Asset Tracking Return on Investment
Asset Tracking return on investment is easy to calculate and understand. The equation is (Total Number of Assets X Total Value of Assets = Total Asset Value). If your company as 1,000 assets and the average value of an asset is $500 then you have $500,000 worth of assets. Your asset losses are easy to calculate as well. Misplacement, miss allocation and theft of assets are common when assets are not being tracking. This can result in 2% to 10% loss of assets annually. You might be losing $50,000 annually at 10% loss rate. A ghost asset refers to property that is lost, stolen, or unusable that is still on your fixed asset ledger. 10% to 30% of ghost assets are still on your books. This means you are overpaying insurance and taxes by as much as 30%. On average companies spend 20 days auditing their fixed assets. This can really add up if your organization is doing this in-house and even worse if outside expensive consultants are doing the work. How does fixed asset tracking help reduce these losses? Real time asset tracking using a mobile device ensures data integrity. Mobile audits helps discover ghost assets helping you eliminate them from your books. Unlimited users at no cost encourages efficiency and accountability. Your return on investment by implementing Asset Panda is terrific. Start a free trial today!