What is Asset Tracking and Why Do I Need It?
Asset tracking is an important part of modern-day workplace management. If you don't know what you own (or lease), you have no idea how much it's costing you and whether it's still working properly. Asset tracking is the first step to determining the total cost of ownership for all the items in your workplace, from large equipment to office furniture and computers. Here's a look at the basics of asset tracking, how it benefits your bottom line and how to implement smart asset management.
What is Asset Tracking?
Asset tracking refers to the process you use to document all your company's physical assets.
Typically this involves a centralized platform that provides details such as location, owner, contract and maintenance history for all assets in real time.
Asset tracking takes the manual labor out of asset management. And as we all know, eliminating manual labor can significantly reduce wasted time, energy and expenses.
Top Benefits of Asset Tracking
- Lower administrative costs
- Better accountability and cost savings
- Improved customer service
- Planning for future growth
- Maintaining certifications
- Improved efficiency
- Improved accuracy
Lower Administrative Costs
Asset tracking eliminates the need for administrative professionals to track down assets manually. This means reduced human error that could lead to asset loss. Moreover, it frees these individuals to focus on other potentially revenue-generating responsibilities.
Better Accountability and Cost Savings
Without tracking your assets, you could be experiencing costly losses without even realizing it. Tracking your assets helps you avoid these losses and holds employees accountable for handling them responsibly.
Improved Customer Service
Any time you improve the function of your business, it becomes immediately evident to customers. Whether it's a well-stocked inventory, better informed employees or an overall more efficient operation, the customer experience will undoubtedly benefit from your internal improvements.
Planning for Future Growth
It’s difficult to scale your business for growth with manual asset tracking. An asset tracking solution helps you identify asset utilization trends to help you prepare for growth.
Certain regulatory compliance and certifications, like AIB certification, can be fulfilled by asset tracking. And by using an asset tracking solution, you can track and manage more than manual tracking allows.
Asset tracking provides valuable, high-level insight into the performance of your business’s physical spaces, including the office, warehouse, and storage. This is important because it enables you to identify important links in the way these sectors utilize assets so they can streamline business operations. Furthermore, data tracking helps you anticipate asset needs before it’s necessary, like equipment maintenance.
Naturally, this level of insight helps you understand where assets are, how they are being utilized, and what actions need to be taken to keep assets in play at all times. There's no more guesswork. With asset tracking reports, hard facts dictate business decisions.
What Assets Should You Track?
Asset tracking software helps you see the full picture of your asset utilization, costs and maintenance so you can make smarter business decisions and plan for the future.
Here are just a few of the assets you should be tracking:
- Office furniture
- HVAC equipment
- Manufacturing equipment
- Break room appliances
- Printers and copiers
- IT equipment
- Software licenses
- Safety equipment (including personal protective equipment, or PPE)
Benefits of Asset Tracking Software
Because using spreadsheets for asset management is time-consuming and inefficient, more organizations are implementing asset tracking software.
Asset tracking software is a digital, centralized system that allows your organization to track important details about each asset in real time.
This decreases administrative costs, improves service and gives your organization greater visibility into asset utilization, costs and maintenance. iOFFICE’s asset management system is part of a robust workplace management system. That makes it easy to see where all your assets live within your space, check maintenance records and more. With asset tracking software, you can:
- Track Everything
With the new FASB lease accounting standards, companies are now required to maintain detailed records of each leased asset. With asset tracking software, your company can track any number of assets in one place. Each asset contains a detailed profile that illustrates everything you need to know about that asset, including pictures, product guides, key contacts and contract terms.
- Access Information Anywhere
Asset tracking solutions come equipped with a mobile app that allows managers to validate asset information wherever they are, even if they're away from the office. You can search by owner, location, type or serial number, edit files (to correct owner or location information if needed), take pictures of an asset, scan asset information via a barcode scanner and more—all from the convenience of a mobile device.
- Create Customized Reports
With asset tracking software, you can quickly and easily generate reports, including asset location, utilization and cost reports. Managers can also include contract terms, lease or maintenance information in the reports and set contract expiration notifications.
While some assets remain in good condition for many years with proper maintenance, others become obsolete within a year or two. Or, you may find they just aren't used as frequently as they once were. For instance, if you have 100 printers on your corporate campus but 25 of them are rarely being used due to department consolidations, you may be able to cancel some of your lease agreements to save money or even sell those printers.
The right asset tracking solution makes it much easier to decide the useful life of assets—which ones are worth keeping, and which ones are costing you more than they're worth.
To see how our asset tracking software helps you manage costs, watch this short demo video.