As a business, you need to ensure your workflow is running smoothly. Whether it be in the billing department, or in keeping track of company resources, there are several ways in which your business could use some help. One of the best ways to reduce work time and increase work efficiency is to keep an assets inventory. We’ve listed some of the benefits below.
Store All of Your Asset Information in One Place
Taking notes on your assets, or trying to keep all of the relevant data in your head might seem like enough, but there are a lot of asset details you might misplace. Instead of trying to keep track of all of it yourself, using an asset tracking software can help you store all of your asset related information in one place. From the date of purchase, usage times, work orders, location, and maintenance records, you’ll be able to track all of your asset data from a central hub.
Use Asset Data to Make the Best Decisions for Your Company
All of the asset data you can collect in using the right tracking system can help you when it comes time to make decisions that impact the well-being of your business. Need to know how much money your assets have saved you? Asset data helps you identify what areas each asset has helped your company save. You’ll also be able to see how well your equipment, tools, and resources are holding up when compared to the average life span of each of your assets.
Identify Life Cycles with an Assets Inventory
Knowing how long your assets will last can help you when you are trying to decide how much you can afford to invest. Using the asset data you’ve collected over time, you can see how much assets have cost you over time, and how much ROI you’ve gotten from their use. If they don’t bring in a significant return, you can reduce business expenses by refraining from buying similar assets in the future.
Locate Equipment, Tools, and Resources Exactly When You Need Them
Depending on the type of clients you serve, being able to locate your assets quickly can make or break your company’s ability to function. Many times, clients believe they need to solve their problem immediately, and if you can’t help them do that, they will go somewhere else to fix their issue. Being able to locate your assets quickly ensures you can help your clients as they come to you. Quick customer service increases the chance that they’ll come back to you when they have future needs.
Figure Out Where Your Budget Dollars are Going
Financial tracking is a major aspect of business. If you don’t know how your dollars are being used, you won’t be able to identify areas you can afford to decrease spending in. Lack of financial planning is one of the biggest reasons businesses fail. When you don’t plan out your finances, it’s easy for you to get into more debt than you know how to handle. However, when you have a clear picture of where your money is with an assets inventory, you can figure out how to use your money more efficiently, and then take action to improve your business.
Want to see an example of Asset Panda in action? Check out this testimonial from one of our users, who used our platform to cut time spent on audits in half!