Equipment management allows you to keep an eye on what you own, where it is, how it is being used and by. This is critical information when you’re working in a business as you can mitigate many risks including:
- Asset losses
- Duplicate purchases
- Asset misuse
- A lack of accountability
This immediately starts saving you money, as things that would otherwise be written off your records can now be accounted for, giving you more accuracy and control.
How Does Asset Tracking Software Work?
Asset tracking software is a system where you can log your business’ critical tools and equipment. Therefore, each bit of equipment that you own will have its own unique profile that you can add data and tracking information against.
So, if you need to track the depreciation of a certain asset, you can add this information and your asset tracking software will make the calculations for you. Or, if you need to track where your assets are, you will be able to do this too with a range of different location tracking capabilities.
The most helpful thing about asset tracking software is that you get an app and a web interface. This means that you can manage your equipment onsite with your smartphone and run reports on the data you have collected later.
Using Asset Tags For Equipment Management
Asset tags can save you a lot of time, too. As a lot of your tracking will be onsite with a smartphone app, having a handy, physical tag can help you speed things along further.
Equipment asset tags work as they contain unique codes, so you will be able to link the codes with an asset’s digital profile by sticking it to your asset and scanning it.
Every time you scan your equipment’s tags, the relevant profile will open ready for edits and the last seen location and the user who scanned the tag will both be logged automatically.
This means that if you need to report issues against your equipment, all you need to do is scan an asset’s tag and hit “report issue”. The main benefits of asset tags are that they speed up auditing and bulk actions while also giving you more accuracy as you can interact directly with an asset.
How Equipment Management Saves You Time And Money
Efficiencies, automation, and speed improvements will always save you money as they give you and your employees more time to fulfil other critical duties.
However, with equipment management, your ROI extends further. This is as you get more accuracy, transparency, visibility and control over all of your tools and equipment.
With an accurate fixed asset register and other records, you avoid the risk of ghost and zombie assets which can cause fines or inaccurate tax breaks. Then, with more accurate auditing, you have more visibility over which assets are where and who has access to them, helping you prevent issues before they occur.
To find out more about how itemit’s equipment management and asset management software can help your business, you can contact the team at team@itemit.com. You can also fill in the form below to start your very own 14-day free trial.
Equipment Management
Choose a better way to track your assets
Start your free 14-day trial now
Instant access. No credit card details required.
or, download the itemit app to get started
Related articles
Perpetual Inventory System Explained
Effective company operations depend mostly on good inventory control. Without a suitable system to tack assets, businesses run expensive risks, including overstocking, understocking, or differences between actual stock and recorded levels. The perpetual inventory system is among the most strong and dynamic ways modern inventory management can be done. Unlike conventional approaches, it offers real-time updates on stock levels, guaranteeing a continuous flow of accurate inventory data. This...
How to Implement Real-Time Asset Tracking Solutions: Guide with Professional Tips
Tracking assets in today's fast-paced corporate world is not just about convenience; it's essential for maintaining efficiency and reducing costs. Tracking assets in real time helps you make better, data-driven decisions whether you are handling tools, inventories, or other vital resources. Often based on manual procedures or periodic updates, traditional asset management techniques simply cannot meet the demands of contemporary companies. From basic ideas to the application of cutting-edge...
Strategies for Managing Obsolete Inventory
Let's go over the management of inventory, as, in every company, it is one of those behind-the-scenes heroes. When addressing the smooth running of a company, inventory management usually comes first as the pillar of maintaining control over everything. This is an approach that guarantees you have just the correct quantity of stock on hand to satisfy consumer demand without stuffing your storage capacity with surplus items. Whether your organization is a big factory or a tiny retail store,...