Benefits of Asset Tracking for SMEs
Tracking fixed assets means that you can easily gather data on the status of company assets and facilitate streamlined processes, such as inventory management and depreciation for accounting. For moveable assets, using asset tags or barcode labels to give each item a unique identification number means that, using a barcode scanner, you can easily identify assets and quickly pinpoint an asset’s location throughout your company. Likewise, moveable assets are often depreciable as well.
Organizations that implement effective asset tracking solutions reap numerous benefits, including increased efficiency, greater accuracy in record-keeping, streamlined documentation requirements coupled with substantial time savings, and more.
Asset tracking provides a foundation for seamless workflows and management of multiple business functions, including:
1. Monitoring physical assets
The most obvious use of asset tracking solutions, SMEs are better able to monitor physical assets as they move throughout the organization or are transferred between departments. This enables SMEs to gain a better view of the company’s complete physical asset portfolio, more easily identify needs, and eliminate wasteful, unnecessary duplication of assets through better resource management.
2. Automated inventory control
Effective asset management leads to efficient and accurate inventory management while eliminating many of the headaches typically associated with inventory control. For instance, taking periodic physical inventory counts is still necessary for most organizations, but when assets are tagged or labeled they can be quickly scanned rather than manually verified to match identification numbers to records. Overall, it’s a much simpler process.
3. Streamlined maintenance management
For companies that manage assets requiring periodic or ongoing maintenance, asset tracking solutions are a lifeline. Too often, maintenance management is a process that falls behind when companies rely on manual documentation to keep maintenance schedules on track. With asset tracking solutions, asset management software can provide alerts to ensure scheduled maintenance is never an afterthought.
4. Preventing loss
In the course of conducting day-to-day business, it’s easy to misplace important assets. Devices, equipment, and other items that frequently move throughout an organization may not always be accurately documented. When the same asset is needed again, the most recent records don’t reflect the asset’s current location and are unable to be located. It’s this shortcoming that leads to many companies unnecessarily duplicating assets.
5. Regulatory management and compliance
More and more SMEs are serving heavily regulated industries; thus, these companies must be equipped with efficient processes to capture and report on data to prove compliance. Not only does asset tracking enable businesses to stay on top of regulatory requirements such as equipment testing, calibration, and maintenance, but when coupled with a comprehensive asset tracking software solution, such as maintenance management software, it can completely streamline your reporting requirements. Many companies can generate detailed reports in just minutes, whereas compiling the same data manually would take days or even weeks.
6. Providing better service to customers
Ultimately, the culmination of the other benefits offered by asset tracking enables SMEs to perform better, maintain better working equipment and tools, and better allocate resources to complete projects both on time and on budget. The end result is increased customer satisfaction. While you’re reducing unnecessary spending by taking better control over your assets, you’ll also boost profits by earning repeat business and recommendations from satisfied customers.
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