How Does Asset Tracking Software Help Your Business?

Within any workplace management, asset tracking plays a vital role. If you don’t know what assets you own, you won’t know the cost implications to the business, where those assets are, who is using them, and whether or not they are fully functioning. 

Subsequently, if a business does not efficiently keep track of all its assets, this can lead to loss, damages, theft, and insufficient asset maintenance. None of these are beneficial but only impact the daily operations of a business. So what’s the solution?

Traditionally businesses attempt to manage and maintain their assets with the use of spreadsheets, but just how reliable are they? They offer too much risk for human error, and a lack of share-ability and portability making them not easily accessible from any time or location.

Asset tracking software enables the ability to keep a centralised account of all of your business’s assets, and include asset profiles, maintenance history, cost/depreciation, location, check-in and out history and so much more. The software provides great effort to automate what would formerly be manual processes, whilst also minimising room for human error. It’s a smarter, more proactive way to manage assets. 

itemit can offer a powerful yet simple asset tracking software with exceptional features to help eliminate asset-related problems from your workplace. So this returns us back to our first question, just how does asset tracking software help your business? Let’s take a look at 5 of the most beneficial ways it can help.

When you have an accurate record of your assets, it can save you money instantly. The cost implications from not knowing what assets you have, to where they are and whether they are fully functional can be extensive. 

Knowing what assets you have will enable greater purchasing decisions, and avoid duplications at an unnecessary expense. Asset tracking will also open up greater visibility to your assets. Visibility allows you to identify which assets you no longer use and therefore aren’t bringing money into the business as they are depreciating in value. Therefore, giving you the chance to recoup some value of the asset back. Additionally, it can also draw attention to assets that are not being utilised to their fullest extent that are therefore not cost-effective.

The visibility asset tracking can give, can go even further by helping to avoid the ability for assets to become lost or stolen. By tracking your assets, you can see which colleague last had it and where it was last located. This means the asset is easier to track down and will also mean money is saved due to the unlikely chance of having to replace it. This will also cut down on the time you are paying employees just to locate your assets.

It’s a given that assets will require maintenance throughout their lifespan, which can very easily be missed or forgotten. Asset maintenance is incredibly important in ensuring assets can reach their maximum lifespan for both practical and financial purposes. Many businesses are not equipped with asset tracking software which often means maintenance does not take place on time. If you were to get ahead of maintenance, it could improve the reliability and uptime of an asset, which would also take us back to saving money, by reducing maintenance costs. 

But how does asset tracking software help to manage maintenance? It allows you to input details for asset profiles including warranties, serial numbers, lifespan, and more. Which can be used whilst recording when routine maintenance needs to take place. It also offers the option to check out assets in advance for when maintenance is due, which is a great tool for highlighting to employees when an asset will be unavailable and for how long.

Auditing plays an important part in the running of any business. But ensuring an audit is accurate and doesn’t take longer than necessary can be a hard task for anyone. Often businesses rely on files, spreadsheets, and reports to aid in auditing which once more can be impacted by human error, insufficient data and out of date information.

Asset tracking makes the process of auditing easier and ensures greater accuracy which assists in minimising discrepancies from taxes and reducing maintenance charges, to ensuring your assets are in the right place. itemit allows you to utilise all of your asset information to produce reports or exports ready for audit. It’s as simple as that! 

Ensuring efficiency is often a key objective for businesses. Any asset purchased will need to be a worthwhile investment. Asset tracking can help to make sure you’re getting the most out of your assets. It enables you to understand when assets are used and just how often. With this information, you can enhance your scheduling for the asset’s usage and organise who uses them and when to eliminate the need for employees to wait for an asset to become available. This will also improve employee productivity. The booking feature of itemit is particularly useful in this instance. 

 Improper functioning of assets can also lead to productivity loss and a rise in downtime, overall contributing to lack of efficiency. This can easily be avoided with asset tracking software, giving the ability to efficiently manage an asset’s lifecycle and maintenance requirements. 

Time is money as the saying goes. So tracking down assets and trying to locate them can take up too much of an employee’s time. This can impact the operations of the business and delay the timings of daily tasks. By utilising asset tracking software, assets can be tracked to a location, and even to a real-time location using itemit GPS trackers! Not only this, but itemit is accessible from a simple tap on the app providing portability and shareability. Now, wherever your employees are they can track down an asset in seconds.

itemit’s asset tracking software can do all of the above for your business and so much more. Once you implement asset tracking software into your business you’ll never look back. 

itemit is a user friendly, cloud-based asset tracking solution. Get your business set up today with our friendly team ready to help turn your business’ asset problems around. Dive into using all of itemit’s features from bookings, GPS tracking, check-in and out, to image recognition and tonnes more! 

Book a demo now to learn just how itemit can help your business track its assets. For any queries you may have please contact us at team@itemit.com. Alternatively, you can trial itemit’s sophisticated features yourself, start your 14-day free trial by filling out the form below.

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