How Tracking Your Assets Can Save You Money

As a business, it’s highly likely that you do all you can to save money. You could make savings on the materials you buy, the rent you pay, and how much energy you use. But did you know that you could also make savings if you track your assets?

When you use an asset register app to give you full control you can make real savings. Ok, so you may not save millions of pounds but you could save a good amount. Not a lot of people are aware that money can be saved this way. The good news is that it’s easy when you start tracking everything.

When you start to use an asset register app you will create a digital profile for every single asset. This is because you will need to affix a barcode to each of your assets. Once the barcode is affixed it allows you to create a digital profile by scanning it. Once scanned, the profile can be filled to the brim with information about the asset. In addition to this, when you scan the barcode the software will start tracking it. As long as the barcode is nicely stuck to an asset, you can see where it is at all times.

Now we’re going to take a look at how tracking assets can save you money. 

One of the immediately obvious ways is that doing so can help to prevent asset loss. If you have ever misplaced anything you’ll know how easy it is to lose track of it. This is where the app can help no end. You can see where your assets are all day, every single day. So, if you put that tablet down somewhere and you don’t remember where, check the app. 

All you will need to do is log into the app and see where you were when you last used the tablet. You will then have a good idea as to where you left it. What this means is that you can ultimately find that lost tablet very quickly.

One thing that often springs to mind when talking about saving time is reducing downtime. But did you know that reducing downtime can save you money? You could get those orders processed sooner rather than later. You could help to prevent spending money repairing a conveyor belt that has dislodged. You could spend a lot less repairing a delivery van that has conked out. 

This is all thanks to the use of an asset register app that has been proven to work well.

Many businesses succumb to theft every single month. Whether someone inside a business is stealing or it’s a customer, theft can hurt. When you start using an asset register app, however, you can reduce asset theft. 

We have already seen that assets can be tracked 24 hours a day, 7 days a week. But did you know that you can assign assets to people? 

Don’t want Team C to have access to your new scanners? It’s simple, don’t give them permission to use them. Assign the scanners to Team B instead. Wish to track the use of your vehicles by particular drivers? Assign the vehicles so you know who is driving what. When you assign assets to particular people they will automatically take greater care of them. They will be less likely to lose or even steal your assets. A direct result of this means that you can potentially save quite a bit of money that you would have spent replacing stolen assets.

This can be good news for the business in terms of finances. It’s also good for your business in terms of insurance claims. The fewer claims you make the cheaper your policy could be.

A ghost asset is any asset that is still in your system but is lost, stolen, or awaiting repair. An asset such as this is usually considered to be working. It may even contribute to the overall value of your business. The issue is that the asset does not exist or it’s still waiting to be repaired. 

When you choose to start using an asset register app you can help to prevent the existence of ghost assets. This is simply because you’ll account for every asset you own. Every asset will have its own digital profile and obviously exist. Any asset such as a printer, for example, that is broken can be sent for yearly maintenance. When the printer’s repaired, it can get back up and running and contribute to your business once more. Assets that have been lost or stolen simply won’t appear in the system. Consequently, you could see how much your business is really worth. How can all of this save your business money? You can repair damaged assets rather than replace them. 

As you can see, tracking your assets can help you to save money. Therefore, it makes sense to track everything sooner rather than later.

Wish to chat with an expert about using an asset register app to help you save money? Contact us today at team@itemit.com.

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