The Role of Mobile Technology in Asset Tracking

As a technologically advanced society, we are always connected to the world of digital information. The number of Americans that own smartphones is now 77%, compared to the 35% in Pew Research Center’s first survey of smartphone ownership conducted in 2011. In addition to mobile phones, Americans also own a range of other information devices. Nearly three-quarters of U.S. adults own desktop or laptop computers, half own tablet computers and one-in-five own e-reader devices. With all this technology at our disposal, the process of tracking assets is easier and more accurate than ever.

Organizations of all shapes and sizes have assets and/or inventory that need to be tracked on a daily basis. These items often play an important role in the bottom line and how a company operates. However, tracking all the moving pieces can be overwhelming. Technology has produced important (and efficient) tools that assist with inventory control and asset tracking. Common terms like “mobile” and “cloud” are being used interchangeably with inventory tools and management platforms thanks to smartphones and other mobile devices.

Do You Know What You Have?

In today’s competitive business environment, having immediate access to accurate, timely information about assets and inventory at any given second is vital. The old ways of tracking assets – handwritten ledgers and online shared spreadsheets – are simply outdated and error-prone. Businesses no longer have time for guesswork or worse, errors in data that can completely derail operations. Possessing real-time knowledge about every asset or item in your inventory is important when it comes to the financial health of a business.

Because your data is changing constantly, it’s nearly impossible to keep up when you’re relying on manual processes for tracking. It’s extremely important to maintain accuracy in your records in order to report fixed assets to your accounting and compliance teams. Miscalculations, omissions and other mistakes can be very expensive. And let’s face it, cost savings is always at the top of a company’s list. If you want a fighting chance of making your business succeed, the old way of tracking assets just won't cut it.

Advantages of Mobile Technology

We are an on-the-go society. With that being said, it’s not always convenient to find a desktop computer to look up an asset's information when you’re out of the office. That’s why smartphones and mobile devices are imperative.

Just as we are on the go, so are the assets and inventory we use. They move between offices, across buildings, to and from job sites, between employees or clients and much more. Mobile devices allow us to keep up with this movement at all times and provide up to date data on every asset that is stored in the system – from where an asset is, who has it, check in/check out status, and the complete maintenance/repair history.

Mobile technology has introduced simplification and accuracy into the overall process of asset tracking – essentially, eliminating human errors by implementing an automated processes and improve the accuracy of your data. Asset management mobile platforms enable you to house all of your asset-related data in one centralized location, saving you and your employees valuable time and frustration.

Smartphone Technology Today

One of the biggest pros of mobile devices is the addition of an all-inclusive barcode scanning capability. In the past, if you wanted to track assets and inventory using barcodes, your option was to purchase expensive handheld barcode scanners. Now, smartphones (and tablets) can be used as barcode scanners at any point in time. This is a cost-savings benefit for businesses because there's no longer a need to purchase expensive hardware employees have to share and keep track of.

Smartphones give employees the ability to process and view asset and/or inventory transactions anywhere, at any time. This real-time data gives fellow co-workers an accurate, up-to-date report of where an asset is, who has it, its check in/check out status, maintenance history, and even how much of an item is in inventory. Again, eliminating guesswork and increasing accuracy.

Asset Panda is the easiest, most intuitive mobile system to manage your assets and control your inventory. Asset Panda’s integrated asset management system combines the use of apps, the cloud and barcode scanning to mobile devices that employees already have. With unlimited fields and configurability, Asset Panda can change with your needs, which is why it's the perfect platform to help meet goals and solve problems.

It’s time to look at your smartphone and mobile technology in a whole new light. Yes, you actually can do more with less and Asset Panda can be your guide. If Asset Panda seems to check all your boxes and you’re ready to take the next step, get a free demo and 14-day trial today!