As many companies can attest, the holidays aren’t always the most wonderful time of the year. For retail companies, it’s their busiest season. Sales and stress are at an all time high and pressure is on for them to perform and beat sales numbers. For many other companies, the holidays signal the end of the year and that means budgets, audits, and employees taking more time off. While asset tracking probably isn’t top of mind during this hectic period, we bet you’ve never asked how can asset management free up the holidays?
Retailers accumulate thousands of assets from vendors. Especially at the holidays when customer demand is high. It’s imperative that stores and their employees know what they have, where it is, the status of the merchandise or assets, and if it’s out of stock when it’s expected back in. Asset management platforms hold all of this data in one centralized place via mobile apps synced through the cloud where retailers can organize, search, access and share assets. This is especially useful for retailers with multiple locations. With all data stored in one central database, Store X knows that its partner, Store X2, which is located 5 miles away, has a product that a customer is searching for. By sending the customer to the same store, they are keeping sales in the system and not sending them to the competition. They have an instant solution for a customer and the customer is not running all over town trying to find that perfect gift.
Will asset management free retail outlets the stress of the holidays? Probably not. But it will free employees from constantly searching for items that can be quickly looked up on their own mobile device about an asset or product and its location and status.
Fixed assets have a substantial influence on your business’ balance statements. Audits ensure that your company’s financial statements do not contain any inconsistency. Not having an updated record of all your fixed assets can cost thousands of dollars every year. Will asset management free you of conducting yearly audits? No. But it will free you of not knowing what you have, where it is or it’s status – all crucial things when it comes to looking at what a company has and what it uses. Audits typically require important information such as serial numbers, date of purchase, repair and service completed. Asset management and tracking programs can capture this information and make the auditing process much easier to grasp. By having all this information readily available at the end of the year, evaluating data to make more informed decisions for purchases in the coming year is much more accessible.
One important item that asset management will free up … time! For every employee you have, each of them spends an average of 1.8 hours a day searching for the assets and information they need to do their job. In one week, that’s the equivalent of one work day, per employee. When you have a system in place, all of that time spent searching is greatly reduced. Once your employees are familiar with your asset management system, they can simply pull up the database, search for the relevant asset, and be on their way. Employees are also no longer having to spend their work day entering data into time-consuming spreadsheets, which are at risk for error.
Need more time-saving proof? IT-company Timberhorn was losing over 40 hours a month trying to track assets, costing them thousands of dollars. They needed a solution and fast … and that’s where Asset Panda came in:
Asset Panda is the perfect asset management and tracking solution for businesses of all sizes, across every industry, that quickly integrates with existing systems, changing as your needs change for unlimited ways to organize and access the information you need throughout an asset’s entire lifecycle. Completely customizable, Asset Panda is not just incredibly powerful; it’s also very simple to use. Using devices your team is already using, our free Mobile App makes it simple to scan an asset for on-demand access or necessary information. Add pictures or documents, access full histories, generate reports, track maintenance schedules, audit, and get a full check in/check out the status on every asset entered into the system. The depth of this information enables clients to make better, more informed decisions, eliminates guesswork and costly errors, and ultimately, wasteful spending.
Take a chance and find out how asset management frees up your business at the holidays and beyond. Give your company the ultimate holiday gift of easy asset tracking with Asset Panda. Visit www.assetpanda.com for more details and to get a quote on the customized solution for your needs.