Learning how to track asset data will help your company make the best decisions when it comes to quarterly budget meetings. With the amount of data available at our fingertips, data collection is no longer the most important aspect of doing business. However, knowing what to do with that data can mean the difference between making a major profit and losing money in a business quarter.
Capturing asset data will help your business know what tools are used the most, which products or services are in most demand, and the general state of your company. Here’s how you can start to do just this:
Track Asset Data With the Right Software Program
In order to get the information, you need to make business decisions, make sure you’re tracking the right asset data. Your software should have fields where you can store info like initial investment, asset location, what it is used for, maintenance records, photos, expected life cycle, and more. Basic solutions like spreadsheets make it difficult to store this level of information for each asset. You could try to configure rows and columns, but the more you try to record, the more error-prone the process will be. Using a dedicated asset-tracking software will give you the options you need to store your information.
Interpret Asset Data Before Acting on It
Don’t try to take the raw data to all your departments without first looking it over. Once you have collected data over time, look at the patterns. Are some assets under more demand during certain times of the year or during certain promotions? Do certain departments tend to use some equipment more than others? Are there any times where your team doesn’t have the tools they need to get their work done? After you’ve studied your information, you can frame it and interpret it within the larger context of your company. What needs to change based on the patterns you’ve seen? Use that data to support the changes you plan to bring up to those in charge.
Bring Data Interpretations to Your Meetings
Once you have interpreted your asset data and come up with talking points supported by your information, you’re ready to go to the meeting. You can show everyone in attendance that taking the time to track asset data has helped your company notice these trends. Maybe the trends you have noticed are troubling, but hopefully, you’ve been able to catch them before they become too difficult to address. Your tracking efforts could be just what your company needs to start turning a bigger profit and increase company success across the board.
Asset Panda’s cloud-based platform makes it easy for you to track asset data over time, so you can study company trends. You can configure your information fields in a way that helps track everything necessary to keep your company in check. These fields make it easy to store photos and add notes, so any of your team members who use that asset will be aware of potential issues.
Check out how Asset Panda helps local law enforcement track the equipment they need to keep members of the community safe and pass necessary asset audits with ease. Ready to get your asset-tracking solution that will help you store all the records you need? Try our software free for two weeks!