Why Your Company Needs to Keep an Assets Inventory

When you hear the word inventory, most people think of products companies sell. However, many companies have assets, tools, and supplies that they need to track on a daily basis. Keeping an assets inventory can be just as helpful as your regular stocking process.

Many businesses rely on tools and equipment to help them complete their daily processes. Losing track of these assets can cost time and money you don't have.

Implementing an assets inventory system can help your business improve in many ways. Below we've listed just a few of them.

Keep Up With Maintenance and Repairs

In order to keep your assets in top condition, you need to know when they're due for repairs. Instead of trying to remember when to schedule your top assets to go in, you can use an inventory software to do it for you. Keeping track of peak usage times and down times will help you find the least disruptive time to send your asset in. This helps you make your workflow more efficient and extend the lifespan of each asset.

Store Valuable Data

There's a lot of data behind tracking your assets. You need to know how many resources each asset takes up, as well as asset lifecycle. Tracking this information over time will help your team figure out the value of each of your assets, and if keeping them is worth the cost. Work orders and requests also help you determine which parts of the year your team seems to be working the most, as well as which items are used most often.

If your assets have started developing error codes, you'll need to be able to record what codes are coming up and what efforts you and your team have taken to address those codes. All of this information will help you when it comes time to send your equipment in for repairs.

Reduce Asset Cost

Replacing and fixing your assets can eat up a lot of funds from your company's quarterly budget. If they aren't managed properly, you'll be caught unaware with emergency repairs and replacement. However, if you take the time to keep your assets maintained on a regular basis, you'll find the lifespan increases naturally.

It's no surprise that reusing something is more cost effective than straight up replacing it. When you take care of your assets, and track which ones are being used most often, you'll find asset maintenance costs decrease.

Locate Assets With Ease

Sometimes, certain jobs require you to locate an asset quickly. You don't have time to spend searching around your warehouse for a specific tool. When you keep an accurate assets inventory, you can pull up an asset record and find it within minutes, if not seconds.

Using a software-based inventory system allows you to track the location of specific assets across multiple work sites. No matter where you or your team are during the day, you'll be able to see where any given asset is, and who is currently using it.

Asset Panda's cloud-based database makes it easy for you and your team to track all of your company's assets, no matter where they are located. Our flexible records system makes it easy for you to track all kinds of asset information so you can work efficiently and keep your assets in top condition.

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Bree Brouwer

Bree has held plenty of media- and marketing-related jobs over the years now, like working as a PR and marketing assistant to a Hollywood screenwriting coach, and writing content for three different digital marketing agencies.

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