An asset tracking program brings together all of your asset-related data in one centralized location. Generally, an asset tracking program is comprised of tracking software, barcode labels and scanners. The benefits of such a system are significant and include the ability to monitor the movement of an asset inside and outside your organization, keep track of and schedule preventative maintenance, and prevent loss and theft. Ultimately, all of these efficiencies save organizations time and money and eliminate the frustration associated with absent or flawed recordkeeping, reduced productivity, and guesswork.
Organizations of Every Size Can Benefit
The larger and more geographically diverse your organization, the greater the challenge when it comes to managing and tracking your assets. That doesn’t mean, however, that smaller organizations can’t benefit from an asset tracking program. In fact, an asset tracking program can make a significant and measurable difference in the bottom line of any organization because they’re promoting responsible asset management – and that’s something any company, large or small – can appreciate.
An Asset Tracking Program Affects Bottom Line
Better asset management protects your investments and helps you maximize the lifespan of each of your vital assets, so you don’t have to shell out money for expensive repairs or replacement of these expensive items. Proper and timely maintenance keeps your equipment (most notably, your IT assets) running at top speed. Failure to keep up with periodic updates can result in slowdowns and potential security risks. An asset tracking program can help you stay on top of critical service dates, so you keep your equipment in good working order.
Once again, it doesn’t matter the size of your organization or your industry; if you’ve got equipment, it’s susceptible to theft and loss. And, if you’re a particularly large entity with thousands of assets, this can happen often. When assets fall through the cracks, either they’re forgotten altogether, or your employees end up spending hours of their valuable time trying to hunt them down. Your production, therefore, takes a hit, and that can have a negative trickle-down effect on your end customers if you encounter delays. Ultimately, you may have to shell out money for replacement items – funds which could have been used for other critical resources. Some of your equipment may also move throughout your organization, loaned to various employees or taken off site. An asset tracking program provides a means for asset recovery. In fact, some asset labels have GPS capability, enabling you to pinpoint an asset’s exact location.
An asset tracking program also helps organizations conduct asset audits, which are extremely important as they can reveal the presence of ghost assets and other issues. Your value of your assets also must be reported for accounting and compliance purposes, and this another benefit of an asset tracking program. Without accurate, real-time data, companies may resort to guesswork – which can lead to errors and costly penalties. And, if you’re in a heavily regulated industry, having accurate records helps you endure compliance with regulatory requirements.
Outsource Your Asset Tracking
Asset tracking involves a great deal of data and is complex in nature, which is why outsourcing it to a formal asset tracking platform is one of the smartest decisions you can make for your business. Some of these programs, like Asset Panda’s streamlined mobile platform, are built to be intuitive and user-friendly while giving you the ability to track your assets exactly how you want. You’ll enjoy the convenience of robust features, complete customization and flexibility, and ease of use. All of your asset data is as near as your smartphone or tablet you already carry, and you can add as many users as you’d like.
To learn more about what Asset Panda’s asset tracking program can do for your business, go to assetpanda.com
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