Published on February 4th, 2023 | by Bibhuranjan

How an Asset Tracking Software Will Save You Time and Money

The operational efficiency of your business is largely dependent on the condition of your assets. Efficiently tracking these assets can often take up hours and hours of your time. If only there was a way to eliminate the need for manual tracking of assets. After all, the most crucial asset for any business is time. Thankfully there is a way to simplify tracking of your company assets, and it is known as asset tracking software.

Asset tracking software provides a central location to track the status of all your assets in real-time. With this software taking care of the asset tracking processes, you can focus on the other revenue-generating tasks that’ll help in maximizing profits and value for your business.

In this article, we’ll take a look at how asset tracking software helps you save time and money. But before that, here is a little bit on the basics of asset tracking.

What is asset tracking software?

Before we explain asset tracking software, it’s important to know what are these assets we’re talking about here. An asset is basically any item possessed by your business that has an economic value attached to it. Assets can either be tangible (vehicles, laptops, computers) or intangible (contracts, goodwill, copyright).

Asset tracking is essentially a method in which you capture and monitor crucial information and data about your assets. And asset tracking software helps you in the process.

With asset tracking software, you can track the location and status of all your assets through GPS, RFID tags, or QR codes. The basic purpose of this software is to secure your important company assets and schedule their maintenance as and when required. This tool also helps in decreasing equipment loss while increasing the efficiency of asset control. And the result? Greater business growth and operational efficiency.

Why use asset tracking software?

Here’s a look at some of the benefits of using asset tracking software –

Extend the life of your assets

Whenever you purchase an asset for your business, you expect it to help you with revenue generation. So, of course, you would want to make sure that it remains in perfect running condition. Asset tracking software lets you know which of your assets are working properly and which ones are in need of repair. This helps in extending the life of your assets.

Streamline daily operations and auditing process

Asset tracking software also plays a crucial role in the auditing process. It gives you a list of assets owned by your business and also tells you where they are located. Without the help of this software, the auditing process would get very exhausting and drawn out. Besides, asset tracking software makes your daily operations more efficient and quick by removing any unnecessary steps.

Maintenance expenses decreased

If your assets are not being managed efficiently, you will have to spend more money and time on their maintenance. Improper maintenance can also significantly reduce the operational efficiency and lifespan of your assets. With asset tracking software, you can identify any unproductive items. It also creates alerts for scheduling maintenance jobs. This way, you wouldn’t have to deal with any unexpected maintenance jobs.

Increases employee productivity

With asset tracking software, you can tag your assets with RFID tags. This allows for automatic scanning of the items, and you’ll also get to know as and when they move through different stages of your business processes. By eliminating the need for manual tracking, your employees would have more time in hand to focus on the other important aspects of business operations.

Easier checking-in/checking-out of assets

The best part about asset tracking software is the ease it provides in receiving and passing out assets. You can search an asset by its tag and name (vendor or employee name) and check them in or out with a single transaction. This feature is especially useful for businesses that have a lot of assets, for example, hospitality businesses, libraries, and educational institutions.

Easier asset recovery

There can be instances when the whereabouts of an important asset are nowhere to be found. This can create a lot of problems for businesses and also eat into the productivity of your employees, who might have to spend hours and hours tracking it down. With asset tracking software, all your assets would have an online presence. You can easily put the barcode information of all your assets on the software and coordinate with GPS devices to track their location.

Conclusion

It’s clear that asset tracking software can be very useful in eliminating the need to manually update everything related to asset management. You would no longer have to spend hours of your precious time tracking lost assets or paying insurance money for any ghost assets. The right asset tracking software will not only help you save money and time but also increase the lifespan of your expensive assets. It’s certainly a smart move if you want to take the guesswork out of the equation.

Cover Image credits: Unsplash

Tags: asset tracking software, business asset management, business management software

About the Author

Bibhuranjan Editorial Officer, technofaq.org I'm an avid tech enthusiast at heart. I like to mug up on new and exciting developments on science and tech and have a deep love for PC gaming. Other hobbies include writing blog posts, music and DIY projects.