4 Ways an Asset Management Inventory Simplifies Business

By February 1, 2019Asset Tracking, Blog

4 Ways an Asset Management Inventory Simplifies BusinessKeeping an inventory doesn’t just have to apply to your products. Having an asset management inventory can help you keep track of the items your company relies on for day to day work. Without these items, you wouldn’t be able to conduct business or turn a profit.

Having an efficient asset management process will help you to identify what your business needs in order to operate, monitor how your assets are being used, manage your finances, and keep up with maintenance needs.

Know What Your Company Needs to Function

Tracking asset usage is a great way to see what your company uses on a regular basis, and which things aren’t required. Identifying what your company needs will help you determine what tools, equipment, and advancements you need to invest in. This knowledge will prevent you from spending money on things that don’t help.

If your records indicate that a certain asset is being used all the time, you might want to consider investing in more of that same asset. It doesn’t make sense to require your workers to wait in order to use an asset and cause workflow delays.

Monitor Asset Usage Across Departments

Knowing how your assets are being used will tell you a lot about what’s going on in your business each day. If you can see that there are more requests for an item than there are items to fill those requests, you’ll know that your current asset equipment isn’t enough to keep up with customer demand.

You’ll also be able to see what assets are used in each department. Having this information will help you store your assets closest to those who actually use them. This can help you tailor an asset checkout process per department, and make what you have more useful depending on how it’s being used.

Keep Company Finances in Check

If you don’t track what you are using on a regular basis, you run the risk of buying things you don’t need. Or, you could be going without assets that would greatly improve the efficiency of your business.

You don’t want to spend more money than necessary. Keeping an asset management inventory record is a great way to see exactly what funds are necessary and where they’ll be heading. Take this information to your quarterly company budget meetings and you’re more likely to get the funding you need to keep your inventory of assets running and up to spec.

Check Your Asset Management Inventory for Maintenance Needs

Depending on what kind of assets you have on hand, you will need to schedule regular maintenance and repairs. Fleet vehicles and company computers need to be updated and kept up to spec, or they are more likely to break down and stop working.

Instead of trying to remember when to send your machines in for maintenance, you can keep track of repair dates in your inventory system. Create a place in each asset record to record the last time it was maintained, and how often an expert needs to check it over.

You shouldn’t have to spend dozens of unnecessary hours on business operations each month. Keeping an inventory of your assets will help you automate much of the manual process your employees are taking on now. You’ll be able to use that time on processing customer requests and doing the things that bring your business profit.

 Contact Us 
Guided Tour
Price Quote

You might also like...

Tracking Tools Protect Lifeblood of Landscaping Businesses

| Asset Tracking, Blog, Use Case | No Comments
Landscaping companies have several considerations to make when it comes to their fixed assets – especially their equipment. Tracking tools can help these organizations extend the lifespan of their expensive...

Asset Panda Named Winner of the 2019 Dallas 100 Awards

| Asset Tracking, Press Room | No Comments
Asset Panda is among the fastest-growing and dynamic privately held companies in Dallas DALLAS (October 21, 2019)- The Caruth Institute for Entrepreneurship at the Southern Methodist University Cox School of...

Factoring in EMS Equipment Calibration Between Emergencies

| Asset Tracking | No Comments
Working in Emergency Medical Services (EMS) means you’re always on call. Some days, you might go hours without hearing anything, while others it feels like you can’t catch a break....

Support Students by Keeping Your School Buses Properly Maintained

| Asset Tracking, Blog | No Comments
Millions of students in the country rely on school buses to take them to and from school every day. Many more take the bus to go on school-sanctioned field trips...

Helping The World Work Smarter™

Sign up for your FREE Guided Tour