The more your company or organization continues to grow and expand, the more difficult equipment asset tracking becomes. Each of your assets has particular data attached to it, like its warranty information and expiration date, insurance information, lease or purchase information, depreciation, maintenance schedule and complete maintenance history, not to mention their respective locations and conditions.
It’s worth calling out maintenance schedules in particular. Staying on a plan not only helps prevent equipment breakdown; it also keeps your equipment and therefore your employees safe. When you carefully monitor maintenance schedules through equipment asset tracking, you can establish equipment refresh schedules based on accurate information. Equipment refresh requires that you budget for new equipment in the year ahead. If you’re not sure how long you’ve had an item, you may have to base your equipment refresh schedule on guesswork – and you may cost your company thousands before it’s essential. Equipment refresh schedules that have been carefully planned may also take advantage of bulk discounts, so poor planning can cause your organization to miss out on such opportunities.
Should you decide to sell any pieces of equipment when it comes time to replace them, those pieces of equipment that have been routinely and adequately maintained will have maximum resale value. Any prospective buyer, after all, would be more inclined to purchase a piece of equipment with thorough records indicating it has been kept in good condition.
A lot of companies and organizations believe they can get by with an Excel spreadsheet or even pen and paper for their equipment asset tracking. This belief may be based on how many pieces of equipment an organization has; in other words, decisionmakers at a company with a relatively small number of pieces of equipment may not think it’s necessary to invest in equipment asset tracking software. However, it’s almost always a smart move for two primary reasons: First, your staff is busy, and it’s difficult to keep up with the task of monitoring the whereabouts and condition of equipment. Second, your equipment, regardless of the size and scope of your organization, represents a significant investment. Whether you have a large IT department or just a few pieces of industrial machinery, you want to maximize the lifespan of those items. It’s wasteful not to maintain your equipment and have to replace it before you should have to. When that happens, your limited resources have to be diverted away from other priorities, and your productivity is negatively impacted while you wait for a replacement item.
The best solution for your short- and long-term needs is an equipment asset tracking platform that’s flexible enough to grow with your business – one that allows you to customize features to meet your specific needs and make changes at any time. You should find a product that will enable you to add as many users as you’d like because participation of everyone involved in the lifecycle of your equipment is crucial. When everyone is communicating, accountability and accuracy increase significantly, there are no gaps, and you keep your equipment in good working order.
Asset Panda offers the most powerful mobile equipment asset tracking platform in the world – and yet it couldn’t be simpler to use. All you need to use Asset Panda is the mobile device you already carry. You get 24/7 access to real-time, cloud-synced data. At your fingertips, pull up the exact location, condition and other specifics on your equipment, and enjoy the peace of mind that comes from being able to make informed decisions about your equipment budget.
To learn more or to start your free 14-trial trial, visit assetpanda.com
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