How You Track Assets Makes All the Difference for Your Bottom Line

How do you track assets? Chances are your process could use some improvement, or perhaps you don’t have a process at all. Either way, if you haven’t explored how a modern asset tracking approach can help bring success to your organization, it’s well worth your time.

Compliance

Compliance is one of the biggest benefits associated with an asset tracking system. Asset tracking software allows you to automate your depreciation calculations, eliminating guesswork, helping you avoid mistakes and tax penalties, and determining your insurance coverage needs.

Security

Security is another benefit you may not have considered. With asset track software, you won’t forget important maintenance and other updates that keep your IT equipment in good working order. When IT equipment isn’t maintained properly, it eventually slows down which affects productivity and, ultimately, can leave your organization more vulnerable to security breaches. The software enables you to set up customized notifications and alerts so you not only keep your equipment updated and running smoothly, but you also avoid equipment breakdowns that can affect employee morale and your organization’s reputation.

Equipment Refresh

Every company has to establish annual equipment refresh schedules depending on their expected growth and anticipated resource needs. Without a reliable, accurate and real-time means to track asset data, business owners sometimes have to resort to guesswork. Subsequently, they may end up with extra assets that sit idle, or sometimes they find themselves short. Asset tracking software gives managers a way to conduct regular audits that helps them make informed decisions.

Communication

Communication is vital when tracking assets. When you consider the average fixed asset, it’s likely to have numerous stakeholders both inside and outside your organization. Without regular and timely communication, it’s difficult to hunt down the location of an asset, determine who has it or obtain details about its condition. An asset tracking platform eliminates miscommunication and brings everyone into the loop. It also increases accountability and accuracy throughout your entire organization.

Scalability

Scalability is another key benefit associated with a good asset track software solution. Any business owner will name growth among their key objectives. So without a doubt, you'd want an asset tracking solution that will grow with you and adapt as your needs change. Small businesses may be under the impression that they don't need an asset tracking platform until they become a larger organization. However, here's the truth, the best time to implement a formal asset tracking process would be now, when your asset holdings are still modest. Getting started now will allow you to integrate existing assets into the platform relatively quickly. As a result, you’ll work more efficiently, maximize the lifespan of your assets and save money while you curb waste.

Asset Panda combines all of these benefits and more into a streamlined mobile asset track solution. Powered by our free mobile app, Asset Panda syncs with the cloud and requires no additional hardware to use. Completely customizable and easy to use, Asset Panda requires no special training to understand, and you can add as many users as you’d like.