Tracking Equipment Software: Protecting the Lifeblood of Your Business

sharing-construction-equipmentLater this year, business owners everywhere will be assessing their needs for 2020. A great many of those business owners may find themselves unsure about the assets they currently have in their inventory, which is why tracking equipment software is likely to be your most vital asset.

Benefits Extend Beyond Location Tracking

Knowing how many assets you have and where they’re located isn’t where the benefits of tracking equipment software end, however. Equipment is likely to be the lifeblood of your organization. You’ve made the investment, so you want to keep that equipment in good working order throughout its useful life. Tracking equipment software gives you an easy, hands-off way to stay on top of important maintenance deadlines. Preventative maintenance may seem like an unnecessary expense, but it’s far less expensive than an urgent repair, overhaul or even premature equipment replacement. Some tracking equipment software enables you to create work orders, review the complete maintenance history of an item, and/or check on the item’s warranty and expiration date. If you don’t have a tracking system in place – or if you’re relying on manual tracking procedures – monitoring these details for every piece of equipment you have is extremely difficult. Manual tracking requires employees to key in data, which inevitably results in errors. Gaps in recordkeeping also are likely to occur when employees charged with keeping those records become sidetracked by other projects or aren’t told when an item changes hands or requires repair.

Theft Deterrence

Another important service that tracking equipment software provides is theft deterrence. Your equipment is a target for thieves. Without a tracking mechanism, when equipment is gone, it’s gone. Equipment can also fall through the cracks. Perhaps you have an asset on loan to another department, and it goes missing. You have no recourse with a means to track your equipment. In some cases, companies continue to pay insurance on lost or stolen assets for months without even realizing those “ghost assets” are missing – an unnecessary waste which can have a big impact on your bottom-line profits.

When it comes time to make your budgets, you want to know that you’re basing your decision off real-time, accurate data. Tracking equipment software automates much of this process and gives you peace of mind. Here’s the best part: With tracking equipment software, all of your equipment data lives in one centralized, easy-to-access location. The days of spinning your wheels while you try to hunt down the check-in or check-out status of an item, its maintenance schedule, depreciation or other details are over. Within seconds, you have at your fingertips the complete lifecycle of your each of your vital assets.

Closing the Communication Loop

For maximum accountability and accuracy, you’ll want to ensure that your tracking equipment software is simple to use by all stakeholders involved in the lifecycle of your equipment. Eliminating communication gaps keeps everyone in the loop, and you can add additional safeguards like an electronic signature.

Equipment refresh schedules are far easier to establish when you know exactly what you have, you’re keeping up with maintenance, and you know its expected lifespan. Staying on top of your inventory ensures that you won’t overbuy and have equipment sitting idle; nor will your productivity grind to a halt when your employees have to wait for a piece of equipment to be found, returned or repaired.

Asset Panda’s tracking equipment software offers the most streamlined, yet powerful and intuitive approach for your equipment tracking and management needs. To learn more, visit assetpanda.com

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