Why Your Business Needs Asset Tracking Software
Why Your Business Needs Asset Tracking Software
Asset tracking lies at the core of business management. Whether you run a small company or a large one, only an entrepreneur knows the great number of responsibilities that come with entrepreneurship. You are involved in every part of your business, ranging from corporate decision-making, brand marketing to fixing the nuts and bolts required to run the company.
When it comes to the most essential part of running a business, it’s undoubtedly the finances. More specifically, it’s asset management that can make a huge difference.
Proper asset tracking can help a business make more money with the assets it has on hand. But if not managed appropriately, your very own assets can make your business much less productive and lose money.
How Can Asset Tracking Software Help?
To put it simply, asset tracking software is designed to help your business flourish. It helps you get the maximum out of an asset so you gain the greatest profit with the lowest costs involved.
Asset tracking involves keeping track of a business’ physical assets, or simply, items owned by your business. It also comprises real-time information on the actual location and status of a particular asset. itemit uses either QR code tags, which are our low-cost solution, or RFID tags that are attached to each asset. When scanned, these labels enable the asset tracking software to record the real-time location and status of all your assets .
But the labels are not the focus here. The asset tracking function is primarily performed by the asset tracking software. It tracks the location, usage, and status of all assets with a tracking label on it. Tangible information and physical status related to an asset are recorded to give you valuable quantitative insight on asset utilisation.
The software streamlines your business’s asset management and makes all the information available on an optimized user interface that can be used by the entire staff. So say goodbye to lengthy spreadsheets.
Benefits of Using Asset Tracking Software
When it comes to the benefits of using asset tracking software, it wouldn’t be wrong to say that they are limitless! While we list some of the most significant advantages below, you can only realise the true potential of asset management software for your business once you try it for yourself.
1. Effective Monitoring
The streamlined and effortless monitoring of all business assets seems to be the most evident advantage of using itemit’s asset tracking system. However, there is much more to it.
- You will no longer have to deal with extensive spreadsheets that limit collaboration and effective asset management for you and your team. The software automates record-keeping of assets moving within the company, between departments, and employees.
- With each asset having its unique tag, it is much easier to locate, see maintenance records and view the real-time status of each asset. This means even similar assets like two identical computer monitors can be separately and effectively tracked.
All of this leads to enhanced resource management for your business. It empowers you to have a better view of your asset portfolio, reduce wastage and meet demands on time.
2. Make Asset Maintenance a Breeze
An unoptimised asset maintenance practice will inevitably lower productivity for any business. Lags in asset maintenance schedules not only lower workplace productivity but also increase the cost of maintenance. Not to mention the increased risk of permanent asset damage, making your company lose money two-fold.
With itemit’s asset tracking software handling things for you, asset maintenance becomes a streamlined process. With each asset having its own regularly updated record, delays in asset maintenance are reduced to the bare minimum. Moreover, the software also allows you to track inventory and asset stock so you are always a step ahead.
Not only that, there are countless creative ways you can use asset labels for workplace maintenance activities. For instance, you could label planters to keep track of who watered the plants last and when.
3. Lower the Risk Factor
With larger teams, assigning asset maintenance responsibilities can be tough. This means, there are risks associated with asset management. Some employees may not perform much-needed maintenance tasks because they feel it’s not their responsibility.
The risks involved in asset management are reduced with proper asset status tracking and reminders. Whenever there’s a chance of asset damage or malfunction, the software will alert the concerned person to carry out the required maintenance.
What’s more, asset tracking reduces the risk of theft or misplacement. The software sends a notification whenever an employee checks out an asset or if an item is missing.
4. Makes Regulatory Compliance Easy
If your business operates in a highly regulated industry, you’ll know the importance of adopting the most cost-effective measures to stay compliant with industry standards. Advanced resource management through asset tracking software enables you to record and report asset data effectively, helping you gain regulatory compliance.
5. Reduces Human Error
There’s the risk of no or inadequate asset maintenance due to human error. But there’s also a human error risk within record-keeping associated with asset maintenance and management.
Unoptimized asset tracking methods involve double data entries, missing entries, inaccurate information, typos, and many other human errors – mostly caused by utilising spreadsheets! You can avoid these with an asset tracking software that makes no mistakes and records all information with the utmost accuracy and reliability.
All in all, itemit’s asset tracking can help your business save tonnes of money. The list of benefits discussed above is not exhaustive, not nearly. There are countless other advantages that all have one thing in common, increased productivity.
As a business owner, you’d know the most important way to make a profit is to deliver greater results at the lowest cost possible. This is exactly what itemit helps you accomplish.
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