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.
