Manage Your Reservations with an Asset Tracking Database
Within many organizations, fixed assets are in limited supply and must be shared among employees. That’s where an asset tracking database can prove invaluable.
Protect Your IT Assets, Protect Your Bottom Line
Fixed assets, particularly those that are IT-related, are often high in value and are among any company’s largest investments. Not coincidentally, they’re also vulnerable to theft and loss.
Although some companies are starting to welcome employees back into their offices (roughly 40% are using a phased approach, bringing back segments of their companies at staggered times), many are experiencing economic strain and are trying to stretch their dollars.
The care of their fixed assets is one area they can control and experience significant savings from those efforts. In scenarios where your organization must share fixed assets, implementing an asset reservation system through an asset tracking database helps companies keep tabs on where their fixed assets are at any given moment.
An asset tracking database promotes increased transparency and accountability and provides:
- Insight into the condition of fixed assets
- The identity of the employees who have them
- Their expected return dates
With a proper administrative interface for reservations, the right asset tracking system can streamline the process of asset reservations and returns, keeping everyone informed and saving time, money, and headaches.
The Problem with Manual Tracking
Without a formal asset tracking system, organizations have usually turned to manual processes like Excel spreadsheets, pen and paper, or nothing at all. Loaning out company-owned assets on the honor system – with no paper trail, electronic record, or other means of tracking – is problematic.
Assets may simply fall through the cracks. Nobody seems to know who had the asset last. In the worst-case scenario, companies may discover months later that items are missing and that they’ve paying insurance on ghost assets that aren’t in their inventory anymore but were never reported as such.
The Benefits of an Asset Tracking Database
With an asset tracking database and reservation capability, employees can pinpoint the real-time location of any asset and determine its return date for their planning purposes. From a departmental and project management perspective, it’s far easier to plan work and reserve the necessary fixed assets to do the job.
Tracking fixed assets saves organizations money in various ways, not the least of which is simply the ability for the company to know the assets in its possession. If you can’t track your assets through an accurate, real-time system, your recourse is to get on the phone and try to find them or order replacements – an expensive option.
Increased Asset Information Automation
Your organization must report fixed assets for accounting and finance purposes. Some of them require periodic maintenance and updates to run efficiently and securely. An asset tracking database also allows companies to house this information and more on a single platform.
With automation, depreciation is simple to track and eliminates guesswork and error. IT managers can schedule and stay on top of software updates. Preventive maintenance is far easier to track with a system that allows users to set up customized alerts. Routine service saves companies the cost of big-ticket, last-minute repairs, and even equipment replacement.
Companies may also use the database to track asset use. You can then use that information to justify the purchase of additional assets or prevent unnecessary purchases in the future. Having access to real-time data also helps organizations create accurate equipment refresh schedules to avoid making a bigger dent in their budgets than is needed.
Asset Panda's Asset Tracking Software
Asset Panda’s mobile asset tracking database is highly intuitive and completely customizable. Our platform adapts to how you work, allowing you to add as many users as you’d like and establish settings based on location, the user, or other criteria.
Track the complete lifecycle of your fixed assets using the smartphones you and your employees already carry – it couldn’t be easier or more cost-effective. Learn why Asset Panda is one of the highest-rated asset management software today by getting your free demo (no credit card required)!