Asset tracking is one of the most important aspects of a functioning growing company. From consumer goods to heavy machinery, knowing who, what and where your assets are at all times is a must. This can seem like a pretty straightforward concept. Still, it can be challenging to build out an asset tracking system that seamlessly integrates with other business functions and is functional across the whole organization.
In today's post, we'll cover everything you need to know about asset tracking technology so you can better manage your assets and run your business more efficiently.
1. Improve your company's efficiency
Despite the growth of SMB and cloud-based solutions, asset tracking remains a manual process. This need has led businesses to focus on improving best practices around asset tracking to improve efficiency and prevent costly mistakes.
In today's competitive business world, small and medium firms must make the most of everything they have. Cloud-based solutions are affordable resources that give SMBs the power to manage aspects of the business which were once managed outside of the digital realm. Purpose-built for asset tracking, it aims to equip small and medium businesses with the ability to manage data across multiple platforms, from anywhere.
2. Get rid of that spreadsheet.
A spreadsheet is an excellent tool for planning and keeping track of activities and information, but spreadsheets fall short when storing critical data securely. Spreadsheets are not an ideal long-term solution for serving as a CMS or eCommerce platform. Using a single spreadsheet to store product data, configure shipping options, collect shipping rates and assemble calculated shipping charges can quickly lead to problems.
While it may be hard to eliminate spreadsheets for your business, you can reduce their functionality by implementing a robust information system.
3. Boost the productivity of your team
We all know managing significant assets, like computers, trucks, or even meals is complicated. Information is confusing and spread out, it can be hard to find what you need, and staff never know if equipment or tools are available. This wastes time and effort. When people have the right tools in the right place at the right time, they can do their jobs better, create more profit for the business and remain productive.
4. Create scale-find solutions that can grow with you
The early days of small and medium-sized businesses were a lot simpler - usually with various roles and teams. As the company grew in size, so did the complexity of operations. You don't need to raise capital or hire more employees, and this is where modern technologies can help streamline your business, automate tasks and take away some of the concerns you may have on your plate.
Essential asset monitoring is crucial for companies of all sizes. Still, it can be challenging to manage in smaller organizations, where resources are limited, and technology solutions need to grow with the business. The key to success for many SMEs is finding software solutions that can support their long-term growth while also providing the information that is needed daily. Whether you own a design firm, construction company, or maritime business, asset monitoring, fleet tracking, and productivity software need to be a part of any marketing strategy.
5. Recognize the value of your assets
To understand the accurate valuation of your business, you first must calculate the value of its assets. In addition, you need to know how long assets will continue to provide value for your business and how much value they will lose (depreciate) over time.
Understanding your fixed asset depreciation is essential for a few reasons. First, it helps you see your business's actual value over time. Second, tax depreciation is a great way to save money in your business over the long run. If you're not aware of this practice, then you could be missing out on some potential savings!
The operation of a modern business is based on bringing together both the right people and the right equipment. An asset management system can help support your business processes and improve your profitability by enabling you to identify and resolve any issues about assets. These can be used to help you maintain control of assets ranging from technology, office equipment, and even vehicles.