Understanding How Fixed Asset System Tracking Works for Business of Any Size

By July 20, 2017Asset Tracking, Blog

Understanding How Fixed Asset System Tracking Works for Business of Any SizeCompanies are looking for an asset tracking system capable of handling more than simply tracking their fixed assets. The process of managing the equipment vital to any organization, whether a large multi-facility organization or a single room start-up, begins with fixed asset system tracking.

One of the most common challenges faced by any business is how to accurately track the location, condition, maintenance and depreciation of their assets. Depending on the number of assets a company owns and utilizes as well as how mobile these assets are, then tracking can be especially difficult. Data on where assets are, who has them and the condition they are in changes all the time, as equipment moves from one department to another, or outside of the facility to vendors or service providers.

Traditional asset tracking used to rely upon manual processes like handwritten ledgers or shared spreadsheets, which are proven to be vulnerable to human error and most of the time are not kept up to date. As a result, tracking assets turn into a huge failure. Companies lose track of their equipment, fail to maintain it and have to replace it sooner than they would have, spending unnecessary money, than they would if they had a more efficient tracking system in place. Sadly, the reality is that many organizations do not know what kind of fixed assets they own or how much money or time they’re losing annually as a result of these inefficiencies.

Tracking assets is a process that is used by multiple departments in an organization – not just the one person who is using the tool. Teams from accounting, facilities, operations, audit, support, purchase orders, etc – while they might not work in the same room or in some cases even the same building, many of these teams need to obtain the same data about assets in order to make important decisions that benefit a company as a whole. Before fixed asset system tracking emerged, these systems rarely spoke to each other and the people trained to use one system were not trained on the others. This practice of using multiple tools to do the same redundant work with different information equals bad data and increased costs. The new paradigm is to use one central tracking tool to handle assets as it relates to each of the people responsible for their specific use within a fixed asset system tracking platform.

Fixed asset system tracking vastly improves the management and integrity of a company’s asset-related information, eliminating the human error associated with manual processes, and taking the guesswork out of repair and replacement decision-making. The process of fixed asset tracking cannot be any easier thanks to advances in tracking technology. Organizations have complete control over the management of their assets and inventory – entirely from the mobile devices their employees already carry. This integrated system combines free apps, the cloud, and a built-in mobile scanner, which eliminates the need to purchase other costly hardware and software.

Asset Panda offers the most powerful and user-friendly mobile asset tracking system on the market. Our clients can add as many users as they wish, and customize fields to reflect their specific needs. From the palm of your hand or on the web, Asset Panda gives you real-time information on the check- in/check-out status of equipment, what condition those items are in, their repair histories and maintenance schedules. Our service desk capabilities allow you to schedule maintenance or request work orders, effectively reducing your support calls. The information upon which your accounting and compliance teams need is within easy reach. Your built-in barcode scanner helps you locate in a matter of seconds specific items you’ve logged into the Asset Panda tool. You can generate automated, customized reports and communicate when items need repair or replacement.

Every company, no matter their size, faces the significant task of tracking the assets they own. Organizations lose thousands or even millions of dollars each year by not having good information about their fixed assets. Asset Panda allows for the people who use those fixed assets on a daily basis to keep track of them, anytime, from anywhere. Visit assetpanda.com and give us a free 14-day try. You’ll see how our simple and powerful platform empowers you to track your equipment exactly how you want, saving significant and measurable time and money.

 

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