Asset tracking software – leverage your assets for profit maximization
Poor asset management: Effect on business bottom line
Due to the latest innovations in technology, the number of assets acquired by various institutions is constantly on the rise. Even after an alarming increase in the inventory size, asset visibility still poses a challenge for most companies. While struggling with this issue, organizations find it hard to identify and track their assets. This can have serious consequences including but limited to:
A low rate of return: The ability to track assets determines your chances to achieve a better rate of return on your capital investment. If you record equipment performance, you are more likely to improve productivity and efficiency.
Misuse of resources: When you are unable to monitor asset movements, you end up under-utilizing your capital. Unsupervised inventory stock makes it difficult for employees to carry out their daily tasks, because of difficulty in locating certain tools.
Costs incurred by ghost assets: Unused or broken assets can be a burden on your budget. This is common when you don’t dispose of old equipment on time. If you still record idle assets in your financial portfolio, costs are bound to build up. Learn more
According to a study by Gartner, it was further found out that companies which fail to track their hardware are more likely to damage their bottom line. It was also stated that poor management techniques result in below average asset performance, which ultimately takes a toll on business growth. Such failures tend to increase costs by up to 10%. Sounds problematic, doesn’t it? You can tackle this problem through a simple solution. Continue reading
Fixed asset tracking software for regular asset management routines
Every business is obliged to follow certain rules and regulations when it enters the market. Majority of organizations try to work out efficient strategic plans, which will allow them to achieve a greater turnover. While this seems like a pretty straightforward goal to set up, it is much harder to accomplish. Companies have multi-tiered departments which require extremely complicated administration techniques to enable seamless daily activities. Such techniques often involve robust asset management as well.
Streamlined inventory procedures take into account the lifecycle of assets from the time of deployment to the time of disposal [Source]. This is an important practice because of varying depreciation values of inventory items. Timely disposal of equipment is as important as the acquisition of new tools and devices. After an asset reaches the end of its useful life, you will start to face decreasing returns to scale, if you don’t get rid of it on time. Negative asset marginal propensity does not only harm your workflow but also tends to have negative externalities for the whole department. Employees tend to suffer due to disrupted inventory operations, which lowers overall productivity.
Poor asset management practices are likely to pull down the profit curve in the long run. Your business can avoid this by adopting a structured inventory control approach. To do this, your company can invest in a cloud-based solution for better asset performance to maximize returns. Fixed asset tracking software comes with a specialized capacity for product lifecycle management. It helps you to easily retire assets, update asset records, and get salvage value for retired assets. Continue reading
Key management issues and how to deal with them using equipment maintenance software
Before you start off your business, you plan out the inventory required to successfully function and sustain in the coming years. Coming up with the right tool management solution for your company is as important as taking care of those tools. Just imagine that you invest a large amount of capital in your inventory which you expect to last at least 5 years. Unfortunately, due to poor equipment maintenance management practices, you end up overusing your equipment to the extent that it breaks down before its retirement. After this happens, you are forced to replace all your equipment and this cycle continues until it takes a toll on your business’s revenue and profit margins.
So how can you overcome the challenges associated with asset and equipment maintenance management? Research suggests that increased visibility allows your company to enhance infrastructure efficiency as well as performance and minimize overhead expenses. The best asset management practices tend to integrate financial and inventory functions to optimize asset lifecycles. Continue reading
The Need for IT Asset Tracking Software
Every company understands how critical the impact of asset management can be on their bottom line. With organizations seeking to improve their operational efficiency and asset utilization while reducing costs, they have increased their use of efficient tools preferably an IT asset tracking software. It helps them increase flexibility, improve productivity and achieve better ROI. It provides them complete visibility of their assets in real time, enabling them to improve asset utilization and employee productivity. This blog will detail how you can achieve asset visibility using an IT asset tracking software.