One-Two Punch: How Kitting Your Assets Saves Your Company Time and Money

When you have a lot of individual items to record and organize your business, your asset tracking process can become complicated and messy. This is especially true when many of those assets are frequently used together for projects or services your business offers on a regular basis. Tracking these assets separately can lead to a higher incidence of loss, and since each individual asset entry also takes time to create and maintain, your business can also lose hours and dollars to ineffective asset maintenance.

Essentially, the more items you have to keep track of, the more time you will need to spend maintaining your asset database. When you store assets individually, you could be entering a lot of the same information multiple times. This becomes busy work for whoever gets assigned the task, essentially wasting time they could be spending on client projects.

Storing assets separately also makes it difficult to prepare for audits. When similar assets are stored in separate locations, your team has to spend longer prepping each of those assets for the upcoming audit. If those assets were kept together, your team could prepare everything in batches, saving time and stress for everyone involved.

Additionally, keeping your assets separate could also increase taxable income for your business without actually increasing your overall profits. For example, when your assets are sold before their expected lifespan is up, the income you get from selling or disposing of them is taxable.

You don’t have to accept the losses that come from inefficient asset storage. One way avoid losing time and money is to bundle your assets or keep them together in a kit. Don’t fret if you’ve never heard of kitting before; you’re probably already offering similar products in your company! If you provide multiple software programs with one subscription, reduce prices for customers who get cable and internet together, or sell products in a bundle, you’re already doing this for your clients.

Your clients aren’t the only ones who can benefit from kitting. Tracking your assets as a group instead of individually is a great way to reduce your asset expenses overall. Learning about best bundling practices can help your company institute a comprehensive asset tracking solution, reducing the likelihood of assets getting lost or misplaced. You’ll save money by reducing errors, improving maintenance, and preparing for audits in a flash.

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What Prevents Companies From Implementing Bundling Practices?

The biggest obstacle which prevents companies from bundling is simply not knowing about it. Your business might have heard of the practice, but you haven’t thought of it as a solution your team could benefit from.

When it comes to asset tracking, a kit is defined as a bundle or batch which can have multiple assets associated with it. You’ll want to kit assets together when they share similar traits or if they are all regularly used for a particular job or client. Many industries use kits when they have to frequently travel from location to location. They either have too many rooms to have a copy of their asset in each room, or they go to client locations where they are unable to store tools there.

Think of it this way. When storing products in your inventory, would you store multiple copies of the same product in different locations? Chances are pretty good that you wouldn’t. If you did, your employees might get confused as to where to go to obtain those products, and your records would not be accurate as to how many of each item you had on hand.

The same goes for your assets. Grouping them together in a kit is an efficient way to get your work processes done, and save employee effort when searching for the tools to get their job done. Kits make it easy for businesses to have all of the tools necessary to complete a project without having to track each individual item whenever they have to travel from one job site to the next.

One example of professionals relying on kits to help them in their work is photographers. These professionals carry around a kit of tools to help them create the perfect picture. They rely on assets like specific camera models, different-sized lenses, lighting, and other equipment which helps them create specific effects. Without those tools, they are incredibly limited in what types of photos they can produce, and this, of course, prevents them from earning an income and growing their businesses.

Asset Panda’s flexibility is a great way for you to track your assets in groups. No matter what industry your company works in, or the size of your team, you can create a more efficient asset tracking process that will save your company time and money. Sign up for a free trial today to see how you can bundle your assets on our customizable platform.

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