On a daily basis, companies of all sizes are purchasing fixed assets to help run their businesses and provide the products and services their customers want. A mobile tracking system helps protect each investment throughout its lifecycle.
The Challenge with Fixed Assets
Perhaps the best way to illustrate the necessity of a mobile tracking system is to consider a single fixed asset after you’ve purchased it. Specifically, what happens to it, where does it go, and how is it maintained? Depending on the fixed asset in question, the item may change hands on any number of occasions, moving from department to department. In a perfect world, each time the asset moves to another location, its record would be updated so the asset’s whereabouts are always known. However, what happens often is records aren’t kept updated because employees are busy juggling multiple tasks. Oversight is also a common and understandable occurrence. Let’s say you need to locate an asset to perform a task in your department. Without updated records, how do you locate that item? Most likely, you’re going to have to get on the phone or start sending emails, then wait for responses. You might spend hours trying to hunt down that item, which obviously has a negative effect on your productivity.
A Task Too Difficult to Manage Accurately
Now take this one instance and multiply it exponentially. The average business has many fixed assets to track and manage, so it’s easy to see how your asset management efforts can quickly become a logistical nightmare. Assets may be lost, stolen or otherwise fall through the cracks. Ghost assets can hurt your bottom line. Employees may become frustrated when they can’t locate the assets they need to perform their jobs, or when those assets are poorly maintained. You may also face penalties for regulatory noncompliance or accounting/tax miscalculations. An asset tracking system enables you to effectively outsource the function of fixed asset tracking and management – accurately and efficiently. All of your asset data lives in one centralized location and you have 24/7 access to the complete lifecycle of every one of your fixed assets, including their real-time locations, values, maintenance histories and so much more.
The Advantages of an Mobile Tracking System
One of the most useful features of a mobile tracking system is the ability to assign an asset to a specific location, individual and determine check-in/check-out status. Some systems include an electronic signature feature for additional accountability. The routine maintenance of many of your fixed assets – for example, your equipment – is vital for keeping your operations running smoothly. A mobile tracking system allows you to establish custom notifications and alerts so you never miss those important service reminders. Depending on the product you choose, you may be able to generate work orders through the system, conduct audits, create reports and communicate with every stakeholder involved in the lifespan of an asset. The system will also help you determine with certainty when it’s time to retire and replace an asset.
In January 2019, technology media company Tech.co named Asset Panda among the nine best asset tracking companies based on a review of their respective key features, pros and cons. In its comprehensive review of Asset Panda, Tech.co calls the mobile asset tracking system “a robust program at a reasonable price” and lists its flexible settings, security and ease of use, tax and insurance savings, and integrations among its attractive features.
To see for yourself why Asset Panda makes the cut of best mobile asset tracking companies, visit assetpanda.com, and start your free 14-day trial today.
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