Spreadsheets have limitations that can create risks related to your accounting and finances. As asset tracking software is more automated and requires less manual input, many gaps are avoided.
In the past, spreadsheets were the main way to track assets and asset-related finances, such as usage and depreciation data. Asset tracking software was built to supersede and automate these operations.
The more manual input required in your operations the bigger the chance for mistakes and a loss of accountability, not to mention it also takes time away from operations elsewhere. This is why using an asset tracking app will greatly benefit your business.
What Is Asset Tracking Software?
Asset tracking is a system you can use that will allow you to:
- Log your assets
- Add data related to assets
- Track asset movements
- Track usage information, such as who is interacting with your assets
- Track financial data
- Add attachments
Already, it’s clear that the functionality asset management software has is much more powerful than a spreadsheet.
Asset tracking works by allowing you to add unique, digital asset profiles and add information related to them. You can then use asset tags to retrieve these asset profiles and edit them faster.
Every time you scan an asset’s tag, the last seen location of the asset will update, as well as the user who scanned the tag, and the asset’s profile will open, ready for you to add maintenance, usage, or financial data.
What Can You Track Using Asset Management?
Because of the features asset tracking software provides you with, it is hugely scalable. So, you’ll be able to use your software for IT asset management, construction tool tracking, high-value asset tracking, and fixed asset management simultaneously.
Every one of your assets can be tracked, from your laptops to your tools to your equipment. Each of these will have specific and unique information, and tracking them using software as opposed to a spreadsheet allows you to automate audits and asset updates.
Asset tracking software allows you to use asset tags to log asset locations and to verify all of your assets are in the correct place. Therefore, you’ll be able to log the same information you’d need if you were using a spreadsheet, and more, in a much faster way.
The Limitations Of Spreadsheets
The main limitation of a spreadsheet is the amount of time and manual input it requires. Every time an asset moves or is used, the spreadsheet is out of date.
If you’re updating something this way, it’s clear to see how many things can fall through the cracks and how assets can become unaccounted for. Asset tracking software will mitigate ghost and zombie assets by totally avoiding this risk.
Asset tracking software allows you to interact with the physical asset onsite and, as it’s cloud-based, and edits you log will update across the board simultaneously.
To find out more about the benefits of itemit’s asset tracking software you’ll be able to book a demo using the button below.
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