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
Why businesses must use barcode tracking systems
We are all surrounded by barcodes whether we know it or not. From the goods you purchase at stores, to mail, and to identification cards, those small images of lines or bars are not simply mere lines. They are encoded with information for identification purpose. Barcode technology has become so mainstream that consumers don’t even tend to take notice of it but nonetheless it continues to beep its countless benefits for a variety of industries.
Radiate productivity across your organization with barcode tracking
Productivity is critical to the success of a business. When you are productive, you will remain competitive in a business environment roaring and slashing with challenges. It is a MUST to remain competitive to be successful in today’s business landscape. Barcode tracking technology helps to improve the bottom line and zealously meet competitive challenges your organization has to face every single day. The perfect duo of barcodes and data collection technology offers accurate, efficient and faster way of collecting, processing, transmitting, recording and managing data in different industries. When you have better and more information, you can get your hands on better opportunities to scale up and get the jump on the competition.
Barcode tracking solutions have showered businesses with countless benefits and it is this technology that paved way for globally connected distribution channels you are able to witness today. Big corporations like Walmart are able to ensure that they have products that are properly priced and stocked around the world. This vital tool is increasingly helping small and medium businesses as well along with government agencies and hospitals to track their valuable assets, improve efficiency and increase productivity. Continue reading
Importance of asset tracking software for simplified asset tagging
Asset tagging: Fast track to higher productivity for small businesses
Small businesses tend to overlook the importance of a robust asset tracking software. It happens because they already have enough merchandise to fit in on a small budget. Doing this, you can have serious drawbacks for your business. Whether you are a small or multinational organization, asset tracking should be considered a critical aspect of inventory management. Tagging your assets enables you to run smooth work operations and maximize utility from your tools. This process doesn’t have to be complicated. It’s pretty straightforward if implemented in the correct manner.
For starters, let’s begin by talking about which assets should you be tagging? Inventory labels can be designed for both fixed and movable tools. If you want to shortlist items for asset tagging, you can divide your inventory items into two main categories: High-value equipment which has a depreciation rate and requires maintenance and repair. Followed by assets in transit which needs constant supervision. After deciding what needs to be tagged, you need to focus on what to expect from an asset tracking software.
By deploying a sophisticated software for your company, you will be able to access valuable information regarding all your assets. Having detailed data, being instantly updated by the minute, leads you to devise smart business strategies. Streamlined management processes mean an increase in asset optimization which ultimately raises workplace productivity! Continue reading
Online asset tracking software for insurance management
Insurance – A Business strategy to deal with uncertainty
A wise organizational management structure involves taking into account all risks. In order to do this, the smart move would be to consider getting insurance for your company. Planning to get an insurance is not an easy task. If you want any damages to be reimbursed, you need to keep your asset data updated at all times. Insurance not only protects companies against unforeseen circumstances but ensures legal compatibility as well. It is often the requirement of the government that businesses must possess certain types of insurance policies. To meet this criterion and to offer a safe working environment for your employees, it is impertinent that you save for insurance.
Besides attaining legal compliance, your business possesses valuable assets which cannot be compromised in any case. To safeguard your assets from unauthorized activities, insurance against data breach is highly suggested. Following this trend, the principal small business market is predicted to grow from $58 Billion in 2013 to $63 Billion in 2018.
In a competitive marketplace, companies are susceptible to various malpractices and often end up paying high costs. All this can be easily avoided if you streamline insurance processes for your company. You can start off by investing in an efficient and easy-to-use asset tracking solution. A cloud-based software such as this, allows you to record all asset movements, all the time. This comes in handy in case of unexpected breakdowns where insurance is required. Let’s look at some ways you can improve your business’s insurance processes: Continue reading
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
Barcodes in asset tracking software – a business solution for just for you!
In this age of technology, it’s hard to imagine a business operating without an automated system of inventory management. It’s about time businesses have cloud-based solutions implemented across departments. Businesses can generate a greater return on investment by minimizing workflow inefficiencies. One way to do this is to implement a barcode tracking system for your inventory items. This allows you to carry out all business activities within your targeted budget as well as in a time-effective manner.
Assigning barcodes to all your inventory items lets you minimize errors associated with manual entry of assets. If your assets have a barcode label, it gives you a chance to record an asset’s usage more accurately. What’s even more useful is that barcodes are extremely versatile. They can be used to conduct a variety of data reports and insights for your business.
In addition to being inexpensive as compared to other methods of data entry, barcode labels tend to reduce employee training times. This means that your staff workers are free to do other important quantitative tasks. As a result, inventory control becomes simplified and more streamlined. When you keep a tab of asset utilization, you can make changes in resource allocation accordingly. This ultimately leads to well-informed decision making.
Why is inventory control software essential for your business?
Facing trouble in recording and maintaining data on tools, misplacing tools after been used by an employee or difficulty in keeping track of tools being shipped off to various locations are some of the issues your business might be facing when it comes to inventory management. If you’re facing some of these challenges then it’s time for you to invest in inventory control software.
Inventory management is crucial for every business. Ineffective inventory control methods can lead to mismanagement of tools, incur additional expenses and ultimately lead to an unproductive work environment. By opting for a cloud-based inventory tracking system, you are moving towards improving efficiency by ensuring the accuracy of data. In contrast to cloud based tool management solutions, drafting documentation in spreadsheets can be time-consuming and not easily accessible across the organization. Below we will go through some handy tips about how tracking inventory can help your business out! Continue reading
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.
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.