Time and money are two of the most precious assets any business has to work with. Without enough time, it’s impossible to get all the tasks completed that are necessary to keep the workflow moving. And without money, you can’t secure the assets you need to get the job done, hire the right people or make investments in marketing or process improvement. Asset tracking is a method for monitoring your company’s physical assets that can help you preserve both time and money.
Reduced Operational Costs
If you have a lot of capital tied up into your fixed assets, then asset tracking will help you get the most life out of your investments. By continuous monitoring of your property, maintenance and repair history, easy access to vendors for replacement parts and other data, you can keep your fixed assets in top working order. This ensures you can meet the demands of your clients and customers, provide efficient services and maintain appropriate inventory levels to meet consumer demands.
Reduced Man Hours
Rising labor costs is one of the biggest challenges facing many industries today. Between standard wages, overtime and shift differentials, maintaining appropriate staffing is a major financial stressor. A streamlined asset tracking system reduces extraneous hours spent tracking down replacement parts and repairing equipment that breaks down due to improper maintenance.
Asset tracking also makes it easier to schedule staffing and equipment to maximize usable hours. Instead of workers waiting around until the needed equipment is available, you can create an efficient working schedule that reduces down time and keeps all your staff, machinery and other resources working at top speeds.
Data entry time is drastically reduced when fixed asset tracking is utilized. Instead of manually documenting the equipment used for specific tasks, the number of hours each asset has been utilized and other factors can be calculated with a simple scan of a bar code, which inputs the correct information into a database. What might otherwise take a data entry clerk several hours to input, can take just a few minutes with an asset tracking system that utilizes bar codes.
Easy Auditing and Reporting
Many enterprises must report to regulatory agencies. These reports can take days to prepare manually. But with a fixed asset tracking and management system, reports can be automatically generated with a few clicks of a mouse. This not only reduces the time spent entering and analyzing data, but ensures continued compliance with regulatory bodies and government agencies—meaning you can easily maintain those valuable contracts.
Likewise, when tax season rolls around, you’ll need to value your existing assets and calculate depreciation. This process is made much simpler when you’re using an asset tracking system to monitor your fixed assets throughout their lifespans.
There are a variety of ways asset tracking can reduce time and money for your organization. By providing a foundation for efficient scheduling, proper maintenance and repairs to extend the usable life of your most significant investments, and easing the labor demands on your staff, your bottom line will reap tremendous benefits—allowing you to focus on serving your customers.
Check out Camcode’s asset tag solutions and contact us today for a customized solution that will help your company start saving both time and money.