All You Need To Know: Retiring Assets Through Fixed Asset Tracking Software

online fixed asset tracking softwareFixed 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

Stages of Asset Lifecycle and Role of Asset Tracking Software

asset tracking software

Looking to optimize asset lifecycle management? Organizations of all sizes, in  public or private sectors, can start by investing in a comprehensive asset tracking software

What is asset lifecycle management?

Asset lifecycle management is the process that comprises different stages of an asset that it goes through during the span of its lifetime. The main stages of an asset’s life-cycle are planning, procurement, operations and maintenance, and disposal. 

Tracking an asset’s life cycle is essential as it leads to optimized operations, minimized downtime and reduced overheads. There are different systems, methods, software, and standards which are used to manage different types of assets. A robust asset lifecycle management solution would enable an effective and well-organized asset and deliver services. For the same purpose, companies use asset tracking software to track and manage their assets’ lifecycle.

This blog details the stages of an asset’s life cycle and how you can track them using asset tracking software.

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Retiring Assets

Our product team has been working to improve the asset lifecycle in the application and we plan on releasing feature sets that improve the mapping of the office workflow with that of our application’s. One of the features introduced a few weeks back was retiring assets.

Asset Retirement is archival of an asset, this is an asset that once was in ‘active service’ and now is either no longer in service and/or has been written off the books of the company. The advantage of retiring an asset over deleting is that it retains all the history associated with it.

A retired asset will not appear in searches or standard views. To view a retired asset the filter on the asset page will need to be used.