April 1, 2021
Barcode Asset Software Increases Efficiency Through Automation
Barcode asset software takes an ordinarily laborious process – tracking and managing your fixed assets – and automates portions of it, allowing you to more easily track and manage your fixed assets throughout every stage of their respective lifespans. Any business owner who’s currently performing this process manually will tell you that it’s not easy. Mistakes and oversights are common and in fact inevitable. Each asset, after all, is attached to unique data. Keeping up to date with your assets as they’re periodically serviced and updated, move back and forth among various stakeholders, and depreciate is challenging. Given the investment that your fixed assets represent, barcode software is one of the smartest steps you can take for ensuring that you keep your fixed assets in good working order, maintain knowledge of their whereabouts and condition, promote greater accountability, accuracy and efficiency throughout your organization, and maximize the useful life of each of your assets.
The reality is that many business owners don’t know how many fixed assets they own; nor do they know the condition of those assets. Company-owned IT assets, in particular, can change hands quite often as they’re loaned out to various departments. Company-owned IT assets that are issued to employees – most often smartphones, tablets and/or laptop computers – may move throughout your building, travel to employees’ homes and accompany them to offsite events and on business trips. The opportunity for theft and loss is significant, and that risk involves not just the asset itself, but the information stored on the asset, as well. Barcode asset software empowers business owners by giving them access to up-to-date data on the complete lifecycle of every one of their fixed assets.
Moving beyond theft and loss, barcode asset software can have a significant effect on a company’s bottom line by helping employees stay on top of key service dates. When equipment isn’t scheduled for routine preventive inspection and service, the risks to your employees’ safety increase. Additionally, when assets aren’t properly maintained, they slow down, hampering your production and placing your data – and your clients’ data – at risk for a security breach.
Each year, you’re expected to supply information to your accounting and compliance teams regarding the depreciation of your fixed assets. If you haven’t been carefully and accurately tracking your fixed assets, you may resort to “guesstimating.” It comes as no surprise, of course, that such tactics can result in mistakes and even fines.
Barcode asset software eliminates guesswork and communication gaps and places your asset data at your fingertips 24 hours a day. Once you’ve implemented the software, you can attach barcodes to all of your assets and perform an initial audit to get an accurate picture of what you own, what kind of condition those fixed assets are in, and where and with whom each item is currently located. This exercise can be particularly eye-opening from the standpoint that you may uncover some “ghost assets,” or items that were lost, stolen or unusable but for which you may still be paying insurance. Having the results of your audit in hand, you’re better able to make informed decisions about your needs, including where additional assets are needed or where available assets might be sitting idle. You won’t run the risk of ordering a new asset when you don’t actually need one. As a more responsible steward of your company’s resources, you’ll curb waste, save money and empower your organization to focus on other priorities.
From there, your barcode asset software solution enables employees to quickly scan and update asset data as your assets change hands through their usual lifecycle of usage and maintenance. As the world’s most powerful barcode asset software, Asset Panda offers a streamlined, customizable and incredibly user-friendly approach to your fixed asset tracking and management needs.