Regardless of industry, every company wants to increase profitability and minimize costs. Many are faced with maintaining compliance with industry-specific regulations, which can at times make cutting costs a challenge. Asset tracking is a solution that rises to meet both objectives, enabling effective resource allocation to maximize profitability while keeping overhead costs at minimum thresholds. Additionally, asset tracking solutions can help organizations maintain regulatory compliance in many industries.
One of the key benefits of asset tracking is that it provides complete visibility into all of your company’s assets, their current status and location, and other important data. Armed with this up-to-date information, the task of allocating resources, such as equipment, to dispersed teams and departments becomes much simpler. It eliminates the possibility of double-booking expensive assets, and also reduces the need to replace assets that are lost or misplaced due to ineffective, outdated manual tracking methods.
Some fixed and high-value moveable assets require ongoing maintenance and repair. With an effective asset tracking solution, keeping up-to-date records on the most recent maintenance and service is both streamlined and accurate, without the likelihood of human error common in manual documentation methods.
Using the right software solution, asset tracking enables automated alerts when maintenance is due on your most expensive assets, enabling you to maintain strict maintenance schedules that can drastically extend the useable lifespan of your assets. Additionally, regular maintenance allows you to detect necessary repairs before assets fail, eliminating unexpected downtime that can wreak havoc on scheduling and costs.
Regulatory compliance often means preparing in-depth reports, which can be a time-consuming process when you’re faced with tracking down important details regarding the status of company assets relying on manual, possibly outdated records. Asset tracking streamlines auditing and reporting with the ability to instantly pull up essential data about individual assets or groups of assets, as well as automatic report generation, depending on the asset tracking software solution you’re using.
Compliance doesn’t have to be a thorn in your side. Asset tracking centralizes your data, ensuring that records are always both up-to-date and accurate, meaning auditing becomes a breeze and generating compliance reports can take minutes instead of hours (or days). A November 2015 article in EdTech magazine explains that IT managers at colleges and universities believe that IT asset management helps them stay in compliance, and universities are saving tens of thousands of dollars per year or more through the use of asset management solutions.
In addition to the numerous benefits related to regulatory compliance, minimized overhead, and increased profitability, asset tracking is a scalable solution used by businesses of all sizes. Companies that implement asset tracking solutions even when their asset portfolio is relatively small – and thus could feasibly be managed with manual tracking methods without much risk – benefit from the ability to seamlessly scale their tracking solutions as their business grows and accumulates more assets.
Implementing asset tracking while your company is small is a smart move for today’s growth-minded businesses, offering the ability to tag and integrate new assets easily into existing systems and workflows without making a substantial, upfront investment (in both finances and time). Incorporating asset tracking solutions while a company is small also helps to avoid situations where you’re faced with managing thousands of assets and reach the stage at which it becomes clear that outdated, manual tracking processes are holding your company back. If your business is still small, now is the time to implement a scalable asset tracking solution that will grow and expand with your company.
With solutions designed for both fixed and moveable assets, asset tracking is a comprehensive solution for any growth-minded organization seeking to maximize profitability through efficient processes that can grow in tandem with your company.