Imagine you have the ability to know where all your company’s physical assets are in real-time, to know who they are with, and where they are at any given time. Now stop imagining, it’s not magic, and neither is it some technology out of fiction. Asset tracking is real, and today it’s a fundamental aspect of effective asset management.
You can’t define effective asset management without tracking. Most definitions of asset management interchange the two concepts. Asset tracking is a method of monitoring the physical assets in a company or business. Asset tracking, done well, ensures the operational efficiency of both the fixed asset and the company. It also minimizes equipment theft, loss, and workplace disorganization.
Traditional methods of asset tracking are for the most part, less productive and time-consuming. Thankfully, today, modern means of asset tracking have now ensured that asset tracking is no longer a thing of spreadsheets, forms, and what have you.
Importance of Asset Tracking for Your Organization
To help you understand asset tracking and its importance, here are the benefits a great asset tracking system gives to your organisation as a whole.
Seamless Platform
A great asset management software is fully integrated and automated. You have a platform where every aspect of asset management is fully automated and efficient. This can be integrated seamlessly into your workplace, allowing for an end-to-end tracking of all your assets from acquisition and insurance to track, audit and compliance.
Full Accountability and Accuracy
Nothing reduces a company’s efficiency and productivity than being unable to account for and utilise your company’s assets. Having an effective asset tracking tool solves this efficiently by allowing you easily account for all assets and ensuring proper utilisation. Each asset can be easily and quickly located at any time, anywhere, and in real time. With this, you are sure to stop asset loss and theft in your company, saying goodbye to spreadsheets and stressful check-out and check-in processes. A great asset tracking tool also ensures you have all the data you need concerning your assets at your fingertip. No matter the size of your company and the number of assets you have, you can track assets from mobile devices to computers, vehicles, and more.
Real-time Reporting and Auditing
Accounting and transparency in your business cannot be fully realized without proper reporting and auditing features on your asset management system. Along with tracking your assets, users also get real-time reports on everything from which employee is using what, asset issuance date, to the condition and maintenance history of said asset.
This ensures that you are always aware of your asset’s location and position alongside its working condition. Companies using asset tracking software can efficiently and automatically adjust records as assets are reassigned between employees or various departments. This ensures auditing is orderly, simple, and quick. Information is always up-to-date, and asset maintenance, acquisition, and sales are accurate and speedy.
Streamline Workflow
Tracking your assets allows users to communicate seamlessly across systems and efficiently streamline their workflow across branches, regardless of location. Users can adapt better and more effectively to regulatory changes, and companies can better monitor compliance risks and gain better visibility into the operations of their assets. With this, asset tracking and utilisation are done using fewer resources. Employee work efficiency concerning asset use is made more efficient and productive. The entire end-to-end work process as regards the use of assets in a user company is easily structured and organised.
Comprehensive Insights
Tracking your assets means access to insights on everything about your assets, from their operability to their conditions in real time. With great asset tracking software, you get accurate data on your asset’s conditions, how well utilised they are at any given time, what assets are missing, or at the end of their life cycle. With these insights, users can gain better control of all asset operations, better-improving asset maintenance, and utilisation, reduce theft and loss risks, cost and time efficiency, and speedy business growth.
Your business deserves efficient asset management and tracking. Efficient asset tracking ensures you and your business tap into the numerous benefits that can help you know how your assets are being used anywhere in the world and where they are in real time. Asset tracking also ensures accountability among your team as well as give you access to up-to-date asset insights and reports.
Also read 5 Importance of Asset Management for your Business
Visit Rayda.co to learn more about us and our Asset Management Solutions.
