For any management of the workplace, asset tracking is very important. You need to keep track of what you own to know how much it would cost. For any organisation, asset tracking helps in determining the price of anything from equipment to computers or office furniture.

May organisation do this manually but for bigger companies, manual tracking can become a challenge. Hence, making it necessary to get asset management solutions for efficient work. Here is some more information on asset tracking and how beneficial it is for your company.

What do you Understand by Asset Tracking?

Asset tracking is a simple process of keeping track of or documenting all your assets, but these do not include any liquid assets. It provides details of the owner, the location, maintenance history of all the assets, and the contract in a very systematic way which is all centralized.

Asset tracking involves a lot of manual work. Hence, using asset tracking software is a good choice to reduce administrative costs, improve efficiency and accuracy, etc. The process of asset tracking involves tracking the assets through bar codes, RFID or GPS tags, etc. irrespective of the location you are in. It is a very convenient and easy way of ensuring accurate tracking and management of all the physical assets of a company.

Why Does Your Company Need an Asset Tracking System?

As we are already aware that asset management is very important for any company. Similarly, an asset tracking system is also very important for any company for many reasons. In a big company, it is practically not possible to keep track of each and every physical asset manually.

However, this is possible in small organizations. But in a bigger company, you need a proper system for tracking your assets. Here are the reasons why you should have an asset tracking system.

It Documents Information

Getting information about your assets is necessary. For this purpose, it needs to be documented. With the help of the system, the information automatically gets stored or documented that can be checked later. It also provides you with real-time information.

Reduces The Cost Of Maintenance

When an asset is not managed properly, then the chances of the asset getting damaged is high. You may also end up paying a higher cost of maintenance. With the help of the software, you can keep a track of all the assets and also schedule maintenance job and also gives alerts before the scheduled time. It can save time and money on the maintenance of products that are of no use.

Helps You With the Audit

The asset tracking tools help in an audit of all the assets and avoid any discrepancy of taxes and maintenance charges during the audit. When the assets are few you will also end up paying fewer maintenance charges and taxes. It also helps in reducing any compliance risk.

Helps in Securing Your Assets

When you are tracking or documenting the assets manually there are chances that there is a human error or even a theft of an asset that you never knew or remembered.

In such cases, the assets are documented but are not physically present and hence they get the term as ghost assets. With the help of the software, you can easily trace these ghost assets and ensure that your assets are safe, secure and are present physically in your organization.

Helps in Getting the Exact Information

Since, the software documents the assets automatically, you will get the exact information of the assets. You will also get information about all the assets and where are placed. You can also check the maintenance record of all the assets. This helps in ensuring that your assets are accounted for.

Reduces The Chances Of Errors

Manually documentation and tracking of assets can run into some errors which are very normal for any big setup. However, the software will not make such errors. It will ensure that there is no duplication of the assets that are being tracked. Hence, you can be assured that your data is accurate.

Also Read: On-Premise Vs Cloud-based Asset Management Software

It Saves Your Money

When you have accurate documentation of your assets, you can also be assured that your assets are not being stolen or missed out upon. You can also track the maintenance schedule which helps in saving money on unnecessary expenses. This way you will also be able to increase your productivity.

It Improves Customer Service

When a customer signs a contract with your company, he or she expects some transparency in the business. They would like to get updated information on their assets. With the help of software for asset management, you can track their assets in real-time and hence, provide regular updates to them.

It Reduces Labour Work

Through an asset management system, you can simply track your assets as they move across various departments in your company. This helps in keeping a track of the life of your asset. With the help of an RFID tag, you can easily scan these assets and also get automatic updates. Since everything is automatic, it reduces the manual work and hence your employees will be able to focus on other important things.

What are the Benefits of using Asset Management Tracking Software?

Asset management software helps you in many ways in streamlining the tracking system of your physical assets. You can keep a track of assets such as carpet, office furniture, signs, equipment used for manufacturing, heavy equipment, computer and printers, software licenses, etc. Due to its ability to track a wide range of assets in your company, there are many benefits of having this software for your company.

It Can Easily Track Everything

Every company is supposed to keep track and document its assets in detail. With the software, it becomes very easy to track all kinds of physical assets and document them in one place. The documentation includes pictures of the assets, owner’s contact, terms of the contract, and product guide.

Ability to Access Information from Anywhere

Almost all asset management solutions can be accessed on mobile through mobile apps. This makes it easy for anyone to access information and validate the data anywhere. It is not necessary to be in the office to do this work. You can also easily search for the necessary information on any data.

Helps in Creating Customised Reports

With the help of the software, you can easily generate reports on things such as the utilization of assets, their location, and even the cost of the asset. The owner of the software can upload the contracts and information on the maintenance in the reports. He or she can also create notification alerts for contract expiry.



What is TeroTAM & How Can it Add Value to Your Business?

TeroTAM is a technology solution to manage and track physical assets. The software offers mobile support, real-time tracking and communication, authentication with a digital signature, end-to-end service management, online EMP tracking, etc.

It comes with various kinds of solutions such as facility management, asset and customer management, and issue tracking management solutions. It caters to various sectors such as non-profit organizations, education, banking, hotels, government, etc. With the help of this software, tracking of assets, management and communication can become faster and easy.

Posted On Jun 27, 2024 | by Mahendra Patel
Failure Modes, Effects, and Criticality Analysis (FMECA) is an extension of Failure Modes and Effects Analysis (FMEA). It is a systematic m...
Posted On Jun 24, 2024 | by Daxa Chaudhry
What matters the most in businesses? - having streamlined regulatory compliance and audits. In order to maintain legal compliance and ensur...
Posted On May 14, 2024 | by Mahendra Patel
OSHA (Occupational Safety and Health Administration) regulations are important in maintaining safety of workplaces and protecting employee ...