Data loss prevention and challenges associated with it can have a disastrous effect on the productivity of your business. Many businesses still keep track of inventory, and assets, and data related to them by following the same old-school methods. The process manual entry of data in spreadsheets! But when companies don’t use an automated and secure solution, they are exposed to a variety of issues including data loss that can cost up to millions of dollars. However, you can simplify this by using an asset tracking system.
A data-centric backup architecture that asset tracking software comes with protects your data transparently and scales across your business. This is regardless of how it is moved within your company or where it resides.
Asset tracking software and data management
You might feel tracking important data and assets offline is a safer option than using an online software but that’s only a myth. For instance, when natural disasters like earthquakes, hurricanes or fires hit, it is almost impossible to recover the stored data. As a matter of fact, 94% of businesses never even get to recover from such disastrous data loss. You are at risk of losing all the important data if your company doesn’t routinely create backups. According to a 2009 survey, conducted in Hong Kong with 900 businesses, 49 percent of businesses fail to back up data on a daily basis and only 52 percent of the companies actually reviewed their disaster recovery plan last in the previous year.
Read more: 4 Ways Asset Tracking Tool Helps Your Business Get Back Online After a Disaster
Even though technology has evolved on a massive scale, there are many organizations that are ill-equipped to deal with the problem. They simply fail to understand the prime importance of applying simple methods to protect their data. The IT department of your company has to spend many hours to remain on top of these tasks along with maintaining the server your data is stored on.
Let’s see how asset tracking software cuts down these hours and make data management simpler!
1. Practice regular data backups
Worried about making backups of your asset information or maybe losing this data because of a disaster or emergency? It’s common but no worries. Using an online asset tracking software you can be sure of data prevention. You may be concerned about the uptime but a well-rated and robust asset management system rarely have significant outages. Manual documentation, on the other hand, can be extremely difficult to recover and it also needs a lot of storage space. If you were to store your data in the paper, your valuable information is very close to being lost completely. This is particularly in cases if you are stuck with some kind of natural or man-made disaster. No matter how safe tracking important assets and data manually might seem, it just opens up your business to the risk of data loss in a number of ways.
Creating backups regularly using an asset tracking system can make your company less prone to data loss.
Your data remains protected and secure from unauthorized use as well, particularly in a cloud-based asset management system. It is also completely flexible and customizable. For instance, you can set role-based security configuration and access for certain employees. Let the truth be told to many businesses worried about the safety of storing sensitive data. The online storage option is much safer compared to local storage methods. The cloud storage, in particular, is getting even safer every day with innovations and advanced encryption technologies. It is believed that 78% of SMBs will back up their data to the cloud by 2020. With advanced analytics, sensitive and vulnerable data can be backed up so that your managers can prepare, respond and take action to security threats.
2. Manage asset lifecycle data
Suddenly one of your machinery breaks down and requires to be fixed. You are stuck as you have no history or track record about what services or maintenance it has gone through previously which can help with the repair it needs now. A maintenance history is such a blessing in such cases. Your business consists of hundreds and thousands of assets that require individual attention and management routines to prevent any serious consequences. It might all seem very complex but a simple way of going about it is making use of lifecycle management that asset tracking software features.
This is yet another form of data management that asset tracking software comes with. You will have all information on maintenance routines, replacement of parts, vendor details and purchase orders. With all this information stored in a central database, you can easily access all the information you need from anywhere. Accurate asset details enable smooth flow of day-to-day activities. Your assets are bound to perform better with regular maintenance schedules and regular maintenance tracking activities. Maintenance history and reports that asset tracking solution crafts offer businesses a magnified picture of how their business is being run and also helps them to determine the current value of the assets.
Read more: Stages of Asset Lifecycle and Role of Asset Inventory Software
3. Manage data on inventory levels
Always having the right quantity of inventory can be an uphill struggle for many businesses. Managing inventory stocks is a prime need for businesses because when they understock, it causes delays and shortages in the workflow. On the contrary, overstocking can lead to wastage of inventory. With an online asset inventory software, you have all the information in one place including current stock quantity, vendor information, and purchase orders. All this information helps to generate automatic purchase orders and also set minimum asset threshold levels.
Optimize inventory levels by using detailed data on your stock availability.
It is okay to buy stock in bulk but things can get out of hand if you don’t buy the right amount of stock. Instead of cutting down on costs, you might add to the cost. The best way of going about stock management is buying only when you are just about to run out and set a minimum threshold. As soon as you reach your minimum threshold, the software gives you an alert. This way you will have optimum stock levels and not too much or too less of it. With accurate data on your stock, you can optimize inventory levels and increase profit margins.
Read more: How To Tackle Low Inventory Stock Problem With Inventory Control Software
Want to learn more about our asset tracking software?
EZOfficeInventory is a leading asset tracking software that companies utilize around the world to protect their data along with maintaining data backups efficiently. Increase your business productivity with efficient data management!
For more assistance, drop us an email at support@ezo.io
