How to best use an online asset tracking software for your business
Don’t you just wish your assets were easier to find? Well, many industries can relate. Whether your organization handles hundreds, thousands, or hundreds of thousands of fixed assets, your employees need to track the valuable assets whenever they need them. Chaos is almost guaranteed as the number of your assets increase. It is here that asset tracking software comes in and lets you manage, analyze and distribute assets from a central database and allows you to spend more time creating brilliant business strategies for your company and less time looking for assets.
Fixed assets are basically those objects or equipment that businesses use in day-to-day activities to complete their tasks. Employees use and return them frequently which means companies can lose control over them in the absence of an accurate method of tracking these items. Keeping an accurate record of fixed assets is a cumbersome task for businesses but nonetheless a necessary one. Luckily, an online asset tracking software makes the task of tracking fixed assets less arduous. Without an updated record of fixed assets, your company remains at risk of losing thousands and hundred thousands of dollars every year.
Tracking the condition, quantity, maintenance, depreciation, and location status of assets can be an uphill struggle for many organizations. Recording, maintaining and reconciling fixed asset account is of immense importance as errors can result in an inaccurate evaluation of a business. It has a direct impact on agencies, lenders, and investors. Hence, asset tracking solution tracks fixed assets for theft deterrence, preventive maintenance, and financial accounting. Continue reading
Asset tracking software for data protection and backup
Data loss prevention and challenges associated with it can have a disastrous effect on the productivity of your business. Many businesses still keep track of inventory, and assets, and data related to them by following the same old-school methods. The process manual entry of data in spreadsheets! But when companies don’t use an automated and secure solution, they are exposed to a variety of issues including data loss that can cost up to millions of dollars. However, you can simplify this by using an asset tracking system.
A data-centric backup architecture that asset tracking software comes with protects your data transparently and scales across your business. This is regardless of how it is moved within your company or where it resides.
What you should know about managing a business with asset inventory software?
The crux of efficient business management relies on a few major aspects. One of them is inventory control. The reason is simple and obvious. Your company needs asset inventory to carry out its daily work operations. Poor inventory management means that your tools and machines are unable to perform their respective tasks. This leads to low productivity which demotivates your employees as well. To ensure optimal utilization of resources, it is critical that you implement robust asset management practices for your organization. Such routines not only help create economies of scale but lead to increase in overall efficiency.
According to a few recent surveys, trade and retail sector accounts for the largest number of inventory in the U.S. An estimate of around $618,408 Billion has been recorded in September 2017, which is a substantial increase from $605,193 Billion in September 2016. Research data also predicts a positive impact on inventory for various other business sectors as well. If this growth trend continues in the coming years, inventory management will pose a great challenge if not handled in the correct manner. Taking care of your assets is simple, as it should be. It mainly involves 3 basic steps; tracking, maintaining and analyzing. Continue reading
The decision of moving to a cloud-based asset tracking software
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. Continue reading
Why education sector needs to consider asset management for schools
Major challenges faced by schools and their implications
Schools aim to bring across the best quality education to your children. In order to achieve this objective, it is necessary that teachers have the right tools to do their jobs. Even if you have the most valuable assets, lack of proper management routines can cost you a lot of money and low productivity. To maintain a substantial education standard, schools need to endorse robust asset management systems. But why is there a need for such a system?
The coming years are likely to pose some serious problems which can have a negative impact on the learning curve of students. It has been predicted that the number of students will increase by 650,000 till the year 2020. As the student base goes up, schools will have to expand their classroom capacities and arrange for additional teaching tools. Tools that would fit in the changing technological world. More teachers would have to be employed and monitored. Such drastic changes ultimately mean one thing for educational institutes; tight budget constraints!
Apart from all this, schools are also expected to face problems in accountability measures. Physical supervision of inventory is very expensive and not always reliable. In order to adopt the most cost-effective practice for asset management, it is critical that your school invests in a cloud-based tracking system. Continue reading
Why you would need asset tracking software for conducting audits
Every business wants to achieve its targets at the end of the year. It doesn’t matter if you’re a small business or an enterprise, the rules for success remain somewhat the same. One of the most critical business processes is to have a streamlined audit. So, why is an audit so important and how can it help improve your organization’s performance? Well, holding audits does a lot more than just filter out the financial records of your company [Source]. It helps you achieve the following benefits:
1) Measure actual growth vs. proposed growth: Setting up business goals requires a lot of hard work and resources. What a loss of resources would it be if you are not able to meet even half of your set targets. Internal audits provide an easy way out of this! After you generate reports of your business progress, it becomes easier to compare trends and predict future business strategies.
2) Reduce risk of fraud and poor asset management: Business inventory management involves a great deal of cautious planning and execution. Your inventory is the capital investment and you need to make sure you are getting the desired returns on it. Audits help you pinpoint which assets are dragging your rate of return down. You can cut down on costs, optimize usage and amend your finances. One way to do that is to implement a cloud-based asset tracking software across your firm. Continue reading
Asset Tracking Software and Calendar Management
With all the historical data, projects and work orders piling up, it only becomes incumbent for businesses to look for a way to remain organized and lean. When everything goes haywire, you are bound to become stressed and frustrated. When you are organized, you are able to save time and shed all that stress. We all know wasting time certainly consumes money which no business wants. Managing an entire workforce and all your valuable assets is undoubtedly a huge job. And the most effective way to manage your workforce and assets is to use asset tracking software that supports an intuitive calendar management.
Save yourself from the stress and frustration as you no longer have to hop between software that doesn’t integrate well with each other. Calendar in asset tracking software gives you the advantage of managing assets and scheduling asset assignments from one single platform. Increase in profits and operational efficiency is only natural when an organized business eliminates redundancy, decreases top-line labor costs and increases productivity.
Businesses and the use of calendar in asset tracking software
Businesses require a considerable amount of teamwork to function efficiently and profitably. With asset tracking software, this teamwork becomes easier and in real-time. A lot of planning is involved in businesses where you need to do the right thing through the right person at the right time and place using the right asset. As soon as any of these parameters hang loose, the ball is dropped. With a user-friendly asset tracking software, none of the strings holding your business will ever go loose. Everything remains right in place and order. Continue reading
Why opt for a Church Inventory Software?
Running a church is not like running a business owing to its unique needs. There are many elements to consider in order to run a church properly. Its nature is quite different compared to businesses as the latter is to achieve profit while the church is not. However, both have divisional components with a hierarchical setup. Businesses have the privilege of keeping their money to themselves while churches depend on contribution and donation of its members. This makes it even more important to handle church resources, activities and finances efficiently along with managing and expanding memberships.
With time the church is going to grow along with the general congregation. When the members increase, so does the administrative and management work. This means important funds, relationships, and pursuits of the place of worship can become a mountainous task to manage. With technology evolving at a fast pace, all hope is not lost. It is here that the church inventory software comes in and saves you from all the trouble by catering to the unique needs of the church. Continue reading
Evolution of technology and asset tracking software
The era of industrial revolution introduced completely new production processes and technologies to the world. Through these mechanisms, businessmen were able to achieve higher standards of productivity. As mass production of consumer goods increased in the market, so did the labor cost. This change led to a rise in the amount of inventory stock owned by businesses and higher sales became the ultimate goal of the retail markets. But what was the role technology playing in all this?
The first drastic change came in the 1800’s with the invention of the machine-readable punch card. This device allowed people to record a variety of goods. Commonly known today as tracking of assets. In 1960’s, a team of retailers came together to bring to the world to use barcodes, also used in present times. Moving forward 20 years to 1980’s, the traditional tracking system was launched which streamlined asset management even more. Unfortunately, asset tracking system in the 80’s wasn’t as efficient as it is now. The system lacked the functionality of automatically updating asset records. After inventory barcode scanning, information had to be recorded manually into computers.
Sometime later manual inventory tracking was replaced by scanners and ultimately Radio Frequency Identification (RFID) hit the markets around 2000’s. This technology gave way to advance tracking without the product actually being in sight. RFID also allowed the barcode to store more information about the product! Asset tracking software has evolved rapidly over time and is now increasingly being used by tech institutions for complex tasks [Source]. Continue reading
Asset Tracking Software and Equipment Management
Regular equipment maintenance is important and necessary for every business. There are companies who even specialize in different types of equipment maintenance. At present, North America has the most sophisticated and technologically advanced types of maintenance programs. Manufacturing industries tend to focus on decreasing production costs by eliminating investments related to people and processes.
As per the Maintenance Study in 2016, it was recorded that 76% of manufacturing industries follow a preventative maintenance strategy whereas 51% of these companies use a CMMS (Computerized Maintenance Management System). The reason for these results is simple – effective equipment management using asset tracking software leads to streamlined business routines. Continue reading