Asset management tools can help save your business time and money. Without asset management tools, you run the increased risk of losing assets and will notice a lack of transparency and control over your tools and equipment.
When it comes to tools and equipment tracking, there are many features available to you. Asset tracking features will help you maintain control and visibility when it comes to maintenance, asset movement, and asset responsibility.
For example, you’ll be able to use check in check out software functionality to view who your assets are with, whether this is an individual, a company, or if you want to check them out to a job.
Which Businesses Can Asset Management Tools Help?
Asset management tools will help a wide variety of businesses. Asset tracking software is built to assist with the management of a range of assets, including fixed assets, inventory, and IT assets.
The way asset management helps is by giving you increased accountability and transparency over your assets. This helps mitigate problems that face businesses today, such as asset lost, ghost assets, zombie assets. It also gives you more data to make decisions based on, such as how much maintenance an individual asset has required, as well as current costs after fixed asset depreciation.
How Does Asset Tracking Work?
Asset tracking works by allowing you to log individual assets onto an online system. Each of your assets will have a digital double, meaning you’ll be able to add data to your assets online. This data can be anything, from user information to financial data, and you can also add attachments such as warranties and receipts.
Then, you’ll link these digital doubles with your physical assets using asset tags. Whenever you scan an asset’s tag, the digital double will open in your asset management app, ready for any edits and updates.
In practice, if you notice an asset is damaged, all it takes is the scan of the asset’s tag, the logging of the issue, and your maintenance team will be notified which asset is damaged and where it is.
Every scan also updates the asset’s last seen location, so you get a neat history related to your assets. Therefore, you’ll be able to see where all of your assets have been and who has been interacting with them.
How Do Asset Management Tools Help?
Asset management tools help by giving you specific and complete data about your assets. All of this data is fast to view and edit when you implement your asset tracking procedures by:
- Logging your assets
- Adding relevant information
- Tagging your assets
Then, all of this data is exportable and visible in a customisable reporting tool. This can be exported as a fixed asset register, or broken down to view specific information, such as which assets require maintenance.
With reports, you’ll be able to keep your finances up to date and make sure your assets are insured and accounted for properly.
To find out more about how to use itemit’s asset management tools, you can book a demo using the button below.
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