The Value of Asset Monitoring Software

By October 3, 2016Asset Tracking, Blog

The Value of Asset Monitoring Software

When thinking about monitoring assets, businesses need to consider variables beyond just physical location. A powerful asset tracking and monitoring system is an absolute must for any company, whether a bare-bones startup, or a Fortune 500 company. Having the right asset monitoring software is a major component in keeping equipment located, regularly maintained, serviced and repaired. Failure of this task can be extremely expensive at all levels, from unnecessary use of manpower, turning minor repairs into complete overhauls or spending unnecessary dollars to replace equipment thought to be lost. The key to successful asset tracking is having real-time visibility through effective and easy-to-use and understand asset monitoring software.

The premise behind asset monitoring software is to provide timely reporting on the nature, location, condition and performance of the assets in the business for daily operations. Asset monitoring also allows for maintenance plans to be optimized, increasing asset availability and location and avoiding downtime for items that are lost or not well-maintained and updated on a timely basis. Real-time asset monitoring also provides users the ability to see usage across the organization to understand and control constantly changing situations and the assets that play a role.

Smaller businesses with few assets or who are just starting out may wonder if the investment into asset monitoring software to track their assets is really necessary. For larger businesses who may have locations across a city or across the globe, there is a growing need to monitor assets in real-time and often remotely. And with potentially hundreds or even thousands of assets in the field, it becomes increasingly difficult to do this without proper asset monitoring software.

The benefits of what a good asset tracking system can bring to businesses both small and large are numerous, such as:

Time Savings.  Manually compiling an inventory of assets into a spreadsheet, which used to be common practice, is incredibly time consuming and can require the expenditure of considerable resources. Users need to take into consideration the potential of errors in data entry from remote workers which can throw an entire system into chaos from one mistyped serial number.

Scalability.  Your asset monitoring software needs to grow with you. While you may start out with 5 employees, there is always the potential to grow to 10, 50, 100 or even 1,000! As your business and employee numbers grow, so does the amount of equipment you need for daily operations. Having a single, easily scalable asset tracking solution will ease those growing pains.

Maintenance recording in one place.  Scheduled maintenance, software updates, reports on all maintenance history, and other detailed asset information can be pulled up by scanning the asset barcode with barcode readers that can today be accessed through smartphones and tablets. You can easily run real time reports on maintenance, when to update software, how many times a certain piece has been in for service, etc. – all without the use of costly barcode reader hardware.

Check In/Check Out and length of use.  Often, employees will check out a piece of equipment and may keep it longer than necessary or simply forget to return it. This can cause interruptions in the availability of an asset and delay processes for the next user.. It can also lead to the acquisition of more tools than reasonably required for the current level of organizational activity. Asset monitoring software allows you to always know where your assets are, who has them and when the anticipated return will be.

Depreciation and the lifecycle of an asset. Knowing the current non-depreciated value of your assets can aid companies as they make often costly repair and maintenance decisions. There are times that repair costs will exceed the remaining value of an asset and with a good asset monitoring software program in place, management can get a better grasp when it comes time to looking at whether it’s best to repair an asset or simply replace it based on the data report of the asset from the moment it’s scanned in.

Asset Panda’s flexible asset tracking system gives organizations large and small a comprehensive, lifecycle view of their vital assets and equipment. Completely customizable, the Asset Panda platform is not just incredibly powerful; it’s also very simple to use. Clients are entitled to an unlimited number of users and may add specific details in their custom entries, like repair and replacement costs, current condition and administrative information. The depth of this information empowers clients to make better, more informed decisions, eliminate guesswork and costly errors, and eliminate wasteful spending.

With its free mobile apps, cloud-based Asset Panda is an unbeatable value. The tool requires only a smartphone or tablet to use, or the web. We don’t have hardware and software licenses to pay for upgrades. No separate barcode scanners are required, which saves users repair and replacement costs. Asset Panda offers unlimited users, plus user field security, user location security and area user level security within locations.

At Asset Panda, our mission is to empower organizations and the companies they serve to track their vital assets exactly how they want, when they want and from where they want. To learn more, visit www.assetpanda.com and start your free 14-day trial today.

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