5 Ways Fixed Asset Tracking Software Improves Asset Management
Asset management can be difficult without the right tools, with many companies lacking the accuracy, visibility, and awareness they need for operational efficiency. This article discusses five ways fixed asset tracking software can improve asset management.
Fixed asset tracking software offers countless benefits for businesses, such as cost saving, asset optimization and depreciation management. It also enables efficient asset management by providing users control over asset maintenance which streamlines business processes.
With automated technology like barcodes, RFID and QR codes you are able to track the location of each asset, keep up-to-date equipment and improve administrative workflows.
ResearchandMarkets.com reports that the global market for fixed asset tracking is likely to reach $60.7 billion by 2027.
Here are some ways how asset tracking simplifies asset management while maximizing productivity through real-time insights:
Timely equipment maintenance
For an expanding business, it is critical to have a well-developed system that automatically maintains information about an asset’s life cycle including its complete asset history from procurement to disposal.
Fixed asset tracking software allows your business to devise maintenance schedules along with making informed decisions regarding what assets need replacement or servicing. This reduces the instances of asset unavailability due to aging assets or breakdown in case of emergencies. You can monitor the lifecycle of an asset from time to time saving yourself from hefty costs in case an asset malfunctions.
Eliminates ghost assets
Ghost assets appear in a business’s books but are actually stolen or lost; they might lack a digital record altogether. Unproductive ghost assets take up space and add to a business’s fixed costs having a negative impact on the bottom line.
With seamless barcode and QR code scanning, you can develop accuracy in your financial statements, avoid excessive insurance premiums and maintenance fees by having records of all your owned assets, and pinpointing which assets need to be removed from the asset repository.
This also reduces inaccuracies in business records because users can update the asset requirements based on the needs of their respective departments.
Prevents asset theft
Fixed asset tracking software improves asset visibility by updating and replenishing the current asset levels. When assets are digitally managed, the chances of theft reduces significantly since an automated inventory management system sends timely alerts when an asset is reserved, serviced or checked out.
Asset’s location can be tracked which reduces the risk factor associated with theft, especially for employees.
Updated tracking mechanisms develop accuracy of asset audits which are crucial to a business’s profitability and longevity.
Efficient purchase planning
Tracking software provides accurate demand forecasts for fixed assets by sending timely alerts and reminders pertaining to an asset’s maintenance and service status.
Therefore, you always know where an asset is allocated and how much, which expedites purchase planning. This also means that your business buys assets according to its needs without wasting financial resources.
This reduces the risk of running out of assets that saves fixed costs and improves asset management.
Ease of accessibility
With a mobile application, you can easily carry out fixed asset tracking from anywhere as it makes your asset information more accessible.
This not only reduces the chance of human error in recording asset information, but streamlines the process of asset management across multiple locations especially if you are a construction business and operate in the field.
Since asset tracking eliminates the need for a manual database, this makes the information readily available to authorized personnel.
Also, smartphones are cheaper replacements of scanners and can provide detailed asset information whenever required. These two factors combined, improve decision making while also reducing hardware and fixed costs.
Record of Your Assets
Fixed asset tracking software is critical to ensuring smooth business operations and effectively managing business assets throughout their lifecycle. An easily accessible and comprehensive record of your assets is simplified through fixed asset management because fixed assets are expensive and need accurate monitoring.
This article was written by Mark Allinson from Robotics and Automation News and was legally licensed through the Industry Dive Content Marketplace. Please direct all licensing questions to legal@industrydive.com.
