Asset Tracking: What is Asset Tracking and Why Do I Need It?
Asset tracking offers multiple benefits for an office space. A successful and functional office space is much more than brick, mortar and talent. It’s filled with property—including those critical to your comfort and protection (life-safety equipment, air conditioning units, proper lighting), those pertinent to the performance of the business (printers, computers, phone systems) and those that round out the inter-office experience (coffee maker, furniture, decor). We call all of these elements “assets,” and every office has its own unique inventory.
What is Asset Tracking?
Asset tracking is a centralized management solution that provides businesses with location (space or ownership), contract and maintenance information for all assets in real time.
In other words, 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. Asset tracking involves a lot of moving parts that require a degree of management—especially if something goes amiss.
Why Your Business Needs Asset Tracking
Before you can understand the numerous benefits of using an asset tracking solution for your business, you first need to understand its core features and how they impact day-to-day operations. Here are the top three features of asset tracking.
- Track Everything
To begin with, businesses 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 and key contacts (among many other things).
- Mobile Access
Asset tracking solutions come equipped with a mobile app that allows managers to validate asset information on the go or when away from the office. 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
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.
How Will Asset Tracking Benefit Your Business?
There are seven key ways asset tracking will positively impact your business.
Top Benefits of Asset Tracking Include:
- Decreased administrative costs
- Increased accountability
- Improved customer service
- Scaled business for growth
- Maintaining certifications
- Bolstering organization and efficiency
- Improving accuracy
Improve 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.
Scale your business for growth: It’s difficult (energy-, time- and cost-consuming) to scale your business for growth with manual asset tracking. An asset tracking solution will make managing all the moving parts easy, and will identify demand and waste trends to help businesses pare down and prepare for growth and future goals.
Maintain certifications: Certain regulatory compliance and certifications, like AIB certification can be fulfilled by asset tracking. And by using an asset tracking solution, businesses can track and manage more than manual tracking allows.
Bolster organization and efficiency: Asset tracking provides valuable, high-level insight into the performance of your business’s physical spaces, including office, warehouse, and storage. This is important because it enables managers to identify important links in the way these sectors utilize assets so they can streamline business operations. Furthermore, data tracking helps business owners anticipate asset needs before it’s necessary, like equipment maintenance.
Improve accuracy: Naturally, this level of insight helps managers 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 guessing game or estimates anymore. With asset tracking reports, hard facts dictate business decisions.
It’s important to track your investments and understand how they’re being used. Integrate an asset tracking solution into your business operation and take the guesswork out of running your business.
The right asset tracking solution is easy to integrate and implement, and will save your business time and energy otherwise spent trying to manually track assets. More importantly, it will provide you with the foresight necessary to replace or renew assets and contracts before they deplete or expire, and will reduce the risk of losing assets or experiencing downtime.