21 July 2020
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Organizations acquire a broad range of assets to increases business income and brand value. But there are a lot of problems associated with asset tracking that brings down the productivity of an organisation.
This software aids in tracking the movement of assets (such as software, devices, IT equipment, etc.) in the organisation. With asset tracking software, you’re also able to manage your asset’s lifecycle.
Let us look at the changes that one observes before and after implementing an asset tracking software. Doing that will help you understand why an asset tracking software is important for different organisations:
Take a look at the problems faced before implementing an asset tracking software:
A big concern that is faced by organisations of different industries is the loss of asset and equipment. Implementing a powerful asset tracking software is required to efficiently prevent misplacement and theft.
Organisations hold conference and meetings regularly. This involves a great deal of planning in advance. In order to carry out the planning in an effective manner, the organisation needs to know certain information such as complete knowledge about their assets, where they are installed or located, their status of maintenance, etc.
This is where asset tracking software steps in. It helps in the identification of assets, their maintenance status, their availability, and so on.
A chief cause of breakdowns in equipment is because of its ageing and lack of maintenance. If equipment failure is occurring on a regular basis that too for a sustained period of time, you need to put in place the right maintenance schedules and systems.
Preventive maintenance software successfully eliminates downtime by:
⦁ Increasing useful life and uptime of assets
⦁ Boosting productivity and efficiency of tools
⦁ Decreasing overall maintenance costs
⦁ Decreasing labour downtime
A situation can occur wherein the right quantity of stock cannot be ascertained. This can result in short or excess stocking which can impact business performance. Stock management with asset tracking aids in the management of optimum stock levels and issuance of accurate purchase orders as per production needs, previous orders, and consumption.
The advantages of using asset tracking software are: -
It is important to track assets’ lifecycle used in a project lasting months or even years. If you have key information about the asset like how often it is used, when was it purchased, how regular has been its maintenance, you get to monitor its lifecycle. This, in turn, helps you plan for its eventual replacement. We all know that unproductive items can act as an inhibiting factor for operational efficiency.
Companies routinely lag in maintenance management because they use manual ways to track schedules. Asset management software changes that, alerting the personnel regarding scheduled maintenance to make sure there is no delay.
This is yet another advantage of asset tracking software. Such software helps an organisation achieve the highest accuracy in asset tracking.
This is another important advantage of asset tracking software. Such software aids in knowing a specific asset’s location at any point of time along with its GPS coordinates.
These ‘before’ and ‘after’ scenarios of implementing asset tracking software make its importance clear. Irrespective of whether it is a small or a large business, an asset management system is an important part of it. Asset management tools like tracking software increase the efficiency of your business and increase your ROI.
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