Asset Intelligence and Management

Asset Intelligence and Management

EZOfficeInventory Blogs Asset Tracking Software Challenges

Why is Asset Tracking Software the Answer to Your Business Woes?


A pivotal channel of business management revolves around choosing a seamless asset tracking software. The system you select for your business plays a crucial role to accelerate or decelerate your performance. Using the incorrect tools for your business can cost you a lot in the long run. Apart from depleting your business assets faster and incurring overhead costs, the wrong solution package can cause lower profit margins.

Cloud-based software – New face of the business world  

There are two types of platforms companies usually deploy for their asset management needs: cloud-based and on-premise. A business intelligence (BI) study conducted by Forbes shows that 78% of the companies plan to increase the use of cloud technology for data management in the year 2017. Furthermore, it was also found that cloud BI adoption rose from 29% in 2013 to 43% in 2016. These stats show that cloud based integration systems are definitely the new trend in the business world. 

The typical siloed business solution can no longer cater to your complex needs. Inadequate capacity to control the business growth can lead to wasted employee productivity and lack of real-time asset visibility. To deal with such challenges, it is critical that you opt for a cloud-based asset tracking software for your business. The automated system is easier to adopt across various locations and has a higher tendency to scale upwards along your business.

asset tracking software online

Cloud based solutions are cost as well as time effective.

How can asset tracking software streamline your business?

Dashboard based reports, improvised custom analysis, and dashboard authoring are the top 3 reasons why companies switch to cloud-based management systems. Asset tracking software is packed with high-performance features to help you automate business workflows. Let’s go through how some of these features can solve your business complexities:

Enhances data accuracy and efficiency

Asset information plays an important part in a business environment. You need to have reliable data about your inventory stocks if you want to perform analysis or build business strategies. Automated inventory system helps you keep asset information organized throughout the lifecycle of the asset and eliminates the risk of human error.  

Asset tracking software allows you to do this with the help of barcode and QR code scans. Every item in your warehouse has a unique identification number which you can use to track it anywhere. This enables you to maintain an accurate record on asset utilization. The correct information means that the reports prepared by the software will be authentic. This can then help you plan maintenance regimes, purchase new stock and ultimately make well-informed business decisions. All this leads to improved business efficiency.

Improves accountability and enables compliance

It can be an absolute nightmare when it comes to audit season especially when your accounts are not in order. Asset tracking software makes this job easier for your business. Automated asset check-ins and check-outs allow you to create audit trails for asset movement and document this information for later use. This feature also allows you to record the last member to use an asset and reduces the threat of fraud and theft from within the organization. Maintenance alerts can be used to track asset condition which is also important for conducting audits.

Increased visibility and robust asset management help you to achieve regulatory compliance in the business industry. This can be important when you want to earn certain certifications from the governing bodies.

Read more: Profit maximization with equipment tracking software: A guideline for small businesses

Allows seamless mobile business activities

When it comes to mobile business, constant supervision and updates are necessary in order to maintain effective workflows. It is not uncommon for your employees to travel outside the office for business activities. In order to boost the motivation of employees, you often times find yourself organizing events and conferences.

Asset tracking mobile application allows you to stay on top of business activities even outside the office. When planning events or buying inventory stocks, you can access all asset information on your smartphone. This eliminates the need for carrying bulky business files whenever you leave the office. The use of a mobile app enables a proactive work environment and improves employee productivity.

asset tracking app

Mobile applications allow you to work on the go

Provides refined feedback for better management

Cloud-based asset tracking systems include advanced functionality to prepare asset performance reports. Relevant analysis reports draw a more realistic picture about business goals. When employees know their business objectives, they can work on strategies to achieve those objectives. This improves workforce management and increases productivity through rigorous evaluation practices.

Customized reports also allow you to keep asset utilization in check. It is important to examine asset operations after every business activity. Say, for instance, you hold a business conference which involves the extensive use of both assets and workforce. Post-event analysis then becomes compulsory! With the help of asset tracking reporting tools, you can gain insights into the overall performance of assets deployed for an event. This practice can be expanded to a larger scale and conducted for every business year as well. Quantitative feedback helps create better asset and employee management practices for your business!

Read more: 3 ways tool tracking software improves employee productivity

Asset tracking software for your business: Boosts performance and raises profit margins

The ultimate goal of every business is to get a greater return on investment (ROI). This is only possible through the use of right tools for inventory and employee management. Proper inventory maintenance can help increase profits and save time as well as money. The use of cloud-based asset tracking software for your business helps streamline workflows and creates a more organized work setting.

The software allows you to work with highly accurate data which raises efficiency. Tracking features like barcode scans help to record asset movement and improve accountability to gain regulatory compliance. Asset tracking mobile application keeps you updated on the go whereas customized functions offer real-time asset management. All these factors directly contribute towards a more cost-effective work routine. It’s time to invest in a high-performance cloud-based asset tracking software for your business!

Have Questions about our Asset Tracking Software?

EZOfficeInventory is the leading asset management software used by small businesses and companies worldwide. Track and manage your assets effortlessly.

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