Equipment Asset Management System: How Can Business Owners Use It

equipment asset management systemEquipment asset management system – how to best utilize it

Pave out path for business success: Overcome major technical challenges

Information technology is one of the most critical aspects of business development. If used effectively, IT has the power to amplify productivity and boost performance to achieve high levels of revenue. In contrast, if your company is struggling with technology, even the most expensive capital investment can become a roadblock and have negative consequences in the long run. Most firms have trouble choosing an appropriate management system; the reason behind this is simple. Technology is constantly evolving and there are better options available out there every day!

Let’s outline some major technical difficulties faced by small and medium business owners:

  • Out of date software: This is a common malpractice which companies suffer from due to lack of knowledge about better and more advanced options. Obsolete systems can take a toll on asset utilization and lead to poor outcomes.
  • Data loss threat: Often times, it happens that companies operate without having online information backups. This can be extremely dangerous in case of infringement and you could risk losing important business files.
  • Collaborative systems: For a firm to actively include its employees in business tasks, it should invest in an easily accessible system. The absence of such a software can decrease employee motivation and participation.

Did you know? According to a discussion on the cyber breach, it was noted that 62% of attacks were faced by small and medium-sized businesses.

Smart companies always make the right choice and stick to it till the end. A cloud-based equipment asset management software has the ability to scale up and adapt to the business growth trends quickly which makes it a sound option for your firm.

Small and medium-sized business owners can use the following features of the system to improve organizational structures to raise operational efficiency:  

1. Get instant updates on asset movement across locations

A web-based equipment asset management system allows you to maintain an accurate database of tool check-ins and checkouts. This is made possible with the use of barcode technology. Using this feature, you can tag all your tools and machines with unique identification numbers and scan them at the time of a checkout. Such practices ensure transparency of asset movements in and out of the office. Employees have to enter current equipment location so that it becomes easier to track down assets in case of loss or theft. Being able to constantly monitor GPS coordinates, you can easily supervise assets in transit as well. With barcode asset location tracking, you can carry out offsite projects efficiently. Label all your equipment to get instant updates on location for optimized usage.

location management equipment asset management systemSupervise assets location through a web-based database

Read more: Asset Tracking Software For Jobs On The Move

2. Run timely audits to ensure legal compliance  

Due to strict legal rules and regulations, it is mandatory for a business to keep its asset usage in check. Doing so helps lay down the basics of tax calculation and insurance claims. But, how can your business achieve all this? This can be done with the help of an equipment asset management system which offers you to schedule routine audits.

Running frequent audits not only streamlines your finances but has the following advantages for your firm:

  1. Tracks usage history to comply with government regulations
  2. Allows you to gain power over settlement of claims
  3. Lets you maintain credibility of your company
  4. Tackles quality impairment issues

You can also gain these benefits by opting for a robust management system for your company. Audits allow you to store all your data securely and make the required changes before the next financial season. Improve asset optimization and budget provisions with planning audits on time.

Read more: Use Asset Tracking System To Add Value to Your Audits

3. Automate maintenance sessions for recurring services

As your business grows and acquires more assets, it becomes tough to keep them all in good shape. Each equipment has its own depreciation rate and demands specialized maintenance. The best solution to deal with such issues is to automate repair of tools and machines. This can be done with the use of an equipment asset management system. To get you started, you can schedule service sessions by sending out alerts to various departments in advance. Pre-planned sessions have high chances of being successful and none of the tools get missed out due to last minute hassle.

To make things much more organized, you can configure your system to run recurring services. This automatically puts new assets under maintenance as per their schedules. Carry out flawless workflows without the risk of delays due to unexpected breakdowns.

maintenance management equipment asset management systemSchedule maintenance sessions in advance for maximum impact

4. Assign employee roles for streamlined work operations

When it comes to immaculate business management, you cannot ignore your employees. If your employees are struggling with daily tasks, then your business structure can collapse in a short period of time. Luckily, you have the option of monitoring employee productivity within an equipment asset management system. With the ability to control user roles, you can limit audiences for certain assets and equipment if necessary. This makes it easier for departments to access their required basket of tools. You can also enhance the security of your warehouse by enabling logins for your employees. Every time, someone wants to check out an asset, they will sign it against their name. Increase employee performance rate through assigning roles and supervising usage history.

Read more: 3 Ways Asset Tracking Software Improves Employee Productivity

Redefine asset management practices to increase efficiency with EZOfficeInventory

For a business to survive, the first five years are critical to its growth than the later years. Facing competition in the market might not be easy, especially, if you are still struggling with simple asset management. In order to tackle problems related to technology and invest in the right tools, you should survey the list of cloud-based software programs available. EZOfficeInventory is an equipment asset management system designed with supercharged features to help your business optimize resource allocation for higher returns.

With an accurate system of data storage, EZOfficeInventory greatly reduces the need for manual labor. Integrated with barcode technology, it allows you to scan information through a single click. To make offsite projects easier, EZOfficeInventory lets you use its application on smartphones as well. Working on-the-go is much simpler and offers employees to update their system from anywhere anytime.

EZOfficeInventory also comes with the option to record usage history of all your tools and assets. This comes in handy when you want to assess future growth prospects. You can also generate customized reports, suited to the needs of your business. Start your free trial today to make the right choice for your company!

Get to know how to use our equipment asset management system!

EZOfficeInventory is a multi-feature asset management system used by small and medium-sized businesses and organizations worldwide. The software offers your company to optimize tool utilization to acheive higher rate of returns.

You can try us out by signing up today for a free 15-day trial. For more assistance, drop us an email at support@ezofficeinventory.com.

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