How To Choose the Right Asset Monitoring Solution

Published on November 20, 2019 • 3 min read

If you're looking for an asset monitoring solution, there's a lot you need to take into account. Price, functionality, and ease of use are all critical factors.

First things first, your new asset monitoring solution needs to be an improvement on what you're already using to track and manage your assets. 

Therefore, if you're currently using a spreadsheet, you'll want an asset monitoring solution that isn't a rudimentary improvement. There's a risk that the return on investment you get from a minimal increase in accountability won't be as cost-effective as a better, and sometimes more expensive, asset monitoring solution.`

So, what should you be looking for when you're choosing an asset monitoring solution?

Return on Investment

The most important thing to look for is whether or not you're getting your money's worth with your new asset monitoring solution.

There is more to it than simply losing fewer assets, however. For example, if you can track an asset's lifecycle more closely, you can optimise its effectiveness and therefore earn more from it.

Here are some areas to look for a return on investment:

• Time — The more time you save by knowing where assets are or knowing the most effective way to retrieve them, the more active your business can be.
• CRM — The more efficiently your company can run, the better your customer relationship management can be. This will drive an increase in leads.
• Losses — The fewer losses you experience, the more money you keep.
• Duplicates — The fewer duplicates you buy, the more money you can save.
• Asset Downtime — Monitoring your assets effectively can minimise asset downtime which, in turn, will increase your profit margin.
• Tax reliefs — Less accountability regarding assets means you might miss out on tax reliefs if there are ghost and zombie assets in your company or fixed asset register.

Capabilities

The capabilities of an asset monitoring solution are, of course, fundamental.

If all you have is a static fixed asset register without much of an ability to update or edit it, you might as well be using a spreadsheet.

If an asset monitoring solution allows you to track your assets using asset tags, such as QR codes or RFID tags, you'll be able to update your fixed asset register in real-time. This will also minimise the risk of human error.

Greater location tracking, issue management, the ability to book assets and check them in and out, and an effective way to track an asset's lifecycle and relevant financial and compliance information can also increase accountability.

If you think about it, there's a limit to the amount of information you can add to a single asset if you're using a spreadsheet. This is just because of the limitations a spreadsheet has.

With an effective asset monitoring solution, however, you'll be able to add any and all information you need to each and every one of your assets. Now, you can instantly see who is using an asset, warranty information, and even the data it contains to ensure GDPR compliance.

Team Options

Now, what if your entire team could use these capabilities? Instead of one person monitoring an entire asset register, including any small change in status or location, what if all your colleagues just needed to scan a QR code with their smartphone? What if that updated the asset's user and location?

Not only would you cut the amount of administration time right down, allowing more flexibility with CRM and customer support, you'd also increase accountability immensely.

With itemit, you can do all of these things and more. You can share and export an entire fixed asset register or just the relevant parts of one. All of your employees will be able to update the status of an asset as they're using it without wasting a moment.

Improve your effectiveness with itemit, the ultimate asset monitoring solution. To find out more, you can contact us or fill in the form below to start a free trial.