What Return On Investment (ROI) Does Asset Management Software Give You?

Published on September 30, 2021 • 3 min read

Asset management software provides you with a return on investment in multiple different areas. When you track and manage your assets you get:

• More control over assets
• More visibility
• More transparency
• Monetary savings
• Speed savings

But how does asset management software provide you with a return on investment?

Flexible Set-Up Costs

First of all, you need to look into what it costs to set up and use your asset management software. Thankfully, your costs will scale alongside your asset tracking.

You only need to opt in for packages or hardware that provides you with a return on investment. For example, fixed RFID asset tracking can be costly to implement. This means it's only worth using if it's saving you more money in lost assets.

Asset tracking software packages are banded by asset count, too. So, if you're tracking 500 assets, you're earning the ROI by improving operations and visibility for 500 assets. Therefore, you'll pay less when you're tracking 500 assets than when you're tracking 10,000.

After you've invested, how do you then get the costs back?

How Asset Tracking Software Saves You Time

First of all, asset tracking software saves you a lot of time. With asset tracking software you can shave weeks off your operations due to the optimisations you have access to.

For example, when you use asset tags, you can instantly update asset data and information. This means that adding asset issues, for example, is a simple case of scanning a tag, typing the issue and hitting "submit".

Every time you scan your assets' tags their last seen GPS locations update, too, giving you an audit trail of who has been interacting with which assets and where.

This provides you with a range of optimisations which, in turn, save you money as your efforts can be focused on things with a direct impact on revenue.

How Asset Management Saves You Money

A robust fixed asset register saves you money as it means that you're less likely to purchase duplicate assets or misplace assets. This is due to the additional layers of accountability and transparency you get.

When you use the best asset management software, a fixed asset register is created and updated automatically with every asset you add and every update you make. 

Having an automated system such as this has time-saving benefits, but it also saves you money as it keeps tax and insurance audits clear, transparent, and easy to perform.

This is because you simply need to export your asset register to then be sent to any critical stakeholders who can then view and verify your asset data.

itemit's Asset Management Software

itemit gives you all of this and more. With itemit, you have flexible asset management capabilities, including the ability to mix and match your tracking technologies.

itemit is the only system on the market that lets you track your assets with barcodes, QR codes, GPS trackers and RFID tags, meaning you can choose your level of return and investment.

We understand that every asset is different and so our system is customisable and easy to use. This also means that you can opt for more powerful, expensive systems for high-value assets to generate more ROI, or keep your asset tracking on a smaller scale.

To find out more about how itemit can save you time and money, you can contact the team at team@itemit.com. You can also fill in the form below to start your 14-day free trial.