How to Utilize Data for Success with Asset Tracking Software

Reporting Features in Asset Tracking Software to Improve Operations

The influx of data received by SMBs every day is overwhelming. Sifting valuable information from this sea of data is both time-consuming and inefficient. In fact collecting and managing vast amounts of data is the second biggest challenge faced by businesses – the biggest being maintaining the integrity of that data. Therefore, it is not surprising that the annual revenue of the global big data market is rapidly increasing. Cloud computing has become one of the most popular ways of storing and analyzing data. Cloud-based asset tracking software seamlessly records all data on your assets and provides it to you in the form of instant reports including asset utilization, maintenance costs, inventory levels and vendor reports. Getting these reports helps SMBs identify key areas that need improvement and overcome roadblocks for better performance and ROIs.

The decision to adopt an automated asset tracking solution often stems from a need to overcome multiple roadblocks, and achieve operational fluidity for increased productivity and ROIs. Businesses often need to define key performance indicators (KPIs) before embarking on this journey for better asset management. These could include lower costs due to equipment theft or misplacement, higher productivity through reduced equipment downtime and better utilization of assets. In order to track these KPIs, businesses need to measure them. Reports are an excellent way to get the information needed to track set KPIs.

Here is a list some of the most important reports that are generated by asset tracking software.

Asset Reports

The job of a good asset tracking software is not just limited to smoothing out asset management. The software also records data related to the actions that are taken up against an asset from its ownership, to location changes and retirement. Asset utilization reports allow you to accurately assess your asset usage and break it down according to availability, maintenance states or the number of hours an asset was checked out in a certain period. What this means is that a company looking to understand its asset demand can easily draw up a report and understand which assets are or aren’t needed. This information alone can optimize asset utility and reduce procurement and upkeep costs of unwanted assets.

Other asset reports include details on retired, scanned and overdue assets. These reports ensure greater accountability of assets and help businesses narrow in on any asset abuse or irregularities.

Inventory Reports

An ill-equipped office is a recipe for disaster – with the worst case scenario being an irritable group, of unhappy employees that can’t get any work done. If you’re looking to reduce the number of workflow interruptions due to asset or inventory shortages, then asset tracking software is your go to solution. The software keeps track of your inventory items and lets you know when stock levels are running low or exceeding capacity. Run inventory reports on stock levels to get a holistic picture of all items and make timely purchase and disposal decisions accordingly.

Additionally, having assets in stock but not available at the location you need is both costly and frustrating. Reports on asset stock and inventory levels address this by providing details of when items are not meeting location threshold requirements or have been transferred to different locations.

Vendor & Purchase Order Reports

No asset tracking software would be complete without a way to track and report on purchase and vendor history. These reports offer greater visibility into vendor behaviour like delivery and service response time. This allows businesses to separate the reliable vendors from the unreliable ones. Additionally, businesses can use reports to keep track of vendor and purchase costs and recognize opportunities for better cost benefits. Armed with a complete picture of vendor history and average cost benefits of purchased items, SMBs can also negotiate better deals with their vendors. Reports are also an excellent way to identify if purchased items are not meeting criteria set in vendor agreements.

Audit Reports

Finding out that you’ve been paying taxes for equipment you no longer have or allocating budget for the upkeep of such equipment is aggravating. Question is, how do you identify equipment that has been stolen or misplaced? Once again audit reports provided by asset tracking software are an easy answer. These audit reports provide detailed confirmations of the ownership, presence and last audit of assets. Thus, it’s easy to flag up any items that are no longer accounted for. What this means is that businesses can address any abnormal disappearance of assets and also reduce instances of theft by increasing accountability.

Service Reports

A simple printer malfunction can leave offices in a mess – with employees scurrying to get documents ready for upcoming meetings and business deals. To make matters worse, a mismanaged asset maintenance and repair process can leave offices in this distressing state for days. Services and maintenance modules of asset tracking software can ensure that businesses easily flag up and track equipment maintenance needs. What service reports do is provide detailed records of all service events, and even provide information on the frequency of maintenance and the time and money it took to fix an issue. This is great for offices looking to get rid of items that are eating up maintenance costs or to reduce equipment downtime.

Conclusion

Key reports provided by asset tracking software help businesses achieve operational fluidity and track valuable KPIs. Important KPIs may include lower equipment costs, reduced equipment downtime and greater asset utilization. Reports are an excellent way to further strengthen your business by understanding key asset management areas that need attention.