The main thing for any business is “growth” and this is where Asset Monitoring comes into play. This is really important for every business. What exactly is money control, then? An asset is an item that is considered a property owned by an organisation, and has economic value that can be estimated and measured in money. An asset can be divided into two types of Tangible Assets, like computer, unit, etc. Leasing, patent, goodwill etc.Asset tracking is an integral aspect of modern-day management in the workplace. Asset tracking is the first step in calculating the overall cost of ownership of all things in your company, from large equipment to office furniture and computers. Asset Tracking refers to the method that you use to record all the physical assets of your organisation. Usually, this requires a centralized portal that offers information such as location, owner, contract and maintenance history for all properties in real time. Using asset monitoring tools, manual procedures involved in asset management are automated. And, as we all know, reducing manual labour will dramatically reduce wasted time , resources and expenditure.
What does asset tracking software do?
Asset Tracking Software is an automated, integrated system that allows the company to monitor important information of each asset in real time. This lowers operating costs, increases efficiency and gives the company greater insight on resources use, costs and maintenance. The asset management framework is part of a comprehensive IWMS software kit. This makes it easy to see where all of your assets live in your room, check maintenance records, and more. With asset tracking software, you can:
- Track everything: With asset tracking software, your organisation can track any amount of assets in one location. — asset includes a comprehensive profile that shows everything you need to know about that asset, including photos, product guides, key contacts, and contract terms.
- Access information anywhere : Asset monitoring systems come with a mobile app that allows managers to verify asset details wherever they are, even if they are away from the office. You can search by owner, address, sort or serial number, edit files (to correct owner or location information if needed), take pictures of an object, scan asset information via a barcode scanner, and more — all from the comfort of a mobile device.
- Create customized reports : With asset tracking software, you can quickly and easily produce reports, including asset position, usage and cost reporting. Managers can also provide contract conditions, lease or maintenance details in the reports and the contract expiry notices.
What are the benefits of asset tracking?
Selecting spreadsheets over software will result in a variety of problems. There were a number of issues with using spreadsheets to handle our fixed assets, including the fact that formulae would sometimes not be read through to the table below, leading to unreliable and inaccurate results. Also the whole process was really time-consuming because we had to manually enter and process data. With the growing number of assets we realized that continuing with this method was simply not feasible, and we decided to invest in a specialist kit.The advantages of the asset management system for both large and small companies are enormous. A well-implemented software that manages business assets can:
- Enable one unified ‘centre’ to control and track all assets
- Manage all assets wherever you are
- Identify and handle acquisition risks
- Comprehend and track the life-cycle of an asset
- Identify and dispose of ghost properties
- Plan maintenance schedules efficiently without interruption of the services
- Produce detailed reports and audits of the properties
Now , we will see more benefits of Asset management software in detail.
- Lower administrative costs : Asset monitoring reduces employee need to manually monitor belongings. This means decreased human error which could result in loss of properties. It also frees those individuals to concentrate on tasks generating income.
- Effective reckoning and cost savings : You may be suffering costly losses without monitoring your assets without even understanding it. Tracking your properties helps you prevent those losses and keeps staff accountable for the responsible handling of them.
- Improved customer service : It becomes instantly apparent to customers any time you enhance the role of your company. Whether it’s a well stocked inventory, better trained staff or a more productive overall process, these organisational changes would ultimately help consumers. Some customers may want to know whether you have asset tracking software depending on your core sector, since it speaks to your reliability as a partner.
- Planning for the future growth : When you are still using spreadsheets to keep track of everything you own, it’s hard to scale your company to growth. To help you plan for growth, an asset monitoring system helps you identify trends in asset utilisation.
- Maintaining compliance and certifications : Asset tracking will help you meet requirements, such as FASB Lease Accounting Standards, or obtain certifications, such as AIB certification. You can track and handle more than manual monitoring enables by using an asset tracking system.
- Improved efficiency : Asset tracking offers useful, high-level insight into the efficiency of the physical spaces of your company like the workplace, warehouse, and storage. This is critical as it helps you to recognise essential ties in the way assets are used by these sectors so they can streamline business operations. In addition , data monitoring lets you predict asset needs before they become necessary, such as maintenance of equipment.
- Improved accuracy : A software framework for monitoring assets can be your single source of reality. This level of understanding, of course, helps you understand where the assets are, how they are used, and what steps to take to keep the assets in operation at all times. There is no guesswork left. Hard facts guide management decisions when disclosing asset monitoring.
Objectives of Asset Tracking software
- Extending the life of assets : When purchasing an asset it is natural to expect the asset to produce revenue. Asset managers know just how critical it is to maintain an asset in running condition. When conducting an asset tracking plan, it is necessary to have a clear image of the assets so that plans can suit me accordingly. With the Asset Monitoring App, you have the opportunity to see whether or not any asset is working properly, whether or not it needs to be fixed, whether or not the asset is running properly and performing as planned. If you know what’s going on with an asset you can make a wise decision to save money and prolong an asset’s life.
- Reduce Maintenance : Poor asset management not only leads to excessive spending on repairs but also to a reduction in an asset’s life span. A business firm may address many maintenance issues at the operational stage of an asset’s life-cycle. Maintenance problems will reduce the organisation’s benefits. Asset tracking software does the job for you, it holds it in all asset details & records. It also helps to plan a maintenance job, and to generate reminders for you. By identifying unproductive things it helps to grow your company. Then again, under maintenance can lead to reduced efficiency.
- Streamlining audit & daily operations : Auditing is also critical for determining where the company holds properties and where they are stored. The part of auditing plays a key role in taxation calculations. Without the software for asset monitoring, the audit process can be lengthy, tedious & even after that there is no guarantee that the asset assessment is accurate. The auditing programme allows you to set your own timeline for the audit, and receive process status updates. It simplifies the process; it is simple & you can conduct an audit without any problems. You can enhance your daily activities & operations by using Asset Tracking software. It eliminates the unnecessary steps from the daily activity and makes it both more efficient and more quick. It improves the process which makes your picture more professional and increases productivity. Hence it allows us to streamline everyday operations.
- Scheduling & tracking asset maintenance : Maintenance of assets is very important to increase the procedural productivity. You can set a reminder for routine maintenance using Asset Tracking software. Many businesses are not equipped with asset monitoring software, thus asset maintenance is not conducted on time. As a consequence the asset is not working properly. Maintenance scheduling ensures the asset operation is completed on time. It is done with software asset tracking & scheduling functionality. Asset monitoring software is also helpful in managing schedules. You can also collect data from each asset, such as when the last service was running on the asset and when the next service will be running.
- Increase productivity : If objects are tagged with RFID tags, they can be automatically scanned as they pass through various process stages, so there is no need for people to scan and record their movements manually. Using an asset tracker will relieve your employees from tedious duties and leave them to focus on other aspects of your company.
- Enables Asset Recovery and GPS Positioning : Asset tracking software allows you to place barcode recognition on any asset and have a presence online. With this breakthrough, they also continued the tracking technology ahead by communicating with GPS devices from which you can identify the asset’s final position.
- Check-In/ Check-Out : Check-in check-out is an extremely beneficial feature of asset monitoring software to help the company expand. It will increase accuracy and reduce the amount of time spent on distributing assets and having assets. You can identify an asset by its name, tag, vendor name, employee name, etc. via Search option facility. Check-in & check-out is very useful for industries or businesses that have a lot of assets like school, hotel, library, etc. It requires multiple assets for checking in and out in a single transaction to multiple assignees.
Why Asset Tracking Software is Important for a Business ?
There are several reasons why an asset tracking system is also very important for every organisation. In a large company, keeping track of each and every physical asset manually is virtually impossible. This can be achieved in small organisations, however. But you need a proper system to manage your assets at a larger business. Here are the reasons why you should have a system for monitoring assets.
It ‘s important to get details about your money. They need to be recorded for this reason. The information is automatically processed or registered, with the aid of the device, which can be verified later. It also provides you with details in real time. The software reduces operating costs. If an asset is not properly handled then the risks of destroying the asset are high. Even you might end up paying higher maintenance costs. You can keep track of all the properties with the aid of the programme, and also schedule maintenance work, and also send warnings before the scheduled time. It can save time and money on holding items of no use.
Asset monitoring systems assist in the audit of all properties and prevent any discrepancies in taxes and maintenance charges during the audit. If the assets are small, you would also end up paying less maintenance and taxes. It also helps to reduce the chance of compliance. If you track or record assets manually, there is a risk that there is a human error or even a theft of an asset that you never noticed or remembered. In such instances, the properties are recorded but are not physically present, and thus the term is used as ghost properties. With the aid of the app , you can easily monitor these ghost assets and ensure that your assets are safe, protected and physically present in your organisation.
Since the programme records the assets automatically, you’ll get the exact details about the assets. You’ll also get details on all the properties and where they’re located. You may also search the maintenance record for all properties. This helps to ensure that the assets are accounted for. Manually, asset documentation and monitoring will result in some errors that are very common for any major setup. However, such errors will not be made by the programme. It will ensure that there is no duplication of the assets being tracked. You may also be confident that your data is correct.
If you have clear reports of your properties, you can also be confident that your properties will not be stolen or lost. You can also monitor the maintenance schedule that lets you save money on unnecessary expenses. You would also be able to increase productivity in this way. When a customer enters into a contract with your company, he or she expects some accountability in the transaction. They would like to get up-to – date details about their money. With the aid of asset management tools, you can monitor their assets in real time and provide them with daily updates.
By means of an asset management system, you can simply monitor your assets as they pass through different departments in your business. This helps to keep track of your asset’s life. With the aid of the RFID tag, you can easily search these properties and get automatic updates as well. Because all is automated, it eliminates manual work and thus the workers will be able to concentrate on other important things.
The general purpose of Asset Tracking is to save time and cash for your company. It improves Equipment & Company efficiency. It helps us to keep track of your properties in real-time. Asset Monitoring software tells you how many fixed assets you own, what is the exact position of an asset, or what is that asset’s status. These benefits, which can very effectively develop your business. Other than this it also has several other advantages. There is no question that managing assets is a critical challenge for any company. Businesses concerned with transferring properties need to know where they are so that a clear chain of custody can be reported.
Technology has advanced to the point that asset tracking has become so streamlined that even a large number of objects can be tracked reasonably easily. Whatever form of technology a company selects – barcode, GPS, or RFID – they are likely to find that their tracking system would be invaluable to their operations while helping them save money. The asset tracking system is much more effective than the manual monitoring of objects by spreadsheet. And today ‘s smartphones make it simple for every company to keep track of their properties electronically.