Your equipment generates revenue for you when you’re actively using it to deliver products or services to your customers. But when you’re not using a piece of equipment, you could still generate income out of it by loaning it out to other businesses. Sounds sweet, right? 

But handing over a business asset to someone else, even if just for a short period of time, has its risks. You never know if the borrower will use your tools or equipment carefully, keep it safe or even return it all. What’s more, when you’re loaning out multiple pieces of equipment, it becomes difficult to keep track of the loaned out items.

While loaning out equipment has its benefits, you should always minimise the risk it involves. There are a few steps you can take for this. The first is to always sign an equipment loan agreement with the borrower so the lending process is protected by law. 

Secondly, you should use equipment loan software to help you keep track of all your loaned assets. It enables you to loan out your stuff with peace of mind.

When you let another business borrow a piece of equipment from you, there are quite a few details that you need to record at the time of loaning out. These include but are not limited to the name of the asset being loaned, the borrower’s details, the duration of the loan, rent for the equipment.  

Equipment loan software lets you record and track all of these details digitally. Moreover, it enables you to keep track of an asset’s location after it has been checked out by the borrower. This software solution gives you a clear overview of all your lent out assets on one centralised platform. 

But these are only the most basic functions this software offers. You’ll read about its different features and find out more about how it streamlines the equipment lending process in the sections below.

Equipment loan software allows you to create, update and track equipment loans and manage lenders swiftly. The easy-to-use equipment tracking software is based on an online database and can be accessed from multiple devices by multiple users. This means managers and employees can collaborate on the equipment loaning out process and it’s not dependent on one person only.

The software allows you to record the rent or charges for loaning out a piece of equipment easily. It also records the date it was checked out by the borrower and when it was brought back in. This means calculating loan charges and creating invoices is as easy as it gets. On top of that, all members of your team can see which items are loaned out at any point in time.

If someone wants to book some of your assets to borrow them at some point in the future, the booking feature in equipment loan software can prove to be a great solution. Booking an asset is pretty straightforward, and you can easily reserve a piece of equipment for a particular borrower.

At the start of this blog post, you would’ve read that using equipment loan software minimises the risk of loaning out your assets. But how exactly?

Suppose you run a theatre and you’ve lent a few of your props to another business for a week. These props include several different items. If you did not track the individual assets that you’ve let them borrow, there’s a solid chance that one or two of those props might never come back. 

After the borrower has returned the equipment, you might not realise that a few pieces of equipment are missing until the moment you need them. This could be easily avoided if you were tracking the props with equipment loan software. 

But that is not the only risk. Sometimes when you lend an asset, you never know you’re going to get the same one back. This is pretty common when you’re dealing with multiple identical-looking assets. This issue can easily be solved with asset tags. 

Using asset tags can supercharge the benefits of using equipment loan software. Tagging gives each of your assets a unique identity so you never mistake your equipment with someone else’s.

itemit gives you a centralised platform to track all your loaned and available equipment. Our state-of-the-art equipment tracking solution is an automated, transparent and effective tracking system that reduces the gaps in your asset management to zero and lets you lend your equipment without a worry. Moreover, with its scalability, you can use it for other asset management purposes like fixed asset management and IT asset management too!

To find out more about itemit’s equipment loan software and how it will help you, you can contact our team at team@itemit.com that’s always happy to answer your queries. You can also fill in the form below to start your 14-day free trial.

Instant access. No credit card details required.

or, download the itemit app to get started

In this guide:

1. Why Does Your Business Need an Asset Tracking Solution?
2. How to Choose the Best Asset Tracking Solutions for Your Business?
3. The Best Asset Tracking Solution

If you’re looking for the best asset tracking solutions for your business, sit back and relax, because you’re going to have the answers to all your questions by the end of this post. We’ll talk you through the top-of-the-line asset tracking solution, how it all works and the benefits of using it.

Asset management is not a new phenomenon in the business world. Its importance has been long-established and successful enterprises have been tracking their assets through various different methods until now. 

The advent of the digital age has brought about a flurry of different assets like IT hardware and high-end equipment to the average workplace, making asset management even more important than before. On top of that, today’s fast-paced work environment calls for automated asset tracking solutions where you can track all your business assets effectively without having to allocate too much time and resources.

Weak or below-par asset management is no better than no asset management at all. This is because both involve incorrect or non-existent asset data ultimately leading to faulty decision-making. 

This means underutilisation, mismanagement and misplacement of assets that result in a loss of time and money. But this is only the tip of the iceberg. Rather than exploring the rest of the disadvantages-of-not-using-asset-tracking-solution’ iceberg, discussing the advantages of using them will help you better understand how important they are for every business. Here are a few most important ones: 

• Better Asset Security: When all your assets are being tracked in real-time, the chances of asset misplacement and asset theft are reduced to the bare minimum. The best asset tracking solutions enable you to track asset location with asset tags which means you’re always aware of where your business assets are and who has them.

• Decreased Maintenance Costs: Unplanned asset maintenance is one of the biggest sources of unexpected expenses. And as it goes, unexpected expenses are the worst. Asset tracking solutions allow you to have an overview of all your assets’ conditions and plan asset maintenance ahead of time. Not only does this save you the extra maintenance expenditure, but also helps you save time and money by increasing workplace productivity. 

• Get Rid of Ghost and Zombie Assets: If your business assets are not tracked properly, ghost and zombie assets will surely start eating up a lot of your money. And this is completely avoidable if you have a robust asset tracking solution to work with! 

Reduced Human Error: The risk of human error is always there, and it’s greatly amplified when you’re not using state-of-the-art asset tracking solutions. Conventional methods of asset tracking such as spreadsheets or worse, trying to remember asset information in your head, will inevitably lead you to make a lot of mistakes. Modern asset tracking solutions help you share the responsibility of asset management and make it easier to record accurate asset data quickly.

There are quite a few asset tracking solutions on the market, but how do you know which one is the best for you? Here’s a brief guide that evaluates some factors to help you make the right decision.

First and foremost, the asset tracking solution you choose should be cloud-based. This allows you to access your asset records from multiple devices and remote locations. 

A cloud-based asset management software also makes way for shareability. You can share the asset tracking responsibility with your employees as everyone can log in, record and track assets. 

Another important factor to consider is ease-of-use. You don’t want to get an asset tracking solution that you or your employees will have difficulty learning to use. The software should ideally be an off-the-shelf solution that you can purchase and start using right away. 

It should have sophisticated tracking features like asset location tracking and tagging so you can track your business assets efficiently. Last but not least, the solution should allow you to create configurable asset data reports and export them for audits and other purposes. But now the question remains, which asset tracking solution fits all of the criteria mentioned above?

itemit is one asset tracking software solution that does everything we’ve talked about above and more. itemit offers you a wide range of options where you could use it as a fixed asset register, equipment checkout software, or for IT asset tracking. 

It gives you a centralised platform to add, track, and update your assets easily. The automated, transparent and effective functionalities offered by itemit upgrades your asset management to the highest level. 

To find out more about how itemit’s asset tracking solutions can help your business, you can contact the team at team@itemit.com or fill in the form below to start your 14-day free trial.

Instant access. No credit card details required.

or, download the itemit app to get started

In this guide:

1. What is a Tool Tracking System?
2. Adding a Tool to the Tool Tracking Software
3. Assigning Tools to Employees
4. Tool Booking — Tool Check-In and Check Out
5. Asset Tagging
6. The Best Tool Tracking System on the Market

Tools and equipment tracking is all the hype nowadays. You might’ve heard a lot about it if you work in construction or any other tool-intensive industry. You might also have heard how it helps you save a lot of time and money. But seldom does anyone talk you through what it really is. 

If you’re making your mind up as to whether to get a tool tracking system, you’d want to get to know more about the basics of it. It’s your lucky day because you’ve come to the right place to know what exactly a tool tracking system is and how it works. 

Why is this the right place? We’ll tell you all about tool tracking and all that you need to do to make it work in a quick 4-minute read. In the end, you’ll be introduced to an industry-leading tool tracking software that you can utilise to upgrade your tool management instantly!

itemit’s tools and equipment tracking software, otherwise known as tools tracking system is a smart and streamlined way to track all your tools, no matter how small or large they are. You can add and track individual tools in their respective asset profiles. You can name them, enter their details and even add images! 

Of course, itemit organises a tool’s data in a very neat and organised manner so you’re never caught up in a mess of jumbled up information. Looking up a particular piece of equipment also becomes a walk in the park with itemit’s tool tracking system. It gives you a clear overview of all the tools you have, where they are, who has them and every other intricate detail that’s worth recording.

What’s more, all of this information is stored in an online database and can be accessed by you at any time with any device with an internet connection. Apart from you, your team members can also access and track tools so that every tool is being tracked in real-time.

It all begins with adding a tool to the system, and it’s as easy as it gets. 

1. Open the itemit app or web portal to add a new tool. 
2. You’ll see a button that says ‘Add’. Click on it.
3. Add the tool’s name and other details you wish to track.
4. This adds the tool to your itemit asset register

Once a tool has been added, it becomes a part of the itemit system. You and your team members can view it by logging into itemit from any device. So, now that you’ve added a tool, what happens next? 

Well, it depends. You could either assign a tool to an employee, start using the booking and check-in/check out feature, or you could leave it be until the tool’s details change in some way, and you have to update it on the tool tracking system.

Every member of your team will have a specific set of tools they work with. So all the tools and equipment that are being used by one individual can be assigned to them via itemit. This allows you to see instantly who is responsible for which tool. 

To assign a tool:

1. Open the asset profile in the app.
2. Click ‘Assign to a User.’
3. Choose an itemit user or a contact from your list of contacts.
4. You have successfully assigned a tool to a team member.

Assigning tools to employees organises your tools better, and promotes responsibility among employees for the tools that are assigned to them. This way, each employee is responsible for tracking and keeping tool details up-to-date in their respective asset profiles.

Tool booking and equipment check-in and check out are two of the most useful features that a tool tracking system has to offer. When a member of the team needs a particular tool in the upcoming days, they can simply book it for selected dates. This ensures that the tools are available when they need them.

The check-in check out functionality allows users to mark equipment as ‘checked out’ when they’re taking it out of the workplace and ‘checked in’ when they bring it back in. This allows managers to keep a vigilant eye on the equipment being moved in and out so that no tools go missing in the process.

On top of the excellent tool management features we’ve talked about above, asset tags can be used along with the tool tracking system for their various benefits. You can tag each of your tools with a unique QR code tag that gives each asset a unique identity and speeds up the tool identification process. 

When you scan a tool’s asset tag with the tool tracking system, it identifies and displays the asset profile immediately. Asset tags are an excellent option for you if you work with multiple tools that look exactly the same and it’s difficult to differentiate between them. When tagged, you can easily tell one identical-looking tool from another.

itemit is by far the best choice for you if you want to set up tool tracking instantly and start reaping its benefits from day one. This tool and equipment tracking software solution is fairly easy to use with a swift and easy-to-use user interface. 

You’re probably new to tool tracking software, and hence, itemit suits you best because it’s so easy to set up and use. Moreover, itemit makes tool tracking smooth with its seamless app and web portal integrations with over 2000 apps. 

Not only that, there’s a wide range of features you can take advantage of. If you opt for itemit, tool tracking is not the only thing you can do. You can also use it as a fixed asset register or for IT asset tracking. 

Start your 14-day free trial by filling in the form below to find out more about how itemit helps you in tool tracking. If you’ve got any special questions, please feel free to contact us at team@itemit.com.

Instant access. No credit card details required.

or, download the itemit app to get started

In this guide:

1. Best Tips for Building an Effective Asset Register
2. Group Assets for Better Organisation
3. Use Logical, Easy-to-read Asset Names
4. Record Essential Details for Every Asset
5. Every Team Member Should Contribute
6. itemit’s Asset Register Software

“You can’t build a great building on a weak foundation. You must have a solid foundation if you’re going to have a strong superstructure.” — Gordon B. Hinckley 

When it comes to asset management, this couldn’t be truer. An enterprise’s asset register forms the foundation of its asset management system. As you’ve read above, to set up a robust asset management system (the building), and to expand it, you need a well-built asset register (the foundation).

There are many ways asset tracking saves you money. But purchasing professional asset register software is not the only requirement here. You also need to know how to build an asset register the right way. In a nutshell, your company must have a proactive approach to using and updating its asset register as frequently as possible. Continue reading this blog post as we elaborate further.

• Group assets for better organisation

• Use logical, easy-to-read asset names

• Record essential details for every asset

• Every team member should contribute

• Update asset register as frequently as possible

Getting asset management software is a huge upgrade from using conventional asset tracking methods like spreadsheets. But even then, there is a level of organisation you must maintain for enhanced asset management. Put simply, the better you organise your asset register, the more time and money you save.

Rather than recording all your assets in one big list, it’s better to create categories and sub-categories. This will not only make your asset register look more professional, but it’ll save you a lot of time when looking up an asset in the register and reduce the chances of the occasional human error.  

How do you group assets? You could group them according to departments, asset types, value, location and a few other criteria. Here’s a brief guide on asset categories and sub-categories.

Group assets according to the asset type

1. Fixed assets
2. IT assets
3. Digital assets
4. Tools and equipment 
5. High-value assets
6. Vehicles

Group assets according to locations

1. Building floors e.g., ground floor assets, floor 1 assets
2. Different branch/site locations

Group assets according to maintenance needs

1. High maintenance assets e.g., printers, vehicles
2. Low maintenance assets e.g., office furniture

Rather than recording assets with random names like ‘Printer Reception Desk’ or ‘Branch Manager telephone,’ you should use established naming conventions to identify all your assets. Naming all your assets in the same format makes finding an individual asset really easy and your asset register will look consistent and professional.

For instance, if you’ve decided to name assets according to their location in the workplace or the employee they’re assigned to, make sure that location or employee name is mentioned in the same way for all assets. 

It’s advised to keep the location or employee name first when recording asset names in the asset register. So it should always be ‘Tom’s iPhone’ or ‘Kate’s keyboard’ in the case of employee-associated asset names. If you’re naming assets according to their location, you’d name assets in this format, ‘Reception Desk Printer’ or ‘Conference Room AC.’

When you’re new to asset tracking software, it’s easy to overdo it by recording even the most inessential details into the asset register since it’s so fun and convenient to use. But with time, you might find yourself getting less enthusiastic and not recording all the essential details for an asset.

The key is to maintain a consistent approach towards tracking asset details where you record only the information you will need, and keep recording it for every asset in the future. This brings us to the question: What to add to your asset register? This includes every detail from the date of purchase, cost of purchase, warranty info to its location and last maintenance date.

One of the greatest features asset register software has to offer is its shareability. Multiple users can access the application through mobile apps or a web portal to read and record asset information. Being able to share asset tracking responsibilities with your team is what makes asset tracking software such a great upgrade from conventional asset tracking. So make sure you’re capitalising on it!

Your employees can identify assets on the register and update their information in real-time. For instance, if some equipment was moved from site A to site B, the employee who took it can record it in the register. Similarly, when an asset needs maintenance, the first employee to discover the need for maintenance could report it to the managers through the asset register. 

This way, every employee can play a proactive role in asset management, which means an always up-to-date asset register and less responsibility on the managers.

itemit’s asset register software is one of a kind, and should be your go-to option if you want to build a great asset register with ease. It’s easy to use and effective at helping you track your assets. 

You can scale itemit and use it to track different types of asset with multiple team members.

To find out more, you can contact the itemit team at team@itemit.com or fill in the form below to start your very own 14-day free trial.

Instant access. No credit card details required.

or, download the itemit app to get started

In this guide:

1. Asset Tracking Software Lets You Focus On What Matters
2. Asset Tracking Software will Enhance Your Productivity
3. Asset Tracking Software Opens Up Business Growth Opportunities
4. Which Asset Tracking Software Do You Need?

You might be an entrepreneur or a manager, and your responsibility is to keep business operations running smoothly. Assigning roles, signing paychecks, maintaining workplace morale and productivity and discipline are only a few of the many things you must take care of. 

As it happens, keeping track of business assets and ensuring they are secured and well-maintained also falls into your domain. If you have thousands, hundreds or even a few dozen important assets to track, things can get out of hand easily if you’re not using asset tracking software. 

If you have ever felt overwhelmed by the sheer number of assets you need to track and are responsible for, that is a compelling enough reason to get asset tracking software right away!

Here’s the deal. Successful asset management takes time, energy and dedication. You simply cannot run it along like any other minor work chore you carry out day-to-day. 

There’s no way you could track all your assets properly if you don’t allocate a considerable part of your workday to recording asset details in spreadsheets or other documents. Let’s face it. Even though asset tracking is a very important aspect of business management, you can’t pour all your time into it. 

If you’re an entrepreneur, or if you hold any other supervisory position, there’s a specific set of skills you possess that make you the perfect fit for what you do. For instance, if you run a construction company you might be a talented architect or seasoned builder. You cannot let an hour of your day go to waste just trying to keep track of your equipment every day; you’ve bigger fish to fry. 

So if you want to channel your time and energy to your actual job, you’d have to share the asset management responsibility and take the load off your shoulders. You could either hire a new employee and pay them in full for asset management solely, or you could get an instant solution with asset tracking software, which is much cheaper and much more efficient. Continue reading if you’re still not convinced.

Asset tracking software lets you have a clear overview of all your assets instantly. You can look up a piece of equipment, find out its location, who has it and its maintenance details in a matter of seconds. There’s a lot of possibilities with asset tracking which ultimately save you and your employees precious time. 

Try to tot up the amount of time you spend each day trying to find items you need in the workplace. Add up the delays you have to face when an asset goes out of order because maintenance was not scheduled or any other asset-related inconveniences. This time could be multiplied by the number of employees you have since everyone works with the same business assets as you. 

You might end up with a pretty large number of hours gone to waste every day, every week and every month. You could utilise this time and make yourself and your employees more productive, and save money with asset tracking software.

A business experiences the highest growth rate when it’s young. This is primarily because a new business is not strangled by the knots of complex business management. As an enterprise grows, the number of employees, assets, and liabilities grows too. 

It’s not long before entrepreneurs find themselves surrounded by a plethora of administrative tasks such as employee management, asset management, audits and much more, not to mention their primary job which is to make sure their business delivers profitable products or services. They find themselves unable to focus on this primary goal, and that is where business growth stops. 

While there are different solutions to the different administrative tasks, asset tracking software is the only answer to your asset management woes. As soon as you employ asset tracking software in your daily operations, it’ll start bearing results from the very first day. And soon enough, you’ll notice a lot of free time opening up for you to focus on the essentials. 

Not only that, asset management software allows you to discover new horizons of productivity and growth at a whole new level. When each of your employees is saving hours of time every week and devoting more time to the real work, the positive impact is much more amplified.

itemit is the best asset tracking software you could find on the market right now. This is because it’s the only software that can help you achieve all that we have talked about above. 

itemit is used by firms worldwide to track a huge range of assets. itemit’s friendly customer support is always at your service and setting up this off-the-shelf solution is simple enough thanks to its many streamlined features and capabilities.

To find out more about how the itemit asset tracking software can help save your business 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.

Instant access. No credit card details required.

or, download the itemit app to get started