An Asset Tracking Guide for Busy Professionals

Busy professionals don’t have time to manually track their assets and nor do they need to. You no longer need to worry about locating where that much-needed piece of equipment is or digging out exactly when that critical software expires. Asset tracking software does the legwork for you.

Any organisation with fixed assets can benefit from asset tracking. Fixed assets are tangible assets purchased by an organisation as a long-term investment. Often they support the operations and are not intended for sale. An asset tracking system makes it easier to maintain up-to-date fixed assets records that are needed for calculating taxes and ensuring insurance coverage. 

No matter the size or nature of your business, asset tracking can benefit your business by providing you with the information you need to make smarter strategic decisions.

Asset tracking software is most commonly used to track the following assets:

• IT equipment (e.g., laptops, printers)
• Vehicles
• Medical equipment
• Maintenance supplies
• Educational materials
• Lighting
• Instruments

But everything a company owns can be tracked, from software to hardware, and even licences. Asset tracking software is not only used to track the whereabouts of physical assets but can also be used to log when updates, upgrades and repairs are due as well as when licences expire so you never risk running into asset downtime.

Busy professionals don’t have time to be labouring over endless spreadsheets or crunching numbers themselves. This is where asset tracking software can save you time, giving you back the headspace to consider the bigger picture. Here are the top ways asset tracking software can save you time…

Trying to track down that one piece of equipment you need is a long, dull and unnecessary process. Creating a baseline inventory of fixed assets is a daunting task for many organisations but it’s a task in the long run you’ll thank yourself for doing it. Maintaining an up-to-date inventory will ensure you can locate your assets when you need them, helping to speed up all downstream processes.

 Once you know how many assets you have, where they are located, and the condition they’re in, you’ll only need to periodically verify the accuracy of your records. The time freed from dull manual labour processes will give your and your team more opportunity to engage in more meaningful business activities.

Asset tracking software offers automated solutions that can greatly speed up mundane and repetitive tasks such as moves, adds, and changes to your inventory. Ditch the spreadsheets and opt for software that can track the life cycle of your assets and notify users when maintenance is due. As advanced as spreadsheets have become they are still largely a manual process, meaning they are highly error prone and not ideal for long-term data storage. They also don’t guard data integrity and offer little to no protection from data corruption. Less manual work means fewer errors, greater accuracy and speedier operations.

With an automated asset tracking system, you can track asset movements more quickly and efficiently than with manual methods. Since automated asset tracking requires so much less effort, you may also find that you’re gathering more intelligence about your assets to better decide how and when they should be used.  

A lot of time can be wasted by trying to locate ghost assets, that is assets that appear in your inventory but in reality do not exist either by being lost, missing or stolen. Incomplete and inaccurate fixed asset registers lead to ghost assets. To eliminate them it is essential that an asset register is maintained and updated. Of course, this is often easier said than done but asset tracking software alleviates the burden of manually updating your asset register. With cloud-based, online asset registers every time an asset is scanned its location is updated.

Does generating customisable and easily exportable reports at the click of a button sound like a good idea to you? Well, it’s possible with asset tracking software. Asset tracking software can alleviate some of the burden of cost management and ensure organisations are getting the most out of their current inventory. The reporting capabilities of asset tracking software put it leagues above cumbersome and time-consuming spreadsheets. Using asset tracking software, you can identify misuse of funds, make more informed decisions, and improve your financial forecasting. Plus, you’ll have the knowledge you need to make accurate tax calculations and be compliant with your insurance.

With itemit’s sophisticated asset tracking software all your asset tracking needs can be done within one, easy-to-access space. The simplicity of managing and storing your data from a single location leads to greater use and streamlined processes. By maintaining precise inventory counts in a central database, along with historical data, previous orders and other information you have every bit of data at your fingertips, enabling you to identify trends and make more accurate predictions to meet demands. Our asset tracking software solutions eliminate the cumbersome and unreliable manual methods, giving you back the time you need to invest in your business. 

To find out more about how itemit’s asset tracking software can help you track your assets, you’ll can contact the team at team@itemit.com. You can also fill in the form below to start your own 14-day free trial.

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