Asset Tracking Costs Go Beyond the Bottom Line

By February 13, 2017Asset Tracking, Blog

Asset Tracking Costs Go Beyond the Bottom LineThe start of a new year means a fresh start for most businesses as they begin working in the parameters of a new budget with new goals in place. No company starts out by saying they want to see how much they look forward to spending valuable dollars on replacing assets or that they enjoy wasting countless hours searching for assets that were never checked in or may be lost. Asset tracking has a cost associated with it that yes, is financially obvious, but also goes beyond just the numbers. Asset tracking costs extend out to manpower and employee time as well, ensuring staff are being utilized to their full potential and are not wasting valuable company time and dollars searching for assets.

As technology changes, so does the way companies conduct business and overall operations. Flexibility is key and if a company and its employees can not change and adapt, then their chances of success are greatly reduced. The same can be said when it comes to tracking assets. Technology in this field has advances and there are so many options available to companies and across various industries. The cost savings these programs have afforded companies have been proven in year-end audits as well as the impact on employee manpower.

Mobile innovations in asset tracking have been one of the most cost-effective benefits that companies have seen when investing in an asset tracking platform. Businesses have more assets to manage per person than ever before, and with the increase of mobile devices used in the workplace by employees stretched across multiple locations, cities or even countries, managers are finding that they require more specialized reporting, customization, and features that weren’t readily available to the old way they tracked assets. From locating items, viewing an asset’s check in/check out status, or locating maintenance records for the entire lifecycle of an asset when it comes time to decide if it should be repaired or replaced, today’s asset tracking systems are hosted in the cloud and can be operated with a smartphone or tablet, allowing businesses to manage assets remotely from anywhere and view them in real time day or night.

Having all of the equipment usage, maintenance and repair information available on a mobile device is a tangible cost benefit. By incorporating mobile devices, workers out in the field have more control on the pertinent details of each asset, and issues can be resolved in more timely and efficient manner. There is no more guesswork on where an asset is or when it was last repaired.

Beyond the asset tracking cost mobility provides, there are many other cost benefits to implementing an asset tracking program. When looking at the options available, it’s important to take a moment and really think about your company’s assets. These are some initial basic questions to ask yourself or discuss with your staff when starting your search for the best asset tracking partner:

What assets do I have?
Where are they being used?
Who uses then?
How often are they being used?
Is the asset purchased, rented or leased?
What do we pay for maintenance?
Is there a contract in place?
Regarding software, do I have a valid license and when does it expire?

With visibility and control of your assets throughout the entire life cycle – from the moment they are scanned into your asset tracking system of choice until the decision to retire the item from use – you’ll optimize asset use, drive down costs and ensure your business gets full value from each and every asset in use. When you make a software investment in your company, such as an asset tracking tool, you are investing in the future of the company and all stakeholders.

Asset Panda’s Asset Tracking and Management Platform is the most flexible and customizable system in the industry for tracking and managing assets. 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. The mobile application is most useful for employees who might be out of the office on support calls or who are typically working in the field. With the app, they can easily update tickets from Android or iOS devices, and the app provides barcode scanning, check-in/check-out, and other custom actions. By having 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.

Asset tracking costs have gone beyond the bottom line and with a partner like Asset Panda, you have an asset tracking tool that goes beyond traditional asset tracking. Give Asset Panda a try with a free 14-day trial. Visit assetpanda.com to get started.

Start your FREE 14-Day Guided Trial today!

Sign up for your FREE Guided Trial
best live chat