August 11, 2020
Fixed Asset Tracking Software Maximizes Lifespan of Your Biggest Investments
You’ll be hard-pressed to find a business out there that isn’t contemplating how to stretch the resources it has and maximize the lifespan of its investments right now. Accomplishing that goal requires routine preventive maintenance, careful tracking and management of fixed assets, accuracy, communication, and a culture of accountability. That’s where fixed asset tracking software comes into play. The software helps speed up the process of fixed asset tracking and management, freeing your employees to focus on other priorities. Best of all, you'll get the peace of mind that comes from knowing your asset-related data is up to date and comprehensive, so you can make informed decisions that improve your bottom line.
Managing the Entire Asset Lifecycle
So how does fixed asset tracking software work? It follows each of your fixed assets through its lifecycle, helps remind you of key maintenance and updates, enables you to know where items should be and determine their respective conditions, as well as view their complete maintenance history. Additionally, you can locate an item’s warranty, lease/purchase information, depreciation (this is key for accounting and compliance purposes), audit history, and more. You can also generate custom reports, set up notifications and alerts, establish custom security settings based on location or function, create work orders, plan for asset retirement, and determine equipment refresh schedules.
If you’ve got a division in need of a particular asset, fixed asset tracking software can tell you where you might have that asset sitting idle in another location. The software helps you eliminate ghost assets, or assets that unbeknownst to you are lost or missing, but for which you’re still paying insurance. When your asset data is comprehensive and accurate, you can decrease theft and loss along with guesswork and costly errors.
Manual Asset Tracking: You Can't Escape Human Error
In the past, your organization may have either relied on a manual tracking process or perhaps you didn’t have a process at all. In either of those scenarios, your employees inevitably had to jump on the phone and try to hunt down missing items. Any records you had were likely outdated and probably had more than a few typos and gaps. After all, manually keying barcode numbers is tedious work, and even the most detail-oriented employee is bound to mistype a number eventually.
Accelerate Your Asset Tracking
The ability to scan those barcodes with a mobile app eliminates the human element and saves you time and frustration. Best of all, fixed asset tracking software centralizes the location of all of your asset data. You’ll be able to maintain more detailed asset records, automate your depreciation calculations, and keep your records organized. Ultimately, you’ll also reduce the cost of your inventory because not only are all of your assets accounted for, they’re also properly insured and maintained, so your asset valuations remain high.
Before you make a decision on which fixed asset tracking software solution will best meet your needs, keep in mind that you’ll want a platform that’s scalable, flexible and customizable – a product that will grow with your company. You should be able to track your assets any way you want, add as many users as you’d like at no additional cost, and quickly get up to speed. Ideally, all of your asset stakeholders should be looped into the asset tracking conversation through your software.