What is Asset Tracking Software - Overview and Benefits

What is asset tracking software and how can it benefit your business?

For any organization, the term asset can imply many things. It could be employees, monetary assets, hardware equipment or software tools. The asset that we are going to deal with can be defined as any piece of machinery, property, building or equipment you own and are using.

The number of assets you take care of and the type of assets you own doesn’t matter because technology today lets you manage and monitor them effortlessly. Asset tracking software comes loaded with services and features which aims at helping your organization grow and become stable. Companies that have amassed assets need to protect them. Every piece of machinery, tool or hardware that a company possesses, contributes to the overall net worth of the company. To manage all that, many companies take advantage of asset tracking system.

The more you remain aware of your assets, the more you will be able to control your operations. This enables you to make informed decisions and such well-informed decisions that propel your business towards growth. Expansion can also be achieved by considerably decreasing unnecessary costs and not just by merging, spending and buying.

What is asset tracking software?

Think about all the assets you have. You probably have more than you think you do. Asset tracking also known as asset management is the method utilized by organizations to track your physical assets from acquisition to retirement. It can be by scanning barcode labels attached to them or by using RFID tags or GPS to figure out their location.

Asset tracking works by performing three core functions:

Tracking an item’s movement
Identifying an asset’s location
Documenting all asset attributes

Companies that don’t invest in asset tracking software can be losing their valuable money and time. Such companies only end up wasting money on inefficient asset tracking practices. When machinery or tools go missing, your employees waste time looking for them or eventually replace the missing assets with newer ones. Business owners tend to lose money when employees take time from their duties to look for the missing the items. More money is lost when you can’t find them and have to replace it. Why cope with all this frustration when implementing asset tracking gives you relief from:

Mismanagement of assets
Lack of asset accountability
Loss of time looking for missing items
Loss of money on administrative and labor cost
Poor tracking of assets
Delays in production deadlines
Inaccurate asset records
Loss of assets

So what is asset tracking system? You now have a pretty clear idea.

Asset tracking is as important when you need to know the status of assets, maintenance schedule, their location, take pictures, calculate depreciation and other information regarding the assets you own. It also improves customer service, streamlines business operations, reduces costs and enables you to manage your business effortlessly. A robust asset tracking system offers multiple opportunities to optimize business operations and put money back into your pockets.

What is asset tracking software? The functions it caters to your business!

1. It reduces costs

You can easily lower administrative costs with proper asset tracking as your employees don’t need to hunt down assets manually. What’s even better is that you can free up employee’s time and assign other revenue generating tasks to them. Good asset management also lets you track and minimize asset loss along with helping you utilize your business assets more efficiently.

Never go beyond your set budget with asset tracking solution.

2. It scales up your business quickly

You can’t scale up with manual asset tracking methods when necessary. However, your company can grow with asset tracking solution without the need for any serious modifications to your asset tracking protocols. Asset tracking software allows you to future-proof your company and lets your organization compete with the offerings of a large business.

3. It helps you get granular asset lifecycle insights

Being aware of your assets also means you know where they stand in their lifecycle. For instance, a hospital cannot save lives if their equipment doesn’t function properly or is obsolete. They need to know when their assets require replacement or maintenance. This takes us to the next point.

With accurate data, asset tracking system gives you a magnified picture of your assets

4. It automates preventive maintenance

Being able to flag issues before they even occur can be a real game changer for businesses. With a robust asset tracking solution, you can be proactive and automatically send task-based work orders for assets on the basis of required maintenance frequency and location.

5. It ensures accountability

You cannot manage your assets or identify who is responsible for the asset loss in the absence of a proper asset tracking system. An efficient asset management allows you to know where your assets are allocated and who they are with. Otherwise, you might even keep losing assets on a regular basis without even knowing. Increased overall accountability alerts the employees and discourages misuse or theft of assets by employees. Taking immediate notice of loss allows faster recovery of assets.

6. It increases workplace organization and efficiency

What is asset tracking software and how it helps you in the workplace? It provides you with the data required to increase organization and efficiency of your company’s physical space. Asset tracking allows you to identify items that are commonly accessed together and make a better structure for your physical assets. You can even anticipate the company’s needs by identifying trends beforehand using asset tracking software.

Choose EZOfficeInventory as your asset tracking software

A software system sure is a logical leap forward from using paper-based log sheets or spreadsheets in order to manage assets. EZOfficeInventory offers a comprehensive solution for companies that need to maintain accountability and control physical assets both onsite and offsite. You can easily lose track of your resources if your business still depends on outdated methods of asset management, particularly, if you have hundreds and thousands of assets to deal with.

Reduce asset loss and maximize asset control efficiency with our robust EZOfficeInventory software! This leads to reduced downtimes and more efficient production planning. With our software solution, you can schedule necessary services or maintenance for your asset at appropriate times. A duo of asset tracking software and mobile devices are also going to speed up your audit tasks and perform asset tracking in real-time.

The key to building wealth is by building assets. If you liquidate your assets for higher value, then you actually have good assets and good assets should be protected. EZOfficeInventory can do just that. It doesn’t matter if you have smaller quantity or a larger quantity of assets. For larger, more expensive assets, you can always use our GPS based asset tracking solution. In case you have larger quantities of smaller items, you can go for our RFID or barcoding method. Whatever you go for, remain at peace in knowing that you are covered because now you know what is asset tracking software used for!

Learn more about what is asset tracking software?

EZOfficeInventory is a leading asset tracking system used by both small and large enterprises. Make your business operations lean and maximize profits!

For more assistance, drop us an email at support@ezo.io.