How And Why You Need To Eliminate Ghost Assets

How And Why You Need To Eliminate Ghost Assets

When you want to have full control of your assets you need to make sure that you account for all of them. if you do by chance miss even just a few of your assets then your books, as such, will not be correct. In the same respect, if an asset or two appears in your list, but it cannot be located Your books will not be correct.

Ghost assets are those that are for whatever reason mentioned in an asset register But no one can find them. It could be because they have been lost or stolen. Alternatively, it could be because they are still awaiting repairs. Whatever the case may be, ghost assets need to be eliminated so that all is in order. This is where the use of equipment tracking tags can prove to be very useful. Tags such as these ensure that you always know where all of your assets are. 

 

Before we delve any further into a potential solution we need to look at why ghost assets exist in the first place.

Why Ghost Assets Exist

As we have already seen, ghost assets may exist because tools, IT equipment, vehicles, etc are awaiting repair, or have been lost or stolen. Assets such as things often get forgotten about or pushed to one side. As a result, they may fail to be removed from an asset register.

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Why Ghost Assets Are A Problem

Ghost assets are a problem because when they are accounted for the true value of the business is not correct. Not only this but there is also the chance that projections and forecasts could be made due to incorrect figures. A direct result of this could mean that businesses spend more money than they have.  It could also result in Businesses expanding too soon and all the associated issues that come with this.

The issue of assets could be remedied by using equipment tracking tags along with tracking software. This is something we are going to explore in the next section.

Why Equipment Tracking Can Help

One of the very best ways to tackle ghost assets is by using equipment tracking tags alongside tracking software. Tags and tracking software can provide information as to where your assets are and how they’re used. 

When you first use the software you will need to add a tag to the assets you want to track. Start by going from room to room so you know what you’ve added. This way, you’re unlikely to miss anything.

Don’t leave anything out when you’re adding things to your asset register. The more you add the more accurate your register will be.

How To Eliminate Ghost Assets

The easiest way for you to eliminate ghost assets is to check that everything is added to your asset register. As previously mentioned, you could go from room to room ensuring that you tag and add every asset. When you work in such a way you are unlikely to miss anything. However, it’s important that you always add new purchases as soon as possible. The sooner you do, the less likely you are to forget. Simply add those equipment tracking tags and scan them to open up a profile. Add relevant information to the profile and save what you have added, then, you’ll be good to go.

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How To Make The Most Of Equipment Tracking

You can make the most of equipment tracking by using the data created to your advantage. As long as the software you use allows you to export and print the data you’re onto a winner. You can see when and where your assets are used and how often someone uses them. You may even be able to see whether you have enough assets in specific departments.

Top Tip: Use A Maintenance Schedule

Here’s a top tip for you that you may appreciate. It’s likely that you may appreciate it because it makes using equipment tracking tags and tracking software even more advantageous. When you set up your profiles for each asset make sure you also set up a maintenance schedule

Every asset that you use is likely to become damaged or break down over time. However, if you take good care of them they may last quite a bit longer. Using a maintenance schedule for every asset is easy. All you have to do is ensure that you set up such a schedule that is relevant to the asset in question. Some assets may, for example, need to be examined every year. Other assets may require more frequent examination. Whatever the case may be, setting up a schedule can help. In addition to this, it can also help you to eliminate the creation of even more ghost assets. 

 

Would you like to speak with an expert about using equipment tracking tags to help you eliminate ghost assets? Contact us today at team@itemit.com.

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