5 More Reasons You Need an Asset Tracking Service

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By now, you may be familiar with the primary benefits associated with an asset tracking service: reduced theft and loss and savings of time and money. Those are often the reasons that drive business owners to ditch their Excel spreadsheets and start hunting for an automated, more efficient means of tracking and managing their vital assets. But the benefits don't stop there. Here are five more reasons why an asset tracking service makes smart business sense:

Risk Management


When you’re tracking your assets, you’re also effectively managing any risks associated with your ownership and use of those assets – for example, heavy equipment that must be routinely serviced in order to maintain safety. An asset tracking service helps you identify your risks, establish a schedule for maintenance, and stay on top of those service dates in order to eliminate hazards.

Elimination of Ghost Assets


Ghost assets are assets that aren’t in your inventory anymore; however, you’re still paying for them because you’re not aware that they’re missing. They may be missing or stolen, but due to shoddy recordkeeping or employees who are afraid to speak up, those assets haven’t been recorded as such. Therefore, you’re still paying insurance on items you don’t have. This kind of waste can be extremely expensive over time. A thorough, reliable asset tracking service houses the data on the lifecycle of each of your assets and their exact location, no matter where they may happen to be, so your investments don’t fall through the cracks or otherwise go MIA.

Depreciation


The value of your assets must be reported for accounting and compliance purposes on a routine basis. If you don’t have real-time data at your fingertips, what often results is guesswork, followed by mistakes and costly fines. The right asset tracking service can give you an up-to-the-minute value of each of your fixed assets, so you can be confident in the accuracy of your data.

Reduce Maintenance Costs


Some organizations only schedule equipment maintenance when assets break down. What they fail to realize, however, is that failing to perform preventive maintenance results in more expensive repairs. When equipment requires a major repair, productivity often grinds to a halt. You don’t have the luxury of waiting for service, so you end up adding a rush fee to your service call. What may have otherwise been a minor repair ends up being a major overhaul … or worse. You may need to replace the item before you should have to. Keep up with your routine maintenance, and you’ll stave off those big-ticket repairs. Best of all, you’ll keep your expensive assets in tip-top shape and maximize their lifespan.

Reduce Security Vulnerabilities


When equipment isn’t properly maintained and updated, it slows down and can leave you susceptible to security breaches, which can be extremely damaging for your clients, your employees, your reputation and your bottom line. You can set up customized notifications and alerts with an asset tracking service.

An asset tracking service doesn’t have to be expensive or difficult to use. With Asset Panda, the entire lifecycle of each of your vital assets is as near as the palm of your hand. Asset Panda’ free app syncs with the cloud and includes a mobile barcode scanner. From your smartphone or tablet, look up an item’s exact, location, condition and maintenance history, depreciation, warranty, lease/purchase information and much more. Create reports, work orders, custom notifications and alerts, and set up custom security settings. Asset Panda may also be used as an enterprise service desk to reduce support call volume.

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By:

Courtney Roush

Courtney Roush is a freelance writer, editor, and communications strategist with 25 years of experience. Her favorite discipline is crisis communications – and it’s a highly relevant one in our present times.

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