Why you need asset tracking software?
Poor asset management and its consequences
As a company grows it acquires more and more assets. While a large capital stock means variety in inventory but does it necessarily lead to a greater return on investment? Having valuable items in your inventory is completely useless if you are not managing them in the right way. Poor administration practices can ultimately have negative impacts on your bottom line. If you are struggling with the following issues, then it’s time for you to revamp your asset management routines!
– Inadequate data records: Many organizations don’t consider it important to maintain updated asset information. Future business performance depends heavily on previous patterns. For that purpose, you should track history of your assets. Failure to do so can result in flawed business strategies and not to mention financial troubles.
– No fixed maintenance schedules: You invest a large amount of capital to gather the best quality assets for your business. To maximize returns on this investment, it is necessary that you implement robust inventory control routines. Each asset has its own depreciation rate and hence its service sessions need to be supervised accordingly. Over and under maintenance are equally or even more harmful than no maintenance at all. Continue reading