How Tech Improves Asset Tracking And Prevents Financial Losses
Technology

How Tech Improves Asset Tracking And Prevents Financial Losses

You full well understand by now that managing assets (whether they’re physical, intangible, human, financial or otherwise) is a pain-staking responsibility that requires ultimate dedication. For a good reason: asset tracking is used by many companies to solve one of many challenges that businesses face on a day-to-day basis.

One solution afforded by tracking systems is to ensure the organisation is fully aware—without a doubt—about the number of manufactured goods currently within the organisation. Knowing the precise and exact number of assets available prevents the embarrassment of “guess-work” and coming up short.

Another responsibility within asset-management involves balancing the life cycle of each asset, which could potentially lead to over-maintenance or under-maintenance. Therefore, developing an asset-tracking solution (and integrating it within the whole company) helps increase the companies bottom-line production values by streamlining the effectiveness of existing resources.

1. Automates The Process

In this day and age of superior technology advances, companies relying on hand counts or manual systems are professional dinosaurs. Some have made the argument that technology is moving too fast for humans to keep up. It has been proven that automatic systems are more reliable and more time-efficient than hand counts, whether it’s for asset or inventory tracking. However, having a reliable automatic system (which must also be scalable to grow with the company in the future) means using software that is up-to-date and relevant.

2. More Usage Applications

Successfully tracking your asset availability is paramount for professional asset management. In the past, managing inventory and assets required a lot of time and unbreakable concentration. These days, asset management is much more time-efficient. This is because inventory management software lets you:

  • Improve the accuracy of accounting
  • Improving warehouse/site accountability (through the use of scan tags and RFIDs)
  • Detecting theft rates instantaneously as they occur (through real-time notifications)
  • Knowing the exact location of assets whenever/wherever transportation occurs
  • Automatic saves mean tracked assets can be updated in real time
  • Record-keeping errors are dramatically reduced, as “automation” replaces human error
  • App-synchronisation on mobile devices (allowing you to review, analyse and document inventory of all company equipment—including assets and liabilities—at any location)
  • Readily monitor the distribution and shipping costs, equipment usage, specific details and geographic-specific location of assets and products

Those features, of course, depend on the software, program or app you use for managing assets and documenting your inventory. Equally important is monitoring the performance of the systematic process of the tech you decide to use. Some companies may offer all, some or none of the aforementioned features. However, no one can argue with the numerous benefits that inventory and asset management systems provide.

3. Use Up-To-Date Software

Using an out-dated app, software or program presents significant risks. Such as risking the accuracy of your inventory and asset documentation as well as putting the company in jeopardy. This is why it’s worth considering transferring systems to the cloud – which can be accessed company-wide and updated in real time; all records will be instantaneously synchronised. (Undoubtedly making audits substantially easier.) The security and reliability the cloud (as a service) has been readily improved, upgraded and developed during the past few years.

Conclusion

Automated management systems also help organisations understand the design capabilities of each particular asset, preventing employees from operating them in ways they weren’t meant to be used. Operating assets within their range extends the life cycle of those assets, which keeps finances rolling in for the company. These will ultimately keep repair costs down, which keeps money in your company’s monetary budget.