Trillions of dollars worth of capital are tied up in business assets and inventory. Managing these items can be expensive, especially if you’re relying on traditional methods of stock-keeping and asset management. Turning a blind eye towards your business assets not only compounds overheads, but it can also make your employees’ jobs that much harder.
Even the smallest company can benefit from more streamlined asset management. It can ensure informational accuracy, employee accountability, and asset longevity. It also helps provide you with a broad historical look at your equipment utilization trends so you can make more well-informed decisions in the future.
Asset tracking software, therefore, provides a lot of benefits to your business, no matter how large or small. However, like any tool or strategy, it is important to use an asset management system as effectively as possible, with the understanding that one size does not fit all. To this end, this whitepaper will talk about some crucial asset management best practices that can empower your organization to get the most value out of its assets.
Without a holistic solution, any data or insights you glean from an asset tracking software would be incomplete. Smaller companies might think they just need to track asset movement between locations, for example, or believe they only require asset utilization trends each month.
The truth is, however, that any benchmarks or KPIs you establish early on will be useless unless you’re getting the full picture of your asset activities. This includes details like an asset’s depreciation rate, the services drawn up against it, and the number of times it was overbooked in a calendar year. This boosts your predictive analytics capabilities and streamlines your workflows much more efficiently than if you were running a number of lesser programs in parallel.