Your company has a lot of assets to manage each workday. Perhaps, you have tried using spreadsheets or keeping track of it all by hand, but it still looks like you do not know what is going on with your equipment. Well, it is time you switched to asset management software. Although, there is a misconception that smaller organizations may not need an asset tracking system, as they only have a few assets in operation. However, without asset tracking software in your organization, there are multiple issues you might face down the line. And maybe you already know that you should probably switch over to an asset tracking software, but you are not sure if you can justify the cost. After all, what is the worst that could happen? Well, here are some of the risks you are exposed to if your team does not start using asset management software to manage your assets.
The issue of asset theft is not a new development. In situations where specific assets just ups and disappears even when identified to be available (maybe) in your documents, these leads to an increase in otherwise avoidable expenses. Assets theft affects business in multiple ways. Your operations get impacted, and productivity suffers when assets get stolen.
In addition, as your operations grow, it is easier to lose track of what you currently own and what got deployed, which realistically causes you to incur more cost and the long term, lead to inefficiency. With Asset tracking software, your business is provided with the real-time location of each asset to know which assets are assigned to a user and held accountable when anything goes amiss. Having this ready information significantly minimizes the chances of theft and prevents ghost assets. Having an automated asset tracking system can help you monitor your fixed assets and assist when assigning equipment where they are needed the most.
Lack of asset maintenance is one reoccurring issue in a lot of industries. For example, your staff are working diligently and suddenly a machine halts causing the work to stop. This situation is the classic case of an unforeseen breakdown. We both know that productivity soars when all equipment is working in optimum capacity, but without proper asset tracking, unexpected breakdowns are unavoidable. You likely experience difficulties identifying assets due for scheduled maintenance and which ones would be more economical to get replaced. But with your asset tracking software, you are provided with adequate information of every asset, the last time maintenance got done, and when the next maintenance service is due. All this can get scheduled without interrupting your daily activities.
Additionally, having information on which assets are for repair and maintenance is a proactive way of preventing problems before they even occur. This readily available information will save you a lot of time and money, maintain productivity and reduce any urgent repair.
Having complete visibility of your assets helps in disbursing resources to projects where they are required the most. It can also help in negotiating budgets for repairs and replacement. Having no asset tracking system can leave you unequipped with information and records that can help make smarter asset decisions.
When your organization gets faced with several operational challenges with no active measures to mitigate this, productivity will most likely take a nosedive. Asset performance mirrors productivity in a big way. Defective or poorly performing assets can lead to productivity loss and increased downtime periods. To enhance efficiency in your organization, one of the first actions is to implement asset tracking software to grow your business. Asset tracking is necessary because it assists in retrieving complete information during the life cycles of assets and equipment. The centralized system helps in cost control and integrates with other enterprise systems for collating all information at one location.
Humans make mistakes. It is inevitable. For example, while taking stock of assets, there can be a calculation or observational error. Using asset management software can help you manage those errors, locate lost movable assets, and avoid wasting budget spent on unnecessary replacement costs.
Do not let these risks become the reality of your business. Asset tracking solutions like ASSETWIN improves the utilization of assets, facilitates automated reporting, and improves productivity by tracking all your fixed assets in one simplified platform. To learn more, contact a professional today on (+234) 07 007677467