August 6, 2019
Why is an Asset Management Tracking Software So Important, Anyway?
Every business owner wants to maximize the lifespan of their resources. The right asset management tracking software can help you do just that!
When you’re able to track and manage your assets in real time, you'll have access to accurate data at any time of day. It'll also be less likely you have to finance expensive repairs and replace equipment prematurely.
Consider the average lifespan of an asset. It’s purchased and assigned to an employee or department within your organization, then periodically serviced or updated to keep it in good, working order. Depending on the asset, it might change hands occasionally, moving from department to department. If it’s assigned to an individual employee, the employee may take the asset home or even on a business trip. Each year, the asset must be reported for accounting and compliance purposes. Eventually, the asset may reach the end of its useful life and need to be retired from your inventory.
At any point during an asset's lifecycle, you may be required to identify its location, condition and maintenance history. You may have to access its warranty expiration date, lease or purchase information, depreciation history, and more. Conducting audits will never be an issue because your fixed assets are attached to unique data. An asset tracking management software makes this process an incredibly efficient solution because it prevents having to track this information manually.
Why It's Time to Kick Manual Tracking to the Curb
Whether you’ve assigned one or multiple employees to the task, manual asset tracking and management is a mistake waiting to happen. Excel spreadsheets typically don’t reflect real-time information. They’re challenging to read and not user-friendly. It’s very easy to type in an incorrect number and throw off your record keeping.
Gaps in record keeping are also common, especially when your employees are busy juggling day-to-day responsibilities. Excel spreadsheets typically aren’t accessible to all stakeholders, so miscommunication, frustration and guesswork are all common occurrences. Under such circumstances, theft and loss of assets can happen. In the worst-case scenario, companies may discover months down the line that they’ve been paying insurance for “ghost assets,” which are assets that are no longer in their inventories. Asset tracking software can eliminate all of those drains on your company’s bottom line.
Your Asset Data in One Convenient Place
An asset tracking management software centralizes your asset data so you can track any asset’s complete lifecycle in one convenient location. Because you’re not manually typing in your data, mistakes are less likely to happen. It’s easy to pull up any item’s real-time location, value and condition, and even create a work order for service if needed.
Audits are easy to conduct, empowering you to make more informed decisions about when you need to replace assets. You have the ability to set up customized notifications and alerts, so you never miss critical maintenance and updates – and that, in turn, helps maximize the lifespan of your assets. Best of all, the best asset tracking management software solutions allow you to add as many users as you’d like. When every stakeholder is involved in the conversation, you raise the bar on accountability throughout your organization.
Asset Panda delivers the most intuitive, user-friendly and customizable approach to asset tracking management software available today. Powered by a free mobile app, Asset Panda is flexible, syncs with the cloud and requires no additional hardware to use. All you need is your smartphone!