Broadly defined, asset management refers to any system that monitors and maintains things of value to an entity or group. Asset management is crucial because every business, large and small, across virtually every industry, has assets of some sort. In order for a business to grow and thrive, they must invest in assets to keep the business running. Tracking these assets is a key to being successful in today’s competitive business environment. With the wide variety of asset tracking management software available, businesses need to determine what assets are vital to track and how to find a system that is a good fit with their particular industry and in-place workforce.
It used to be thought that only large, global businesses had the means to incorporate asset tracking software to keep up with their large inventory supply or massive asset allotment across multiple locations worldwide. But that’s simply not the case. Today’s business environment has changed and many small and medium-sized businesses are also finding the need to keep up with and manage their assets. These smaller companies’ survival can be dependent on their assets alone, and the possibility of costly replacements or an inability to keep up with equipment that keeps the business afloat could be detrimental to staying in business.
One of the most important aspects of asset tracking management in business no matter the size is accuracy. Assets tracking used to be managed with a handwritten ledger or online spreadsheet. Companies relied on employees to manually enter data on each individual asset, and typically, these entries were prone to errors. Not being able to decipher if a code had a “0” or an “O”. Leaving out a number. Entering in a wrong letter. Whatever the reason, the impact could be one that is debilitating for the business, from having a negative effect on internal operations, to a customer satisfaction decline or even external supplier relationships. Incorporating an asset management tracking program that utilizes a mobile scanner that can instantly scan barcodes and save data about an asset is one of the easiest ways to eliminate errors. With one simple click, all data about an asset is saved in real time and is accessible to all stakeholders, anytime, from anywhere.
Another key aspect to a good asset tracking management system for business is its ability to be flexible and work as you need it to – not as it “thinks” you need it to. Modern asset tracking management software enables users perform asset management and equipment tracking from anywhere at anytime. The software uses smartphones equipped with barcode scanners to streamline the physical inventory and data entry processes. Knowing the location of assets within one facility or across 50 in real time, day or night, is more important than ever as employees become more mobile and so does a company’s assets. Data compiled can be stored in the cloud, dramatically lowering the risk of data loss from those who aren’t familiar with the system or may not be authorized to access asset logs. Having an asset tracking management system that tells all stakeholders where an asset is, who has it, the check in/check out status, and a full maintenance history is simply a must.
With great accuracy in data entry and more flexibility of a tool that works with you instead of against you, an asset tracking management tool will also produce better, more accurate results when it comes to making financial decisions that impact the bottom line and future spending. When it comes to audit time and looking at what a company can or cannot do in the future, the right asset tracking management tool can make a world of difference.
Asset Panda is proving itself to be the most flexible and customizable system in the industry for tracking and managing assets. Unlike other systems, 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.
With unlimited fields and configurability, Asset Panda goes beyond simple inventory so that it’s always the perfect platform to meet goals or solve problems—about any number of assets and for any sized company, in any industry. When everyone in your organization has quick and easy access to information they need, they can all work smarter.
Asset tracking management can make a big difference as to how well a business can be run in a more effective manner. Try Asset Panda free for 14 days and see how it can save you and your employees time and money. Visit www.assetpanda.com to request a demo and get started.