How Asset Tracking Software Streamlines Your Small Business Processes

Does Your Small Business Need Asset Tracking Software?
The assets of a small business are crucial to the smooth functioning of your company. This is because all such equipment is acquired to serve a business objective. Asset trackingEmployees need laptops, printers – even company vehicles – to get their jobs done quickly and on time!

While assets move through different stages in their lifecycle, they generates huge amounts of data that needs to be logged and dealt with effectively. For example, a malfunctioning projector can delay an important meeting, and the inability to find a replacement keyboard can slow your staff down.

This is where asset tracking software steps in. A robust solution would have condition, maintenance and operation monitoring systems integrated within it, helping manage asset data. This information is then organized and analyzed to present a magnified picture of the overall performance, utilization, and bottlenecks that exist throughout the course of an asset’s lifecycle.

Below, we’ll take you through some of the main ways an equipment tracking system can help you optimize your workflows, all while lowering your administrative burdens!

Executing Data-Driven Asset Plans
Translating the strategic policies and objectives of your business into specific actions calls for clearly defined planning processes. This includes plans for your business assets; what tools and equipment does your team need to succeed, how often should they be serviced, how do you know when to procure more, etc. These plans need to be both timely and cost-effective.

An asset tracking system lets you assess the current condition of your assets, highlight under-performing ones, and identify ‘ghost assets’ – which are items you don’t have anymore but still pay for in the form of taxes and storage. The management of the organization then formulates a long-term capital plan that includes the replacement of aging assets, as well as the procurement of new assets that can contribute to the overall growth of the entire operation.

Making Cost-Effective Procurement Decisions
Procurement is a breeze when you have long-term stats on your assets. The true cost of any asset is spread out throughout its lifecycle instead of being concentrated within its initial purchase price. Most of the time, much of the total lifecycle cost comes from asset maintenance and operations. When you think about purchasing a new asset, therefore, focus on opting for an asset and vendor that minimize the total cost of ownership.

An asset tracking software provides you with the entire maintenance history of an asset, helping you see when an asset is costing more than the value it’s adding. This enables you to make better procurement decisions, as it lets you know when to let go of equipment. You can even track vendor histories, allowing you to look for the cheapest deal at any given time.

Carrying Out Routinized Maintenance
Sure, maintenance can be expensive, but it more than makes up for its cost. This is because poorly maintained assets are a lot more likely to have low asset longevity. Once an item moves past the point of repair, you must dispose of it properly, write it off from your books, and replace it as a matter of urgency. You’re better off avoiding this situation entirely, but how you can guarantee it?

Scheduling your maintenance needs with the help of an intelligent system can hugely improve your assets’ shelf life. This is done through detailed maintenance histories, in-depth reporting, and automated alerts which notify you of routine maintenance cycles. So say farewell to faulty equipment at your organization and ensure your employees are always equipped with the tools they need for a job well done!

Making Asset Retirement a Painless Process
It can be complicated for organizations to know the useful life of assets, and even more difficult to filter out assets that are past their useful life. It would help if you knew the current condition, age, and frequency of use of an asset. After these are past a certain mark, an asset’s usefulness has been exhausted, and it acts as a drain on your resources. Such assets incur high maintenance and repair costs, slow down your staff, and lower productivity across the board.

An equipment tracking system allows you to efficiently monitor the lifecycle of all assets spread across your organization. It can track depreciation month over month, and ensure that assets are disposed off and replaced at the end of their useful lifecycle. This can be hugely important for businesses with large reserves of assets being purchased over the years, or even for companies using specialized equipment that require long lead times.

Asset Tracking Software: Streamlining Business Processes

A company’s assets are serious business. In order to optimize their performance, the decision makers and end users need timely analytics to make informed decisions during each stage of their lifecycle. Real-time data such as this can hugely improve your ROIs, cut costs, and lead to smoother business processes. So if you’re looking to optimize your business workflows, perhaps it’s time to invest in a software solution that does all that work for you!

About Nate Goodman

USA TODAY BESTSELLING AUTHOR Nathan Goodman is a freelance fiction writer and the author behind The Special Agent Jana Baker Spy-Thriller Series. "A terrorist on the loose, a country in panic, and time is running out..." FOR A FREE COPY of book one, visit the author's website.