Imagine a warehouse manager roaming around your storage space or warehouse with a clipboard in his hands for data keeping! The manager is probably taking your business towards the era when candlestick telephones were a thing. The new consumer culture values sharing resources in order to minimize their costs. They encourage you to opt for technology that brings to them what they need NOW, rather than when your clerk is done with data entry into a system. This trend is causing a surge in cloud-based software subscriptions among the corporations. It helps them dig out the operational benefits in areas like inventory control and asset management.
You are in for countless advantages when you opt for a cloud-based asset tracking software. You actually lay down a solid foundation for your organization when you shift asset management to the cloud. It works through an internet connection and lets you reap all the benefits right from its data center. Also, moving asset management software to the cloud is also less expensive than actually buying software.
Moving your business assets’ records from paper to automation may seem intimidating but it is actually simple. The process is seamless, fast and inexpensive. Businesses are digging out the benefits of this agility and speed by shifting more and more applications to the cloud and those who haven’t yet will soon discover that they are left behind [Source]. You can easily get the information you want e.g. the current trends of customer behavior from anywhere via a number of devices. Therein, lies the beauty of cloud. Let’s find out some of the reasons why cloud-based asset tracking software is the answer to your business woes and you should ditch spreadsheets.
Reason #1: Spreadsheets are driven by conflicts and inaccuracies
Organizations usually begin with very basic asset tracking processes to maintain company documentation of assets mostly because of budget restrictions. Excel spreadsheet happens to be the most widely used method. Not even going close to demeaning the functionality and value of spreadsheets as they have countless benefits and uses in the business landscape, but the excel method of asset tracking sure is a failure.
Why is spreadsheet not a success when it comes to asset tracking? First off, it wreaks havoc on organizations caused by human error. You are very likely to face the issue of conflicting copies especially when your solution is not cloud-based. By the way, cloud happens to be a great file-sharing platform. For instance, everyone is going to have access to the recently updated files at all times via Google drive. Many of your employees can actually work on Google Drive spreadsheet at the same time warding off any conflicts that can possibly arise. Having an up-to-date data is the prime benefit of cloud-based asset tracking solution. However, that still doesn’t qualify ‘spreadsheet’ as the most effective method for tracking company assets.
With spreadsheets, there are chances of your system being out of sync with your actual inventory count due to manual data entry.
When practicing asset management on spreadsheets, you will be able to categorize your assets by location and type, create a relationship with other assets and document images and descriptions but none of that is going to be one hundred percent accurate. In addition to this, spreadsheets don’t integrate with other software solutions that you might be using.
There lie innumerable chances for error when working manually. It could be that there is an asset that is not usable or functional anymore but the spreadsheet doesn’t show it. Maybe the employees might forget to document that a certain asset was recently transferred to another department. Human errors result in inaccuracies and inaccuracies can cost you a lot of money.
Read more: Fixed Asset Management Software and Audits: An Overview
Reason #2: Spreadsheets aren’t scalable
So you look at a big successful enterprise and wonder how they got there? Well, truth be told! Once upon a time, they started off small too. The best time to mark your assets with asset tags and barcode labels is the initial stage of your small business. It is easier and simpler compared to realizing the barcoding needs later when your business grows. Besides, beginning with fewer assets, you will have to invest a smaller amount to put an asset tracking solution in place. When you assign a unique identification number to your assets, you automatically protect the data integrity by eliminating the possibility of two assets sharing the same serial number.
As additional assets find their way into your organization, you can easily scale up accordingly with cloud-based asset tracking software. You don’t even have to completely overhaul your asset tagging system when you opt for durable barcode labels and asset tags that last a typical lifespan of your assets. Barcode solutions and asset tracking tools are no more a part of just large enterprises. Small and medium-sized enterprises are also reaping benefits of asset tracking solutions in order to streamline inventory control, improve asset performance, better manage assets and optimize workflows.
With the increasing size of the company, business operations also increase. Cloud-based asset tracking software makes sure that the software integrates well with your internal processes even when your business evolves. Asset tracking solutions for your business should be driven by your needs rather than being expensive with the pre-determined package of functionalities that you don’t even need. As your business changes in sales channels, customer base and scale, so should your software.
Read more: Benefits of Tracking Depreciation in Asset Management and Inventory Control Software
Reason #3: Spreadsheets are not capable to track real-time data and perform analytical reports
The word ‘analytics’ keeps getting tossed here and there in the business world today but its real meaning is often lost. Having real-time knowledge about where your fixed assets and inventory are along the supply chain sure is valuable. It lets you know the how the driving forces of your business are doing or the efficiency of your processes like the pick, pack and ship time and how to capitalize on this information provided about customer behavior.
Forecasting inventory in real-time is of significant importance, particularly when meeting the demand of customers.
The in-database analytics and in-memory computing that cloud-based asset tracking solution offers releases a lot of stress embedded in asset management. For example, having to scramble to replace or fix assets that skipped scheduled maintenance and searching for missing or lost assets. Such analytic evaluation also prevents your storage space or warehouse from flooding with inventory that will probably go unsold and eventually be marked off. A supercharged asset tracking software utilizes the analytics available and automatically plans replenishment according to the increase in product demand.
Spreadsheet tends to disrupt the efficiency of asset management because of the lack of real-time information. When one spreadsheet is modified, the general records will not show it which then has to be manually updated too. Any mistake in doing so can result in a ripple effect ending up with inaccurate asset ledgers causing both long-term and short-term issues. For instance, an asset is not available when it is highly needed, warehouse or production activities can come to a halt.
Want to optimize your assets using asset tracking software?
EZOfficeInventory is a leading cloud-based asset tracking tool used by small and large enterprises alike. Practice a robust, easy and secure way to track your assets.
For more assistance, drop us an email at support@ezo.io
