5 Ways Asset Tracking Software Saves You Money

There’s no doubt about it, asset tracking software will save your business time and money. It really is that simple. A high return on investment is achieved when you have more transparency over what assets you have, where they are and what condition they’re in. Having access to all of this data at the touch of a button is standard practice when you choose an itemit fixed asset register.

There are so many ways asset tracking software saves you money, if we listed them all, we’d be here all day. So we’ve narrowed it down to our top five. From increased efficiency to losing fewer assets, here are five ways you can gain more control over your assets.

Lose Fewer Assets

According to new research from insurance providers, Direct Line, more than £83 million worth of tools have been stolen across England and Wales in the last three years. This is a hugely significant amount of money that asset tracking aims to reduce.

In addition to the assets that are stolen, there are all of the tools and equipment that are lost and misplaced, which further add to this financial burden.

So, how will asset tracking software reduce the number of lost or stolen assets within your business? By giving you greater control and visibility over your assets as well as instilling a sense of responsibility and ownership amongst all your colleagues.

It’s easy to see how having an accurate fixed asset register of all of your assets that is updated in real-time would provide greater control and visibility. It’s also easy to see how tracking the location of your tools and equipment helps to reduce asset theft and losses – as you know where all of your kit is supposed to be. But one of the most underestimated and largely unquantifiable benefits of asset tracking software is that once your colleagues and contractors know the business is monitoring asset whereabouts, including what assets each person has and is therefore responsible for – you will be amazed at the shift in the attitude of your colleagues. 

The asset usage report available in itemit also allows you to see where assets have been and for how long. You’ll be able to create hierarchical locations to see how assets move between sites or rooms and to control your workflow, so verification that assets are where they should be is instant.

How does this translate to your finances? More accountability means fewer lost assets, but it also means you’ll purchase fewer unnecessary duplicates. Asset tracking software provides you with a fixed asset register, so you’ll know exactly where everything is, who’s using it, and what you own, circumventing these risks.

Save Time

From an asset booking system to assignee features, to location tracking with QR code asset tags and GPS tracking, with the right asset management software, asset retrieval time is minimised. Knowing who is using an asset and whether or not it has been rented out also benefits you by improving your workflow.

This saves you money in a few areas. Firstly, as asset retrieval is optimised, you don’t have to spend as much money on petrol and time spent looking for and finding assets. 

The overall increases in efficiency translate to more revenue, too. As everyone on your team can use the tools and equipment they need at the times that they need them, your business becomes more efficient.

More efficiency means more time to close sales, fulfil orders, and manage customers, creating a tangible benefit to the time asset tracking software saves you.

Keep on Top of Accounting and Regulatory Requirements

Asset tracking software allows you to audit all of your assets, reducing the number of ghost assets and zombie assets on your books. In addition, storing all insurance information and certification means you have access to critical information should it be needed.

Being able to use your asset tracking software for IT asset management also allows you to track with ease when PAT tests and other routine maintenance and inspections are due. What’s more is that when it comes to managing IT hardware, a fixed asset register even helps to ensure your business is GDPR compliant.

Reduce Asset Downtime

Tracking and managing issues and maintenance reduces asset downtime, which also translates to more efficiencies for the business.

Being able to see in advance when an asset requires routine maintenance allows you to check it out in advance, showing your workforce that it’s unavailable for that period.

Reactive maintenance is also more effective with a bespoke issues management system. This system prioritises issues for you, so you can take the necessary steps to keep everything running to the best of its ability.

Reduce Theft with GPS Tracking

Asset tagging is key to tracking your assets effectively. Here at itemit, we’ve just launched GPS asset tracking! Now, you can see where assets are in real-time, meaning you have full visibility over your assets at any given moment.

GPS asset tracking gives you even greater control over your tools, equipment and machinery, and this results in fewer lost and stolen assets. Not only does GPS tracking act as a deterrent to thieves, but it also makes retrieval possible as the assets will be tracked if they’re stolen. Theft is a big problem in the construction industry that GPS asset tracking aims to reduce.

If your assets are accidentally taken by another company, too, GPS tracking shows you where they are so that retrieval is simpler.

To find out more about how itemit’s asset tracking software can save you money, you can contact us or fill in the form. We have multiple tracking options, from QR codes, to GPS tags, barcodes, and RFID tagging. Can you really afford not to get started today?

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