Web-based asset tracking software: An Overview
If you lack processes to trace the whereabouts of your business assets, you’re likely at the risk of losing both time and money. With the rapid rise in business mobility, an asset tracking software has become a must for most businesses. This is a solution that helps your business keep track of its assets and inventory, improving transparency and lowering storage and maintenance costs across the fold.
According to a study, at least 91% of corporate employees use one business application on their smartphones, with 23% of them saying this tends to increase their overall productivity. Automated asset management does exactly that. It allows you to implement a robust management process to monitor your tools and log instant updates in your system. Doing this has the following benefits for your firm:
- Compliance with industry standards: Working in a competitive market opens up a lot of challenges. One of them is to abide by standard industry rules and regulations. Accurate asset records make this easier to do.
- Lower administrative costs: Once you automate your asset management process, you don’t need to place manual controls on check-ins and check-outs. This enables you to cut down on administrative costs and improve efficiency.
- The ability to scale easily: During the course of its operations, companies are likely to accumulate assets. In such cases, it often becomes difficult to scale existing asset management processes. An asset tracking software allows you to do this with minimal effort.
In order to gain additional revenue from your assets, the best way forward would be to invest in an asset tracking system that enables you to do all this and more. Here’s a look at the top 5 ways your business can use this solution:
Number 1: Create barcode tags for assets to improve visibility
Depending on its industry, every company comprises of a few departments. Each department has a specific set of assets which are designated to its employees. To ensure smooth completion of daily tasks, it is imperative that these tools are easily traceable. In order to do that, an asset tracking solution lets you label your equipment for faster retrieval.
Using the barcode technology, every tool is assigned a unique identification code which helps to check-in and check-out. Employees simply have to scan the tag and all relevant information will be entered into the system. Carefully tagged assets have a lower risk of misplacement and improved transparency, which leads to higher productivity levels. To this end, maintaining asset tagging best practices is vital for efficiency.
Number 2: Prevent outages with automated stock management
When working in time-sensitive environments, one has to be cautious about stock management. For instance, hospitals deal with medicines which tend to expire in a few years’ time. What if these medicines aren’t replenished on time? Feeding patients expired tablets can lead to grave consequences for both the institution and the lives of the people admitted. For this reason, companies should opt for automated stock management routines.
With the help of an asset tracking tool, you can set threshold levels whenever stock reaches a specific amount. Before you cross this level, you can generate purchase orders for new stock. This way you don’t have to pile up on extra stock or suffer from untimely outages.
Number 3: Ensure traceability through instant location updates
If you are a highly mobile company, you understand the complications involved when moving assets. Haphazard placement of tools and machines can result in a waste of time and delay of daily activities. To tackle such problems, an online asset tracking software lets you enter locations for all your equipment. With barcode labels assigned, employees can also scan assets through their smartphones when on the move. Doing so automatically revises GPS coordinates to prevent any confusion.
Once you record locations of all your assets, warehouse management becomes much more organized. Employees can speed up check-ins and checkouts if they know exactly where a machine is placed, thereby improving business efficiency and traceability with instant location information.
Number 4: Schedule audits to verify consumption patterns
Holding a large asset base makes you a victim of unauthorized practices. To keep a check on asset usage, your company should carry out frequent audits. As a part of a diverse set of features, an asset management solution lets you hold audits in a systematic manner to avail the following advantages:
- Align your asset management practices against proposed methods
- Make corrections to enable comparability and compliance
- Eliminate the risks of data breaches and other unwarranted operations
Going over the financial records of your company gives you an opportunity to match the actual results versus those that are recorded. By doing so, you can spot any malpractices in asset management and make necessary amendments. You can, therefore, maintain the credibility of your asset accounts through certified audits for your company.
Number 5: Run recurring service events for prolonged useful life
Physical assets have a predetermined useful life after which they have to be disposed of. In order to derive the maximum outcomes during this period, it is critical to that you keep your tools in good shape. This can be done by carrying out extensive maintenance sessions for your equipment and machines. Every time you check-in a new piece of machinery, the software automatically assigns it service tickets.
Compiling relevant data from associated vendors, the software sets up advance notifications for every maintenance session to achieve the following:
- Lower overhead costs by reducing the need for capital replacements
- Improved asset performance and efficiency due to increased uptime
- Planned maintenance lets you tackle unwanted delays in work operations
With the ability to custom design your repair events, your assets have a higher chance at extended useful life. Make sure none of your tools get missed out on optimized repair and service sessions.
Develop high-performance strategies with a web-based asset tracking software
Small and medium-sized businesses operate on restricted budgets and cannot afford poor asset management. A company’s assets are capital investments which need to be fully utilized in order to gain maximum rate of returns. For this reason, many firms choose an asset tracking business tool to help set their business towards a path for improved performance and growth.
With facilities like RFID tracking, organizations can carry out mass actions at once. This saves time when it comes to checking in large shipments. The software also allows you to plan office events with a dashboard and availability calendar to reserve items and venues in advance. Doing this lets you avoid last-minute cancellations and carry out flawless meetings and conferences.
For companies struggling to maintain a database, asset management software can be used to create customized templates for all their tools. You can add fields as per your requirements to differentiate assets between departments and so on. All these features build up business proficiency and allow you to gain increasing economies of scale – all through simply tracking your assets!
This post was contributed by EZOfficeInventory, a web-based asset tracking software for asset-intensive companies wanting to lower overheads and improve ROIs.