Do you know the location of all your businesses physical assets at all times?
Tracking your business assets is essential for business growth, profitability and securing those assets.
Asset Tracking is pretty self-explanatory, it tracks the movement of your business’s physical assets. This is done through scanning the assets, this allows you to not only see the location of the item but also when it is scheduled for maintenance and other useful information, such as helping to improve …
Asset Management
Asset management involves responsibility for the life cycle of all assets. This role can be tasking when an asset is lost, stolen or unaccounted for. When this occurs without asset tracking software, recovering the item can take a large workforce and a large number of man-hours, leading to higher labour costs and less time spent on productive work.
Asset management can be massively improved in both efficiency and productivity by the implication of asset tracking software.
Reduce Costs
Reducing business costs without compromising quality or efficiency is always a major benefit to businesses, but it’s hard to achieve. However, the implementation of asset tracking will not only reduce labour costs but will improve profitability in other ways while increasing efficiency and productivity in the process.
Tracking will allow managers to find assets in seconds, eliminating the need for manpower when recovering items.
As well as labor costs, tracking software will largely decrease the chances of theft or constant maintenance costs. The software can send managers alerts to make them aware of unauthorized use or movement of assets to prevent them from being stolen and your business has to spend on replacing them. Asset tracking can also monitor the maintenance history of assets and inform managers when they need to be fixed or replaced, this will allow the business to effectively spend on maintenance as opposed to premature spending when items do not need to be replaced just yet, or even replacing them too late and productivity decreasing due to poor quality assets.
Customer Service
Customer service is a massively important aspect of any business for so many reasons, such as …
- Increasing customer loyalty
- Increasing the money spent by each customer
- How often customers buy from you
- Positive word of mouth
Customers expect more than just to pay for the service/good they are receiving and so expect a return for the money they spend, added value in their experience.Â
Asset tracking will allow your business to have maximum control over your assets and in turn, this will boost customer service. By tracking making recovery and security of assets easy and quick, employees can be utilised for more essential aspects of the business, such as ensuring optimum customer experiences to encourage repeat and loyal customers and positive word of mouth.
Asset Recovery
If your business has to handle countless assets and a single one goes missing or detached from the batch, tracking it down can be difficult and lengthy. This would involve significant amounts of staff, not to mention wasting time that could be used more productively, but worst of all, this could holt production while the asset is being found, leading to decreasing customer satisfaction.
Productivity
As previously mentioned, a lack of asset tracking can lead to the loss of an asset to largely decrease productivity within the workforce while still causing high labour costs.
Productivity will take a hit as tracking singular assets without a location to follow is somewhat impossible, but tracking will allow assets to be found in a matter of seconds without any labour costs generated in the process. This lack of employee requirement frees up staff to use their time more wisely and leads to increased productivity across the entire business and more tasks are completed quicker than they normally would be, leading to improved profitability, which every business wants.
Accuracy
When handling data or important business information, accurate is very important and even the most pedantic individuals can make an error. Asset tracking software will eliminate this human error and ensure all data is of quality and tracking is as accurate as possible and keeping managers in the loop with all necessary information through phone alerts.
