Businesses of all types have a long list of various tools and technologies they wish they could fit in their budget. A tracking system is an example of valuable and powerful technology that must be a part of this list.
Asset tracking is a means of monitoring both moveable and fixed physical assets to streamline the management as well as monitoring and allocation of physical assets with the use of asset tags or barcode labels. But this does not necessarily mean that every asset you own or manage must be labeled. Some of the good candidates for asset tags are high value assets and moveable assets that will require regular repairs, maintenance or replacement parts, including machinery and equipment.
By tracking fixed assets, you can gather data on the status of your assets easily. Furthermore, you can facilitate streamlined processes like depreciation for accounting and inventory management. As for moveable assets, the use of asset tags to give every item a unique identification number will allow you to easily pinpoint an asset’s location using a barcode scanner.
How Cloud-Based Tracking Tech Can Help Your Business
One of the best ways to streamline your business operations is to move all your data to the Cloud. By using Cloud-based services, it becomes easier for organizations to collaborate, share, and access important documents and data from anywhere and at any time. Businesses moving to Cloud prove that doing so makes information management easier and boosts productivity.
1. Increases customer satisfaction
Asset tracking will enable businesses to maintain excellent working tools and perform better, as well as allocate resources to finish projects on time and on budget, thus increasing customer satisfaction. Aside from minimizing unnecessary spend by efficiently controlling your assets, you will also boost profits by earning recommendations and repeat business from satisfied customers.
2. Monitors assets easily and efficiently
The use of asset tracking solutions allow you to keep an eye on your assets as they are transferred from one department to another. This enables you to gain a better view of their complete physical asset portfolio. Moreover, this will let you easily determine requirements and manage resources accordingly.
3. Hastens accurate inventory management
Effective asset management will lead to accurate and speedy inventory management, thereby eliminating plenty of headaches and stress that are often associated with inventory control. For example, if assets are tagged, they can quickly and easily be scanned; there’s no need to manually verify if their identification numbers match those in the records. Using a Cloud-based tracking system will simplify the entire process.
4. Simplifies maintenance management
If you are managing assets that require ongoing or periodic maintenance, asset tracking solutions can be very helpful. Often, maintenance management falls behind if you depend on manual documentation to ensure that maintenance schedules are on track. With the use of reliable asset tracking solutions, alerts will ensure that scheduled maintenance work does not become an afterthought.
5. Streamlines reporting requirements
Your company must be equipped with efficient processes to gather and report on data in order to prove compliance. Asset tracking will allow you to stay on top of regulatory requirements like equipment calibration, maintenance and testing. Moreover, it can streamline the reporting requirements if it is integrated with a trusted asset tracking software solution. In just minutes, you can create detailed reports.
6. Lowers costs
Cloud-based services will help your company save money on a variety of fronts, including power and cooling costs, service maintenance, upgrade expenses, and software licensing. Instead of spending on hardware maintenance, subscribing to services for a minimal monthly fee can help stretch your company’s budget further. And during slower periods, the Cloud allows you to scale down, thereby saving your business a significant amount of money.
7. Secures backup data
The Cloud will ensure that you can retrieve the latest versions of your data if your on-site system malfunctions. You can either choose to backup your files frequently or automatically to a secure online location. This way, if unexpected situations occur, you can get back up and running in minutes.
8. Prevents unnecessary asset duplication
In the day-to-day operations of a business, it is very easy to misplace crucial assets. Equipment, devices and other items that are typically used by different departments might not always be documented correctly. If you look for the same asset again, the records may not reflect where the asset is currently located. This can cause unnecessary asset duplication.
It is far simpler to tag your assets in the early stages of your business’s growth than to realize too late that you should have implemented an affordable assets tracking solution from the start. The fewer assets your business has when initially implementing a comprehensive asset tracking solution, the less expensive your first investment will be. Choose the right asset tags to prevent having to completely overhaul your asset tagging system.
Whether your business is small or large, implementing efficient asset tracking solutions offer plenty of benefits. These include simplified documentation requirements combined with considerable time savings, greater accuracy in record keeping, and increased efficiency.
Oliver Threlfall is the CEO of TechLoc, a provider of innovative assets and workforce management technology for businesses. TechLoc asset tracking and business systems now has three international offices in the US, Canada and Australia and continues to roll out all over the globe. A Biology major at Deakin University and a born entrepreneur, Oliver also founded Steamatic Australia, a leading cleaning and restoration firm servicing Australian businesses and families.