Why Asset Tracking Software is Essential For Saving Your Business Time and Money

It’s easy to see why a small business might shy away from investing in asset tracking software. Every penny is accounted for and investing in physical assets, that hold a value and have a clear application, is a more straightforward decision. What about managing those assets? Well, for a small business with minimal assets, then a software solution can seem like overkill. An ongoing and unnecessary cost. Afterall, it should be possible to keep on top of things well enough using a spreadsheet or paper records.

That may be true in the short term. But if you have plans to grow, this manual approach to asset tracking can quickly become a false economy. If you are a business that needs to operate in multiple locations, then not using asset tracking software from day one may well end up creating a lot of aggravation and, more importantly, costs.

Through a combination of different tagging systems and other tracking methods, it is possible to have a largely automated system for knowing everything you need to know about your organisation’s valuable assets. Where they are, who has them, their status and any associated essential info.

At the core of this essential business practice is asset tracking software. It’s the glue that holds everything together, and makes it possible to reap the rewards that true asset tracking offers.

When using technology to power your asset tracking efforts, the information updates a central database without a manual input. This massively reduces the admin effort involved updating spreadsheets and paper records.

There are several easy to implement, straightforward ways of achieving this through asset tracking. Perhaps the most common way is to add dates to the data associated with an item so that you get notification when the item is due an upgrade. Simple. However, this is not always enough. It is possible to collect information on an item’s performance, and set triggers that give you insight into whether it is still reliable.

Of course.

This is best achieved through a sensible maintenance schedule. In this way, the relevant people can be notified when an item needs to be serviced, thus ensuring you get the most bang for your buck.

Also, by making staff accountable for the equipment they are using makes unnecessary repairs less likely.

There is another possibility here. Say you are using a certain supplier for your PDA (Personal Digital Assistant) devices and the supplier advertises a lifespan for the product. Through asset tracking it will be possible to identify whether the performance of the product is up to scratch and give you the insight you need to negotiate a price reduction or change suppliers with confidence. 

Using asset tracking software you can respond quickly to issues as they arise. Easily access insurance or warranty information as well as useful contact details. Furthermore, you can spot patterns in breakdowns which can help you tackle staffing and supplier issues.

Asset tracking is a clear example of this phenomenon. As a business grows, so does the quantity of assets you are relying on. So, manual tracking activities that seemed effective in the past may no longer be up to the job!

First things first, just having proper asset tracking in place is a surprisingly effective deterrent for thieves. But, if the worst does happen, it should be possible to launch an investigation that will yield results.

You can even take things one step further and set up geofences which means you will be notified when an asset is taken somewhere it shouldn’t be!

Even then, this method is outdated. From a programming point of view, there are much more secure, fast and stable methods of tracking assets. From a user interface point of view, asset tracking software is designed to suit the task at hand. Rows and columns can only go so far and the cracks will start to show as your network of assets becomes more complex.

With classic RFID tags, handheld scanners are a means of interacting with assets and updating your asset register. Scanning codes with handheld scanners makes it possible to report on the status and location of assets without having to rely on memory or data entry.

In warehouses, fixed RFID tags are often indispensable. By creating fixed points that can identify RFID tags as they cross the invisible barrier, you can see at a glance where on your site assets are, what they are being used for and who is responsible for it. This might sound like major investment territory, but it’s actually a relatively minor cost to get set up with a simple system. You can always scale up after fixed RFID tracking has proved its worth!

GPS tracking is all about location. Combining GPS with other tracking methods (like QR tags), allows for comprehensive reporting and, therefore, greater insight and control. 

Sounds great, but how much is this going to cost? Well, itemit have years of experience and an impressive amount of successful implementations. We look at your operation and your goals and come up with an approach that is streamlined, cost-effective and, importantly, measurable.

Every organisation has its own way of doing things. That means you need asset management software that fits the way you work, and not force you to make radical changes to your operation. 

If you are using spreadsheets to keep on top of your assets, then you could see considerable gains through working with us!

Book a demo today to see all itemit’s features in action. To find out more details, you can always contact our team at team@itemit.com. 

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