Cloud technology has taken over the business world to such an extent that it is worth around $200 billion today. Asset tracking software is just one business solution that’s using cloud technology to its advantage, enabling companies to track, control and monitor their assets from a centralized online space. This can be a huge boon for a wide variety of businesses – whether it’s small scale rental stores or huge conglomerates managing thousands of business assets.
Organizations are often clueless about the mismanagement of assets and daily financial losses. Of course, it is not an easy job to track down each asset especially when the asset count is in the hundreds and thousands. Instead of manually handling it, asset tracking software simply automates asset management for you and gives you a magnified view of the needs and status of your assets.
Below, we’ve outlined the top 5 benefits of asset tracking software.
Helps you Conduct Asset Audits and Set Stock Thresholds
Whether audits take place externally or internally, they put quite a lot of strain on the business. Asset audits allow the company to highlight potential ghost assets and licenses. It is the ghost assets that eat away at your budgets really fast by forcing you to pay taxes and maintenance fees on equipment you don’t even have anymore! You can also set stock thresholds for consumables like keyboards, toner and pens, so you can be sure that you never run out of those important little tools and items when you need them.
Performing asset audits on a regular basis also reduces compliance risks along with increasing the visibility of your assets. On the whole, it saves you precious time and gives you more accurate data which in turn allows you to make better and more efficient plans for the future.
Asset audits can help cut down on administrative overheads.
Comes with Real-time Asset Management
Asset management often means the addition of new items and disposing off or changing existing equipment every single day. This is exactly what this real time asset tracking software lets you do extremely efficiently. It enables you to keep track of items as they come and go out of a particular location, and the by-the-minute updates mean you never have to stay in the dark about the state of your assets again.
Your system administrators are going to completely cherish this great feature as it makes it super easy to spot and remove duplicate records in your system that can easily confuse and mislead you.
Read more: Overcome These 4 Non Profit Roadblocks with Asset Tracking Software
Saves you from Unnecessary Repair and Maintenance Costs
Tracking the lifecycle of items in projects that take years or months to complete becomes crucial. When you know when the item was bought, how often it is used and what its maintenance schedule is, it can help the company decide when to replace or decommission a certain piece of equipment.
To enhance operational efficiency and save your business from unnecessary maintenance costs, identifying unproductive items or products on time is important. Asset tracking software enables companies to monitor and anticipate the devaluation of items or products. You can also keep track of maintenance costs which helps to decide when to repair or retire a certain item. This can be even more beneficial when paired with custom reports, which provide you with actionable insights into your asset utilization.
Read more: Profit Maximization with Equipment Tracking Software: A Guideline for SMBs
Asset tracking software helps you locate items easily through GPS.
Enables Asset Recovery and GPS Positioning
Have you ever heard of a situation where a certain asset got detached from a big batch at any of the company’s locations? How problematic and worrisome it becomes for the business owners to track it down! Asset tracking software programs allow you to barcode each item and give it an online presence.
They have even gone one step ahead with this technology by integrating with GPS positioning devices which let you see the last known location of a certain physical asset or item that you are on the lookout for. This way, stolen, misplaced, or lost items can be located instantly by your employees!
Allows Maintenance Tracking
Asset tracking software lets firms set repeated alerts for the regular maintenance of items or equipment. You can easily schedule the alerts based on manufacturer guidelines, or your own knowledge about its previous condition or usage.
It even lets companies integrate with ticketing software to keep a check on who is accountable for carrying out the maintenance and when it should reach completion. Such regular checks can cut down on maintenance activities and servicing costs of expensive equipment in a huge way.
Interested in learning more about our asset tracking software?
EZOfficeInventory is a topnotch asset management software that SMBs use to enhance business workflows and optimize assets for better performance. For more assistance, drop us an email at support@ezo.io.
