Money Down the Drain? How to Ensure You Don’t Lose Valuable Business Assets

From vehicles to laptops, all your assets should be secure and accounted for at all times. The loss of a single asset can put a stop to the operation of your business. You will lose time tracking it down, time that could have been used productively.  

There is no way to ensure an asset never goes missing, but there is a way to ensure you can pinpoint its location in a matter of seconds, without an army out searching for it. 

Enhance Your Asset Management  

No matter what assets your business has, you need to know where they are at all times. Thankfully, there are lots of different free asset management software to choose from, to help oversee and keep track of your business’s assets. 

Asset management can be a big task when it comes to tracking down an asset that has been lost from the batch, this can cause a complete halt until found and the process of finding the asset requires lots of manpower, especially if just one is lost. However, it doesn’t have to be. 

Asset tracking is essential to your business as it will allow you to pinpoint the location of a lost asset within seconds and avoid the havoc caused when they are unable to be found. By scanning your assets, they can be tracked at any time, no matter where they are and it can also benefit other aspects of your business.  

Prevents Future Asset Loss 

As well as recovering assets that are lost, it eliminates human error to limit the chances of your assets going missing in the first place.  

People can become busy and have lots of things to complete in a day and so somethings slip through the cracks leading to assets being misplaced or moved around and hard to find again. Locating these assets can be hard work without an asset tracker.  

A tracker will give detailed reports on their locations, largely decreasing the time and manpower spent looking for them and eliminating the need to increase your businesses costs to replace the lost asset. 

Security is also increased by asset tracking as managers can receive notifications when an asset is being used at an unauthorised time or location without permission. Your business can ensure immediate alerts are sent out when this occurs to reduce the occurrence of theft and allows quick and accurate recovery of assets. 

Inventory Control 

Implementing asset tracking will also accurately manage your businesses inventory, which would take endless man hours to be completed manually. Effective inventory control will allow your business to …

• Better overview of your assets 
• Identify needs 
• Prevent waste 
• Prevent duplicating assets unnecessarily  

Accessible Information  

Tracking software allows you to track from any device, even your mobile. Managers can ensure asset safety from wherever they are, even if they aren’t in the office or are out of working hours. 

Managing your businesses various assets that vary in makes, models and hundreds of other differences, it is a grueling task to monitor them all with equal efficiency, however, with asset tracking, all asset data is in one convenient place. All data can be consolidated regardless of its type, making accessibility much easier. Managers can search by …

• Location 
• Owner
• Type
• Serial Numbers 

Say Goodbye to Unnecessary Costs 

Manually completing tasks can take much longer than if it is done automatically, not to mention the possibility of human error. 

Asset tracking records data with precision so that you know where assets are, when they need maintenance or replacing and helps you save money on labour costs, preventing you buying new assets before you need to. 

Productivity Boost 

Effective asset management will lead to higher quality operations as all assets are monitored to ensure they are working to the best of their ability and when they are not, they can be replaced when needed.  

Ultimately, the tool will allow your business to run smoothly and better maintain important assets quickly and cost-efficiently. A massive takeaway is the boost in customer service that increased productivity will provide, reducing unnecessary costs through better management will be raising profits as well as provide improved experiences for the customers and encourage positive word of mouth and repeat/loyal customers.

 

Feature Photo by Artem Beliaikin on Unsplash