Just because you are not running a $60 million company doesn’t qualify you as the business that doesn’t have many assets to track, protect, and value. The illusion is that asset management is for large corporations only. The question is what smaller businesses do? Note them down on some organizer? There are cloud computing companies that offer asset tracking software for small business, not just the enterprise firms.
As per a survey conducted by Statista, the forecasted size of the SMB cloud service market in the United States was expected to reach $25.2 billion in 2015. Efficient asset tracking software for SMBs help them make regular, everyday business operations faster and more organized. Small business inventory management solutions can enable companies to boost productivity and effectiveness of workplace without spending a fortune on software implementation and training sessions.
Why have an Online Asset Tracking Software for Small Business?
Managing your company assets accurately is the core component for the success of your small business. As the company grows, the challenge to manage your assets grows at a rapid scale. It’s a make or break situation for businesses and without a doubt, any challenge in tracking assets could lead to potential financial loss and disorganized work orders.
These days, businesses keep track of assets by maintaining records on spreadsheets or jotting them down on the traditional ledgers. Though they are still considered effective but in the long run, these methods can cause hurdles in your growth. And while you’re on a tight budget, it’s worth the investment you will put in to upgrade your traditional or hardware based management methods to an automated asset tracking software. To better tackle asset management challenges, the smart thing to do is go for an asset tracking software for small businesses.
Did you know? Software as a Service (SaaS) subscription revenue from enterprise process applications was expected to reach $33 billion in 2014.
Let’s go through how asset tracking software empowers small business with better asset management, streamlined workflows and secured data on assets.
1. Complete Asset And Inventory Management in a Single System
One of the reasons you want to opt for an online asset tracking software for small business is because of its pay-as-you-go subscription model. It provides you the low cost of initial uptake activities that are in favor for small businesses looking to subscribe for such services. The model also reduces quite a number of workforce training and infrastructural costs commonly associated with implementing an on-premise or enterprise-grade software. That said, you can manage fixed assets, as well as perform IT asset tracking without the need to use a spreadsheet. With a complete asset management solution, you can keep records of 1000s of assets’ costs, manufacturer details, model and serial numbers, warranty checks, and company-specific custom attributes associated to your assets that help you simplify asset identification and reporting.
Read More: More Reasons to use Asset Tracking Software
2. Track Work Order and Custom Attributes
With asset tracking software for small business, you can set multi-format custom fields for items and carts, including fields for dates and dropdowns. This way you strengthen workflows by tracking custom attributes such as asset placement area and lease expiration date alerts. You can also identify and forecast service outages related to incidents with an associated asset.
Create work orders, add associated components, and assign these orders to members to stay on top of tasks. You can use this data to track staff performance and schedule vital tasks effectively. Consider all the things an asset tracking system for small business can do. And think of all the time you’d save! With limited capital and personnel, this is the best thing to do – manage work orders efficiently.
Read More: Cloud Technology and SMBs
3. Error-free Asset Tracking using Barcode and QR Code Scanning
Barcode and QR Code Scanning is hardly a new concept for asset management. What makes asset tracking accurate and faster is using barcode scanning. For businesses of any size, it is a big feature to have the ability to track assets and inventory. Though buying separate scanners for each of your employees can be pretty expensive.
Did you know? In 2016, the global SMB mobile SaaS market is expected to be worth 16.5 billion U.S. dollars. The number of mobile users and devices is increasing throughout the business world, and cloud software continues to provide excellent value to the customer, being easy to set up and offering collaboration capabilities that are changing the way organizations do business.
Here’s the catch! Rather than buying the hardware scanners, subscribe to asset tracking software for small business. They let you use your smartphones for scanning items – no need to purchase multiple barcode scanners. Employees don’t even need to be in the same place or office to look up available items for checkouts. Additionally, you can also set up barcode scanners to asset tracking systems for your ease. This enables error-free and quick asset tracking for you.
4. Track Service Tickets and Maintenance Events
In addition to using hardware scanners to keep track of your assets, it is vital to know whether they have had the preventive maintenance checks to keep them in working condition. Tracking service tickets and maintenance events enable small businesses to save equipment downtime costs, in the long run, to avoid replacing the broken item on spot.
Switching to an automated asset tracking software for small business, it is always beneficial to stay on top of maintenance management. Knowing what kind of repairs would be required if a piece of expensive equipment or machine goes unavailable and which vendor to call for quick parts delivery – this all comes down to better maintenance management using a CMMS module.
5. Enhanced Access Control and Complete Asset Lifecycle
Control is critical to the success of any small business. Asset tracking software for small business allows you to configure access control throughout the company. This ensures that all assets in your company are accounted for and that their assignments and records are tracked and verified. You can associate asset assignments with users to gain complete visibility of checked out items.
When choosing a solution for your business, ensure that it’s versatile and has the ability to have custom alerts and configurable access control. This way you can focus more on increasing the ROI and utilization of assets and reducing equipment downtimes. With effective asset management solutions, you not only track and manage the assets but also make them part of a larger administrative ecosystem. A precise and well-documented asset lifecycle procedure will undoubtedly change into a much more productive and optimized asset, something that asset management software has to offer a small business. Through procurement to checked out, serviced, audited and retired state, everything is tracked on a particular asset.
Bottom Line – Choosing the Best Asset Tracking Software for Small Business
Asset tracking software for small business can really help companies get the most out of their limited resources at hand. By tracking your assets, you can make sure nothing sits idle for long, nothing goes missing, and everything that needs to be maintained is maintained.
While some of the equipment that SMBs use may not be extremely expensive, the losses incurred from the mismanagement of business assets can be too high for a small business. This is why asset tracking software for small business is a great idea as they are wishing to minimize risk, plan better for the future, and ensure their processes are as lean and efficient as possible.
Reporting, depreciation, and exporting must also be considered, including compatibility with your specific accounting needs when selecting the best asset management tool for your company. 36 percent of respondents purchase their apps directly from the app maker’s website which indicates that your website must answer all the pain points these SMBs are looking to sort out!
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