Adding up the Cost of Asset Tracking

By November 7, 2016Asset Tracking, Blog

Adding up the Cost of Asset Tracking

Everyone is familiar with the phrase, “it’s gonna cost you.” In business, that can be very daunting and even off-putting to hear. What is that “cost” referring to? Money? Time? Employees? Assets? In any company or organization, besides employees, assets are one of the main components crucial to everyday operations. From computers to printers, trucks to trailers, medical supplies to firearms, every business needs their assets to function. But what would happen if you didn’t have control of your assets? What would happen if you didn’t know where your equipment for the next job was or who had it? What if you didn’t know the last time a piece of equipment went in for maintenance or if it was even viable for the job it was assigned for? Ask yourself this one question … what could not tracking your assets cost you and your business? The answer is pretty simple … the cost of asset tracking is priceless.

It is vital to be able to monitor and track all of your company’s assets to ensure they are being utilized to their full potential and are cost-effective for the job/task they are used for. Consider the following statistics when it comes to asset tracking and what not tracking them could potentially cost:

Asset tracking saves time

30% of all organizations do not know what they own, where their assets are located, or who is using them.

Asset tracking helps businesses recover after a disaster

Natural disasters strike almost 30% of businesses and 1 out of 5 businesses will never reopen after a disaster. Tracking assets to show insurance adjustors gives businesses a better chance that the lost assets will be covered after a disaster, saving valuable money necessary to rebuild to start over.

Asset tracking reduces employee theft

79% of employees will steal from their employers at least once and 1 out of 3 bankruptcies come from employee theft. By tracking assets, knowing who had the asset last and where it is/was located is key in avoiding inclusion in this category.

So how do you avoid becoming one of these statistics? The first step is to find an asset tracking system that is a good fit for your business now but is also scalable, meaning it will grow with you as your business grows.

The cost of asset tracking also affects employees and labor. Whether an employee is in the office or on the road, asset tracking helps improve efficiency and controls operating costs. These days, businesses have more assets to manage per person than before, especially with the increase of mobile devices used in the workplace and employees stretched across multiple locations, cities or even countries. With this rising mobility combined with a more frequent turnover of employees, managers are finding that they require more specialized reporting, customization, and features that weren’t readily available to the old way they tracked assets to locate items, view check in/check out status, or locate maintenance records. Thankfully many asset tracking systems are now hosted in the cloud and can be operated with a smartphone or tablet, allowing businesses to manage assets remotely and viewed in real time.

One final point to consider is what makes sense for your budget and your cost of doing business on a daily basis. Could one mistake into an old-school style spreadsheet derail your entire financial structure? Possibly so. Asset tracking tools are available at several price points. Do you want a one-time purchase or a monthly subscription? Do you need to include a support function? Not all asset tracking tools can handle the same number of assets, so be aware if you are going to be paying for more capacity than you will realistically need.

Asset Panda’s Asset Tracking and Management Platform is the most flexible and customizable system in the industry for tracking and managing assets. Going beyond fixed asset tracking, Asset Panda optimizes and streamlines everything from auditing to facilities management, equipment support ticketing, compliance, and purchase order management.

Asset Panda is highly configurable, so it can become whatever you need it to be, and adjust as your needs change. Asset Panda works the way you do, on devices you’re already using, both online and through our free Mobile App. This makes it easy for all your users to access the information they need, when they need it, from wherever they happen to be working.

In looking at the overall cost, the pricing for Asset Panda’s Asset Tracking and Management Platform isn’t based on the number of users, but number of assets on the platform. We think the best and only way to get high-quality, real-time information about your assets is to allow the people interacting with those assets to be the ones to securely update information about them.

With access to a whole lifecycle of asset information including support requests, maintenance history, ownership chain, etc., Asset Panda gives users greater visibility to the information they need, when they need it. On average, Asset Panda users can save two to five percent on their cost of total assets.

Managing assets is a big task for any business, large or small. But the cost of NOT tracking assets could have greater repercussions down the line. See for yourself how easy it is to start tracking your assets with a free 14-day trial of Asset Panda. Visit www.assetpanda.com for a quote or to get started today.

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