Managing businesses well is a huge challenge. Robust management includes a whole host of activities, from ensuring employees are productive, to being confident in your procurement or maintenance practices. Related to these activities is the process of asset lifecycle tracking. Most organizations fail to realize how critical asset management can be to ensure workplace efficiency. If your employees don’t have quality tools to work with, they won’t be able to complete daily tasks on time. Often, equipment breakdowns cause delays in business functions and can lead to huge repair costs. These situations can be easily avoided if you strengthen your asset and inventory management strategies using an asset tracking software.
A variety of cloud-based solutions are available to help your business achieve its targets. In order to meet your goals, you should have the right software to plan, design and execute your asset utilization patterns. The key to solving inventory problems lies in attaining a high level of security and protection for your assets. For this, you don’t need to invest in multiple solution packages; you just need to select the right one!
So, what should you be on the lookout for? What you need is something that offers numerous supercharged features to cater to your assets and upgrade their performance. In addition, you need to be able to manage your equipment no matter how large your business gets! This is important, as you can store all your valuable asset information at a single place for the long term.
Ways to secure your business assets using asset tracking software
Here are some ways you can increase asset security using asset tracking system:
1. Enable location tracking for increased visibility
Due to the rise in mobile activities, companies sometimes find it hard to keep a record of asset movement. When employees travel outside the office for work, they are likely to take some electronic devices or company equipment with them. What if all such activities go unnoticed before you realize how many items have been misplaced from your inventory?
Low visibility into assets can lead to substantial losses
You can make sure you don’t suffer through such an experience by implementing the right equipment tracking solution. With the help of this, you can maintain an updated asset database. In addition, you can track the current position of the assets in your warehouse, and keep a check on their quantity, status, and quality. This allows you to follow trends in asset usage as well. By keeping tabs on your assets around the warehouse, your inventory becomes more secure and less susceptible to internal damage.
2. Organize regular audits to monitor utilization
Businesses go through a lot of changes all year round. They get rid of some assets and add on new equipment to adjust to the company requirements. All these changes need to be registered and tracked for an organization to make effective strategic plans. For this reason, the majority of firms carry out audits to analyze their asset utilization for the year. Audit practices not only tend to keep your finances in order but also maintain credibility and regulatory compliance.
To provide you with a streamlined inventory management process, asset tracking software allows you to conduct audits every now and then. By doing this, you can monitor checkpoints in the asset lifecycle, track current usage and determine the future status of your tools. Audits are important for your organization as they enable you to optimize asset utilization and increase workplace efficiency. Due to frequent checks and balances, your assets also remain protected from unwarranted and illegal activities!
3. Carry out lifecycle management for improved performance
Organizations hold multiple assets with varying lifespans in their inventory. If you struggle with inventory control, you must know how difficult it becomes to track individual assets. If you fail to monitor equipment, you will miss out on critical asset maintenance sessions. When this happens, your inventory items will depreciate faster than expected and break down more often.
Equipment monitoring is essential for streamlined asset maintenance
In order to provide work security to your employees, you need to invest in asset lifecycle management. You won’t have to spend money on a complicated system to do this. Easily accessible and simple to use, asset tracking software logs minute details regarding your inventory. Be it purchase orders or vendor appointments, the software lets you store all the necessary information against your assets. This way you will never miss out on maintenance schedules. Estimate costs and benefits of tracking assets until their retirement. All this added information leads to a greater layer of security, as you’re always in the know about your operational context. In addition, active assessment allows you to decipher usage capacity effectively which greatly increases productivity!
Read more: Practicing consistent preventive maintenance management
4. Assign Barcode labels for accurate asset records
Your assets are critical to the overall performance of your business, which is why it is mandatory for you to maintain them well. When you make a capital investment, you expect a solid return on it. One of the best ways to increase your rate of return is to implement efficient inventory control practices. To do this, you could invest in Barcode and QR labels for your business. Barcode asset tracking is perhaps one of the most commonly used technologies when it comes to asset management. So how can you go about doing this for your business?
Asset tracking software lets you create customized labels for your equipment. You can use this feature to tweak the traditional codes to store more information. This comes in handy when you want to check out an asset for use. Your employees can easily scan the barcode and find out details regarding the item in hand. An automated tracking system lets you maintain an accurate and reliable database. Such a system increases data transparency and therefore bolsters security. You’re able to flag down where assets are at any point in time, and even chase them down if they go missing!
Upgrade asset management through a secure database
Inventory control doesn’t always have to be a complex task. If you deploy a good asset management system, you’re all set! You just have to choose a cloud-based mechanism that allows you to streamline asset usage and maximize utility. An equipment tracking software lets you do just this through a single system, easily accessible to all your employees. A safe and secure asset database means your business is on the right path to meet its goals, with the guarantee that your investments are always taken care of!
Want to learn more about our asset tracking software?
EZOfficeInventory is an asset management software used by small businesses and enterprises across the globe for streamlined inventory practices to increase productivity and efficiency.
For more assistance, drop us an email at support@ezo.io.
