Investing in the Right Asset Tracking Platform Can Make You a Profit


FREE ASSET TRACKING? Is there a catch? Well, that all depends. If your definition of free asset tracking involves an Excel spreadsheet, pen and paper or just some occasional record keeping, then the answer is a definitive YES! The catch comes in the form of mistakes. These manual processes not only throw off your records, but they cause you to waste time and money, lose productivity, build frustration and could even lead to fines during tax time.

Why It's Time to Ditch Manual Asset Tracking

Some manual tracking processes require employees to key in barcode numbers. But no matter how many times they check themselves someone’s going to enter a typo, it's inevitable. The nature of manual asset tracking makes it incredibly easy to lose assets, keep up with their condition and whereabouts. In the worst-case scenario, you might even discover months down the line that you’ve been paying insurance on a ghost asset that’s no longer in your inventory or one that fell through the cracks and wasn’t reported. Unfortunately, there’s nothing you can do to recoup your losses.

Poor record keeping may also result in failure to update and perform preventive maintenance on your equipment which, in turn, can lead to equipment breakdown, major repairs on a rush order or even an expensive replacement that takes a big bite out of your budget. It’s important to emphasize that errors committed during manual asset tracking procedures, also known as moving targets, shouldn't be blamed on your employees. Admittedly, it’s extremely difficult task to maintain accurate data on an asset, unless you find an alternative asset tracking solution that outsources the function to a powerful, yet flexible and intuitive platform.

Benefits of an Asset Tracking Platform

An asset tracking platform that employs software and syncs with the cloud will allow you to connect all of your departments so that they communicate with one another. In other words, if you retire an asset in one department, your records will be automatically updated so that all departments are aware. If another department needs a similar asset, employees will be able to determine at a glance if it’s available and where – and if not, you can order it without risk of duplication or waste. A reliable asset tracking platform also enables you to perform audits from time to time, so you catch ghost assets before they have the opportunity to drain your resources.

Asset tracking software helps companies and organizations stay on top of regulatory compliance, as well. Those regulations may occasionally make it hard to keep your costs down, but a real asset tracking platform can eliminate guesswork and provide you with the accurate data you need to make informed decisions about where you need to make adjustments.

Your assets – particularly your IT assets – are likely to be among the biggest investments you make for your business. It goes without saying that you want to keep them in good working order to maximize their respective lifespans and eliminate any unexpected breakdowns that can bring your productivity to a halt. A good asset tracking solution will enable you to set up customized notifications and alerts, so you never miss the periodic maintenance that keeps your equipment running smoothly and reduces your exposure to security risks.

With Asset Panda, you get an asset tracking platform that syncs with the cloud and eliminates the need for additional hardware, so you and your employees enjoy a powerful streamlined approach to asset tracking and management.


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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