Published on January 28, 2022 •
5 min read
Asset tracking is undoubtedly one of the most important business functions that you'll carry out on a day-to-day basis.
Whether you simply want to increase accountability, reduce losses or boost productivity, itemit’s asset tracking software is a one-stop solution that'll make all your worries disappear!
Read on to learn more about how asset tracking software can help you achieve your particular business goals.
The Importance of Asset Tracking to Your Business
Let’s start off by discussing why asset tracking is so important. The assets that a business owns encompasses all the possessions that do or will help it produce a good or deliver a service.
These could be anything ranging from buildings, land and furniture to IT equipment, software and small office fixtures.
While it goes without saying that a business should keep track and manage all of its assets, it is equally important to understand why doing so is beneficial for the business. Listed below are some of the major reasons why asset tracking is considered to be a fundamental business process.
Easily Available Asset Data
Routine business functions may involve checking in/checking out different items. At times like these, asset tracking comes in handy. Be it for locating your assets or updating the amount present in your inventory, your assets data is indispensable in many similar situations.
That’s not all. By knowing where your assets are, and who has them, you can rest assured that all your assets are accounted for. With the ease of accessibility of your assets data, your business’s productivity improves accordingly.
Improved Customer Service
Confused about how asset tracking can improve customer service?
Let us explain with the help of an example. Imagine your business does not track assets. As a result, your stock will be out of high-in-demand items quite often. By employing asset tracking to better analyse customer buying patterns, you can ensure that popular products are never out of supply. Consequently, your customer’s satisfaction will improve, leading to more loyal customers and giving you an edge over your competitors in the market.
Reduced Losses, Increased Profits
Arguably the greatest advantage of asset tracking is that you manage to cut back on expenditure. Whether it be preventing duplicate purchases, improved resource utilisation, or timely asset maintenance, asset tracking goes a long way in helping you reduce time and capital investment.
An apt example of asset tracking assisting you in reducing losses could be related to duplicate purchases. For instance, asset tracking allows you to keep track of all acquired assets and reduce the likelihood of purchasing excess/duplicate assets, which would then inevitably go to waste.
The Best Way to Track Your Assets: Using An Asset Tracking Software
Many businesses register their assets in extensive lists and spreadsheets but now there is a much more efficient and secure alternative: asset registers. Asset registers are easy to create with asset tracking software.
These asset registers are highly effective at preventing asset losses and duplicate purchases because your data is visible, usable, and always editable.
Rather than sifting through hundreds of cells in a spreadsheet, asset tracking software allows you to edit and manage asset data, all contained within a single, unique asset profile.
Asset tracking software allows businesses to have a clear overview of their asset data efficiently and concisely. Adopting this new technology can give your business the necessary push to revolutionise the way asset management is carried out, undoubtedly making your business more efficient. The merits of using asset tracking software are innumerable. Some include:
Asset Tags
Asset tags are physical tags attached to an asset. They contain a unique code, linking a physical entity to its online counterpart. Rather than looking up an asset, you can simply scan the unique code to access the asset’s stored data. This aids your business by saving time, increasing automation, and therefore improving productivity.
Moreover, every time an asset's tag is scanned, that asset’s last seen location and the user who scanned the tag is updated automatically. With a clear and concise audit trail of who has been interacting with your assets, tracking your assets becomes a doddle.
Updating Asset Records
The ease of use that comes bundled with asset registers allows you to access your assets data in a much more streamlined way. Asset tracking software allows you to add and remove many different types of information related to fixed asset management, such as the assignee and the depreciation.
On top of that, asset tracking software systems are shareable amongst your team. What this means is that you and your entire team can use the asset tracking software simultaneously for different individual purposes. While one team uses the asset tracking software to carry out IT asset tracking another team can monitor and create asset maintenance schedules.
Reduced Costs
Though it may be difficult to translate into costs, asset tracking software can save your hours upon hours of manual labour. The work done in say, an hour manually, can be completed in mere minutes using asset tracking software. This accumulates: over the course of a fiscal year, it may save you hundreds of pounds in salaries alone!
Saved Time
Similarly, the time freed up by using asset tracking software can also be put to use. For example, say that you're working in the construction industry, dealing with construction equipment asset management.
For the sake of understanding, let us assume that all of your projects are of the same length. If asset tracking software saves you 10% of the time taken to complete a single project, after 10 projects you could take on an entirely new project by simply using the time saved!
The Best Asset Tracking Software For You
Naturally, the best asset tracking software depends on your specific needs and requirements. Therefore, a good asset tracking software must be both streamlined and versatile, capable of adapting to any requirements of your business.
Whether your business deals with construction or baking, a good asset tracking software lives up to expectations, delivering optimal performance in any scenario.
It is equally important to note that the core features of an asset tracking software must always be present. These include an asset tracking software's ability to track your assets, store their data and present data in a coherent form. Such elements help cement an asset tracking software as a worthy contender amongst competitors.
The market is full of many different asset tracking software. However, compared to its competitors, itemit comes integrated with a powerful toolset from the get-go.
Simple, Yet Powerful
itemit gives you a range of features, including the ability to track asset locations, recognise images via AI and log assignees.
These features contribute to your asset’s data, and whenever an update is made against an asset’s profile, the asset's data is updated automatically.
This increased automation makes your daily asset tracking tasks a cinch-and with more time on your hands, your business's productivity is bound to increase.
Displaying Your Data, Your Way
All the data that you track and log against your assets is stored within itemit. A nifty feature of itemit is that it allows you to display your assets data in any shape or form. Be it a report, or an export, you hold the reins to decide what is shown, and how it's shown.
itemit's Superiority Over Competitors
Compared to competitors such as Cheqroom, AssetPanda and Assetware, itemit’s tracking software holds a distinct advantage. From transparency over data to access on the go via mobile app, itemit has it all. itemit provides you with everything that you'll need to implement fixed asset management and its various operations.
That's not all. With itemit, you also benefit from its shareability. Essentially, what this means is that you and your colleagues can utilise itemit's robust suite of asset tracking features, creating asset tracking processes that are self-sufficient.
How Can You Make Use Of Asset Tracking In Your Business?
Businesses come in all shapes and sizes, each with its own market-specific requirements. No matter what niche your business may cater to, it can utilise asset tracking to its advantage. Examples of where you can employ asset tracking vary from bakery asset tracking to high-value collection audits. In any such scenario, you can use asset tracking software for numerous benefits.
Construction Asset Tracking
If you’re a business owner in the construction industry, you’d agree that well-maintained assets generally have a longer lifespan. Well, this applies not only to construction but to any other business as well. To keep your assets well-maintained, itemit provides you with the functionality of updating you via pop-up reminders- this way you’ll never miss an asset's maintenance date again!
In addition, by scanning tools and equipment with asset tags, you can see the location and assignee of your assets. Construction generally involves a lot of transportation. Asset transportation is also very common. This often leads to assets misplacement. You can avoid such sticky situations with the help of itemit’s asset register, which tracks the location and the last custodian of the asset.
Tracking assets must always be as simple as possible otherwise you’ll face difficulties communicating asset information with your employees. You’re in luck, however, for using itemit is child's play. By sharing key asset records with collaborators, you can easily improve efficiency. This way, not only will you be comfortably within your proposed project budget, but also right on top of your project schedule.
IT Asset Tracking Management
Owing to the nature of IT companies, asset tracking software may well be a dark horse in improving your business productivity and accountability.
IT companies generally lend out laptops and smartphones to their employees. Naturally, it is a no-brainer that all these devices need to be tracked carefully because losing even a single IT asset can be very heavy on your pocket. Manually tracking each asset can be quite a chore. However, itemit’s asset tracking software can help you out by allowing you to track each laptop’s assignee, address, value, and other details.
Using itemit’s asset management software solution, you can make sure that your assets are well maintained. By increasing the lifespan and reducing the downtime of your IT assets, you can rest assured that your business will see productivity rise tremendously.
Church Asset Tracking
Though it may seem unlikely, itemit’s asset tracking software can prove to be useful even in churches. itemit’s asset tracking software can help you keep track of any of your church’s asset’s inspection dates. Additionally, you and your entire team can access any information directly from itemit's asset register.
Moreover, by using asset tags, every time you scan one of your church’s asset’s tags, the location, date, as well as who scanned the asset, are all updated instantaneously.
If that wasn’t enough to convince you, itemit’s asset management software also allows you to share and contribute up-to-date assets data in real-time. This way everyone can work in full coordination by always being on the same page.
Choose To Simplify Business: Go For itemit
The benefits of using itemit are countless. Improved productivity, increased efficiency, reduced losses-you name it: itemit has it all.
Not only does it come with a suite of unique features, but itemit also stands out from competitors with its impressive scalability.
Using itemit, you and your colleagues can take advantage of itemit's asset tracking features, creating custom asset tracking processes that suit your business.
To find out more about itemit’s asset tracking software, you can book a demo here. To find out more details, you can also contact our team at team@itemit.com.
