servicing Australian businesses and families.