What You Need To Know About Ghost Assets

Every single business on the planet has assets. Some businesses may have thousands of assets, some may only have a few. Regardless of how many assets they have, ghost assets may be an issue. Assets such as these can cause a business to undervalue themselves. Additionally, they can also cause workflow issues resulting in deadlines not being met. A realistic way to tackle the issue of ghost assets is by using asset tagging software. Software such as this can identify and potentially rid your business of this type of asset.

When you have ghost assets your business could be underperforming. Ghost assets are any type of asset that could be lost or stolen. Additionally, they could be assets that are awaiting repair or awaiting replacement without your knowledge. In other words, these are printers, photocopiers, tools, machines, trucks, equipment, and so on that are still thought to be in working order. Unfortunately, as soon as they become lost, stolen or damaged, they can cause financial issues. 

There’s a real possibility that a customer’s order may not be completed on time. There’s a chance that deliveries may not be made when expected. Production may slow down and your business may not meet its financial goals. Whatever the case may be, ghost assets can pose a real issue. This is why locating and dealing with ghost assets by using tagging software is a priority. The really good news is that this type of software can realistically help you.

Asset tagging software can help in a variety of ways. Firstly, it can help you to have a clear record of all of your assets. As long as you have added every single tool, machine, vehicle, etc. to the software you’re good to go. 

Software such as this can help you to locate your tools but also see which assets aren’t being used. When you’re entering every asset into the system, you have a good idea as to which tools work. When you find a tool, a machine, or a vehicle, for example, that does not work, you can take action. You could, for example, send it to maintenance to be repaired. Alternatively, you could simply note that the machine needs to be discarded or replaced. 

Once you have added everything to the system by creating digital profiles for each asset, most of the work is done. You could have a full and complete record of everything your business owns. A result of this means that you now have a much clearer picture. You could see exactly how many tools you have, and even where they are located. Asset tagging software can also ensure that you’re a lot less likely to have ghost assets again. This is simply because the software could help you to send those damaged tools to maintenance for repairs. Should a machine be completely broken you could tell the relevant people via the software. All of this could help to prevent future issues.

So how can you say “Goodbye” to ghost assets? It’s fairly easy. Simply use asset tagging software to track your machinery, vehicles, equipment, facilities, tools, and anything else. Here’s how to go about it:

• Create an asset register for everything that your business owns
• Make sure that you add an RFID tag or a barcode to the asset so its location can be tracked
• Start adding details to each asset’s digital profile such as its make and model, insurance and warranty information, and anything else that’s relevant
• Consider uploading a PDF instruction manual if there is one
• Set up a maintenance schedule to help prevent assets from being in a poor state of repair
• Track the location of your tools and anything else you use every day. Doing so can help to prevent tools, etc. from being stolen or lost. 
• Give your trusted team members access to the tagging software so they too can track everything. 

As soon as you have done all of the above you are good to go. You could start using the software immediately. If you do, you may be able to see the maintenance status of all of your assets. You could see where they are and which team member is using them. Depending upon the tagging software you choose, you may also be able to export reports based on data. The reports can give you a much clearer idea about how well your business is running. It could also help you to see if there are any maintenance issues, allowing you to resolve the issues immediately. 

Wish to chat with an expert about using asset tagging software to help you eliminate ghost assets? Contact us now at team@itemit.com.

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