When should you start using Asset Tracking Software?

Why use asset tracking software?

Ensuring efficiency and boosting productivity is critical to running a successful business. Assets are an important part of day-to-day business operations, and shortages of office supplies can cause unnecessary delays. Most businesses keep track of assets by maintaining records on spreadsheets or the more traditional paper registers. Knowing when productivity is being hampered by these methods is key to growing your business.

A good asset tracking software should empower you with better organization of assets, streamlined processes and extensive records of crucial asset information. When deciding if it’s the right time to invest in asset tracking software, ask yourself:

Do I have any assets worth tracking?

Irrespective of the business you are running, you will have assets that you use every day, every month or even just once a year. These assets may or may not be valuable and tracking them might not seem important. While the reasons for tracking expensive equipment may be apparent, it’s also essential to track office supplies. Tracking office supplies (such as stationary) or equipment (such as computers) allows for a fully stocked office, where performance delays due to missing items are reduced. Avoiding these delays can go a long way in boosting productivity and growth. Tracking office gear can also save money as you can generate reports on asset usage and make more informed purchase decisions.

Are my assets reliable?

Having reliable assets that are both available and in working condition is essential. For example, say you schedule an appointment with a potential client and make sure everything is in order. However, it turns out that the demo kit you need has been unaccounted for the past two weeks. You ask all your employees one by one. Nobody knows where it went or who used it last. You finally manage to locate your kit but it’s broken down. Encountering situations like this on a regular basis is a clear sign that a better asset management system is needed. Businesses that use asset tracking software avoid this hassle of manually locating assets. They are also able to keep tabs on the service history of equipment and schedule regular maintenance checks, which prevents equipment from breaking down unexpectedly.

Are administrative tasks too time-consuming?

Managing a growing business can be exceptionally hard especially if offices are situated across multiple locations. As the number of assets increase, keeping track becomes harder and more time consuming. Asset tracking software allows you to save time as you can automatically track your assets using QR codes or Barcodes. This enables you to bring up details relating to equipment in an instant. Furthermore, you and your employees can easily locate your assets and check them in/out, bolstering accountability within the organization. This allows you to focus on more important work, like growing your business.

What’s wrong with my present records?

Why shift to an online asset tracking software if you already have extensive records of all your assets on paper or a spreadsheet? Going online and on the cloud, is always better as it ensures instant and off-location access. Additionally, asset tracking software is more reliable than using manual processes of record keeping and updating as it is more resilient to outdated, false or even fraudulent data. For example, all you need is one wrong equation in a spreadsheet for an entire cost calculation to go fatally wrong. Furthermore, spreadsheets don’t have any checks or access control features limiting the editing or changing of information about assets. However, using asset tracking software, an employee can check in/out equipment and update service history without deleting or editing other vital equipment details from the system.

Will it help with finances?

Asset tracking software also helps in allocating finances in an efficient manner and avoiding losses. Without proper planning, you may end up buying equipment that is never used and running short on required equipment. A robust equipment management system ensures that records of all assets and their usage are updated consistently. These records allow for more informed procurement decisions and better financial planning. So, if you’re running short on cash, or profits just aren’t that high, it’s a good idea to go back and see what you’re not managing properly. Asset tracking software also help you increase accountability as you know who is in charge of which assets. This reduces the chances of having lost, stolen or damaged equipment.

Conclusion

Whether you are a small or big business, managing your assets in an easy and reliable manner is vital to the growth of your company. Asset tracking software is the long-term solution to better and error-free management of valuable equipment and office supplies. Features like on-the-go mobile apps and reservation modules can further encourage better business strategies and streamline processes. If you are looking to boost productivity by overcoming asset failures and shortages, investing in asset tracking software is the way to go.