#assetrackingsoftware assetmanagementsoftware assettrackingsystem

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10 Reasons Your Organization Needs An Asset Management Systems

An asset management systems is a platform that helps your company monitor your assets such as investments, equipment, properties, and even vehicles. Contrary to common misconceptions, this kind of strategy not only works for companies that mainly rely on assets such as those in the real estate and transport sectors. Companies from a lot of industries, even small businesses, can benefit from this particular upgrade.

Whether you’re new to the world of asset management systems, or already have one in place, it never hurts to identify and understand the benefits of implementing this monitoring structure. To help improve your organization and streamline your processes, here are ten reasons why you need an asset management system:

1. Keep track of your assets

As the main purpose of an asset management system, having one in place lets you see where they are located. Furthermore, you can also check at a glance the status of these assets. Depending on the system you have, you can check whether these particular assets are currently in use or not, or if they have been updated or modified recently. This is particularly important for manufacturing companies that need to regularly monitor whether their machines all run the required product or if they’ve all been updated with the necessary firmware.

Not only does it protect your assets and give you a handle on their condition, but some systems available allow you to monitor their respective performances. Some asset management solutions allow you to integrate features for collecting data and your target market’s opinion, through metrics such as engagement or even conversion rates.

2. Align your financial records

Proper asset management keeps you updated on the payment status of each–such as amortization rates and schedule for each vehicle, machine, or any other asset you’re still paying– and keeps your financial records accurate. Furthermore, being regularly updated on this front means you don’t miss any of your payments, saving your company from fines and penalties from late or missed amortizations.

3. Streamlines operation

Eliminate the repetitive and tedious task of monitoring and inspecting your vehicles or other properties, especially if they’re located elsewhere. With asset tracking software, you can assign people, even the end-users themselves, to update the conditions of the assets in their care. It reduces the time it takes to assess the assets and the automated forms make it easier for the employees in various levels to see and appreciate the conditions of the equipment or material they’re working with. It ultimately reduces your lead time and lets your people focus on more important work.

4. Eliminate ghost assets

Regardless of what industry your company is in, ghost asset is a logistical nightmare whose effects can slow or even hinder your growth for years to come. These are simply defined as any asset listed in a general ledger, yet can no longer be accounted for.

Whether it’s physically unavailable (missing, misplaced, stolen, or entrusted to an employee no longer with the company) or simply no longer usable, ghost assets usually stem from misreported or unrecorded items. With an asset management system, you can easily monitor where it was last located or who last used it.

When an asset reaches its end of life, companies usually have no choice but to let go of them. Asset recovery is an effort to make the most out of these materials, either by scrapping, selling, or other forms of divestment. With an asset management system, assets that are at their end-of-life are easily identified and once disposed of, can be easily updated. 

This allows you to remove them from your books. It also helps you identify consumables and spare parts that were used for or together with the disposed asset–helping you free up storage, plan disposal procedures ahead of time, and prevent the creation of ghost assets.

6. Save on maintenance costs

It’s general knowledge that regular preventive maintenance programs are relatively cheaper than responsive repair efforts. Not only does it prevent otherwise avoidable downtime, which translates to lost revenue, but it also lets you save on parts by planning ahead of time.

If you can see which of your vehicles or machines are due for a parts replacement or even a routine checkup, you can plan ahead and skip additional fees that come with emergency repair works. More importantly, it lets you plan proper maintenance, avoiding the excess costs by overdoing it and the stress on the asset brought about by not doing it enough.

7. Supports risk management plan design and implementation

Risk management in businesses usually covers the evaluation of existing financial risks, forecasting, and projecting future financial plans. More importantly, it lets your organization plan ahead of an upcoming financial challenge. In terms of asset management, you can prevent being blindsided by assets suddenly breaking down due to wear or old age.

As your properties depreciate, you can take the necessary steps to make sure they won’t negatively affect your company. Whether it’s investing for a replacement or stockpiling repair kits, you can have a clearer, more detailed risk management plan with the risks in your assets clearly identified.

8. Reduce incidents of theft and fraud

Proper asset accounting, aided by an asset management platform, can help reduce incidents of theft and fraud. Being able to keep track of your assets’ movements minimizes the risks of items being stolen or lost at any time under your care.

A popular example of these solutions is one that’s being used in some trucking companies. They have integrated features that prevent malicious activities such as opening the trailer in locations other than the destination, tracking fuel consumption with respect to mileage, and even RFID-activated entry and exit. Not only does this prevent wrongful activities from their employees, but also alerts law-enforcement agencies in the event something untoward happens to their drivers and their trucks on the road.

9. Make insurance or lease financing easier

If you have assets located in different locations, it’s usually challenging to keep track of them individually. Even more challenging is the generation of inventory reports that are necessary if you’re filing or renewing your insurance plans. The same goes if you’re looking for financiers and an updated report on your organization’s assets is necessary.

Having asset management programs in your company makes it easier to comply with these requirements. More often than not, you only have to pull up a summarized report plus the individual reports as attachments–a feature included in some online systems today.

10. Helps in developing a budget

As it helps you track the condition and the payment status of each asset in your inventory, you can easily draft a budget. This is especially helpful for small businesses and startups, as the following months are crucial and every dollar you will be earning must be properly budgeted. If you know that your assets can be expected to work or run well for the foreseeable future, then you can start investing in other things. Otherwise, assets nearing their end of life will tell you when to divest and start looking for alternatives in advance.

10 Reasons Your Organization Needs An Asset Management Systems

An asset management systems is a platform that helps your company monitor your assets such as investments, equipment, properties, and even vehicles. Contrary to common misconceptions, this kind of strategy not only works for companies that mainly rely on assets such as those in the real estate and transport sectors. Companies from a lot of industries, even small businesses, can benefit from this particular upgrade.

Whether you’re new to the world of asset management systems, or already have one in place, it never hurts to identify and understand the benefits of implementing this monitoring structure. To help improve your organization and streamline your processes, here are ten reasons why you need an asset management system:

1. Keep track of your assets

As the main purpose of an asset management system, having one in place lets you see where they are located. Furthermore, you can also check at a glance the status of these assets. Depending on the system you have, you can check whether these particular assets are currently in use or not, or if they have been updated or modified recently. This is particularly important for manufacturing companies that need to regularly monitor whether their machines all run the required product or if they’ve all been updated with the necessary firmware.

Not only does it protect your assets and give you a handle on their condition, but some systems available allow you to monitor their respective performances. Some asset management solutions allow you to integrate features for collecting data and your target market’s opinion, through metrics such as engagement or even conversion rates.

2. Align your financial records

Proper asset management keeps you updated on the payment status of each–such as amortization rates and schedule for each vehicle, machine, or any other asset you’re still paying– and keeps your financial records accurate. Furthermore, being regularly updated on this front means you don’t miss any of your payments, saving your company from fines and penalties from late or missed amortizations.

3. Streamlines operation

Eliminate the repetitive and tedious task of monitoring and inspecting your vehicles or other properties, especially if they’re located elsewhere. With asset tracking software, you can assign people, even the end-users themselves, to update the conditions of the assets in their care. It reduces the time it takes to assess the assets and the automated forms make it easier for the employees in various levels to see and appreciate the conditions of the equipment or material they’re working with. It ultimately reduces your lead time and lets your people focus on more important work.

4. Eliminate ghost assets

Regardless of what industry your company is in, ghost asset is a logistical nightmare whose effects can slow or even hinder your growth for years to come. These are simply defined as any asset listed in a general ledger, yet can no longer be accounted for.

Whether it’s physically unavailable (missing, misplaced, stolen, or entrusted to an employee no longer with the company) or simply no longer usable, ghost assets usually stem from misreported or unrecorded items. With an asset management system, you can easily monitor where it was last located or who last used it.

When an asset reaches its end of life, companies usually have no choice but to let go of them. Asset recovery is an effort to make the most out of these materials, either by scrapping, selling, or other forms of divestment. With an asset management system, assets that are at their end-of-life are easily identified and once disposed of, can be easily updated. 

This allows you to remove them from your books. It also helps you identify consumables and spare parts that were used for or together with the disposed asset–helping you free up storage, plan disposal procedures ahead of time, and prevent the creation of ghost assets.

6. Save on maintenance costs

It’s general knowledge that regular preventive maintenance programs are relatively cheaper than responsive repair efforts. Not only does it prevent otherwise avoidable downtime, which translates to lost revenue, but it also lets you save on parts by planning ahead of time.

If you can see which of your vehicles or machines are due for a parts replacement or even a routine checkup, you can plan ahead and skip additional fees that come with emergency repair works. More importantly, it lets you plan proper maintenance, avoiding the excess costs by overdoing it and the stress on the asset brought about by not doing it enough.

7. Supports risk management plan design and implementation

Risk management in businesses usually covers the evaluation of existing financial risks, forecasting, and projecting future financial plans. More importantly, it lets your organization plan ahead of an upcoming financial challenge. In terms of asset management, you can prevent being blindsided by assets suddenly breaking down due to wear or old age.

As your properties depreciate, you can take the necessary steps to make sure they won’t negatively affect your company. Whether it’s investing for a replacement or stockpiling repair kits, you can have a clearer, more detailed risk management plan with the risks in your assets clearly identified.

8. Reduce incidents of theft and fraud

Proper asset accounting, aided by an asset management platform, can help reduce incidents of theft and fraud. Being able to keep track of your assets’ movements minimizes the risks of items being stolen or lost at any time under your care.

A popular example of these solutions is one that’s being used in some trucking companies. They have integrated features that prevent malicious activities such as opening the trailer in locations other than the destination, tracking fuel consumption with respect to mileage, and even RFID-activated entry and exit. Not only does this prevent wrongful activities from their employees, but also alerts law-enforcement agencies in the event something untoward happens to their drivers and their trucks on the road.

9. Make insurance or lease financing easier

If you have assets located in different locations, it’s usually challenging to keep track of them individually. Even more challenging is the generation of inventory reports that are necessary if you’re filing or renewing your insurance plans. The same goes if you’re looking for financiers and an updated report on your organization’s assets is necessary.

Having asset management programs in your company makes it easier to comply with these requirements. More often than not, you only have to pull up a summarized report plus the individual reports as attachments–a feature included in some online systems today.

10. Helps in developing a budget

As it helps you track the condition and the payment status of each asset in your inventory, you can easily draft a budget. This is especially helpful for small businesses and startups, as the following months are crucial and every dollar you will be earning must be properly budgeted. If you know that your assets can be expected to work or run well for the foreseeable future, then you can start investing in other things. Otherwise, assets nearing their end of life will tell you when to divest and start looking for alternatives in advance.

[tonnykelly-blog]

10 Reasons why you need an Fixed Asset Tracking Software

The urge to smoothly run a business, offer top notch customer service and reduce the losses is what every company wants. Some organizations are not aware of; how many assets they own, how many go unmaintained and what losses they incur unknowingly.  Fixed asset tracking software will solve all this and many more.

Keeping track of the asset with AsseTrack Fixed Asset Tracking Software from the point of purchase to the final stage of asset disposal helps tracking the effectiveness of the assets. Its time you let go of spreadsheets and manual operation and here are some of the reasons why:

1.    Real –Time Asset Management

Precise asset tracking is vital to any organization; having an asset tracking app gives you the chance to manage asset data successfully.

Sometimes, you may have asset duplicates or two or more assets that share a common serial number. This software will help you create a unique identification number as well as easily spot duplicates. You can comfortably control your assets by knowing what, where and how all of them are operating; anytime, anywhere.

2.    Reduces Labor and Increases Employee’s Productivity

Automatically tracking assets will make you discover departments in your organization that you really don’t need and you can easily eliminate them. This reduces human labor, labor cost and improves accuracy while capturing information.

Again, manual asset management slows down the productivity of your employees. Hence having a tracking app, you skip the manual scanning stages, free the employees and give them a chance to focus on more important things rather than the latter.

3.    Fastening Asset Recovery

Misplacing assets is chaotic but the process of tracing and recovering them is even worse. The exercise makes you waste a lot of productive hours which leads to delayed production and a slowed down organization.

It even worse explaining to your clients that you have misplaced their assets. Lots of complains will basically create a bad reputation for your organization.

Having an asset tracking app will solve all this and many more. You can easily access your asset and quickly recover them with the help of the same app when misplaced.

4.    Avoiding Unnecessary Repair and Improvement Cost

Manual operations especially in a multifunctional organization might be costing you way more than you think. Having detailed information about any asset is key especially when it comes to when you need to repair and maintain it.

This is where a fixed asset tracking software comes in handy.  It will help you track the life cycle and also know how often each asset is used. It will keep essential information on the same and this will give you a chance to plan for the maintenance process prior and effectively implement it.

5.    Maintenance Scheduling Made Easier

Maintenance is a repeated processes that is normal in any organization. Delayed or skipping the maintenance stage might cause harm to your assets and lead the organization to incur losses. It doesn’t have to go this way! You can set repeat alerts with your asset tracking app for regular repair of any equipment that you are using to run your organization.

6.    Eases the Replacement Process of Assets

You might be holding on to equipment that you don’t need in your organization and this may be leading you to spend more unknowingly.  Some of them may be unproductive items or you just don’t need them. A fixed asset tracking system will help you spot such easily and do away with all the unnecessary assets.

7.    Smoothly Running an Organization

How you run your organization will determine the quality of the end products or services. Equipment or rather assets are a crucial part of the same. A fixed asset management system makes it easier for you; effortlessly tracking the performance of each asset. Making sure it’s available when needed, which departments the asset is being used and making sure maintenance of the same is done on time.

8.    Accuracy Guaranteed

Unlike in manual operations, a fixed asset tracking system automatically documents and captures all the information regarding all the assets that run your organization.  This will reduce human error in the case of recording assets twice or failing to record all. You can easily know where the asset is, who is using it, when it`s missing, when an asset was bought and when to dispose or get an upgrade of the same. Feels like having your entire organization on your hands, right!

9.    Helps you conduct asset Audits

A manual auditing process can be very messy and draining especially for big businesses or a multi-functional organization. Auditing needs essential information like complete maintenance and updated records of every single asset owned by the company.

If the information is not accurate enough for example, having ghost and unnecessary assets recorded manually, you will end up spending more on taxes and compliance fees.  An asset tracking software will make this whole process easier because it automatically documents accurate information about your assets. This makes both internal and external audits easier and you spend less.

10. Saves Your Money

Ways that saves your money is everyone go -to strategy when running any organization and a fixed asset management software is the ultimate plan. It will help you do away with unnecessary departments and automatically reduce your labor cost.

Doing away with the assets you don’t need saves you the cost of doing unnecessary repair and maintenance for the same. You also don’t have to go through the hustle of paying taxes and compliance fees for any ghost, stolen or misplaced assets that are already in your manual system without your knowledge.

While tracking the life cycle of the assets you will easily tell if it`s worth keeping or it needs to be disposed or replaced depending on if the asset maintenance matches the productivity.

Wrapping it up

No business is too small or too big to have a fixed asset tracking system. It a way of embracing technological advancements and a sure strategy of easily operating and running your business.

There is some massive peace of mind that reigns when the organization is running as expected, especially when productivity exceeds efforts put in place. An asset tracking system will definitely bring this your way.

Are you still wondering how to go about it? Our supportive team will advise you on how to get going and have an asset tracking system to help you run your organization. Let go and let us show you how to tackle it!