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5 Key Benefits of Asset Tracking Software for Business Growth

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20 June 2021

5 Key Benefits of Asset Tracking Software for Business Growth

Assets formone of the most important aspects ofany business. Regardless of whether the asset is machinery, an IT device, or a fleet of vehicles, business assets are responsiblefor keeping operations running smoothly. Asset maintenance and management are quintessential and asset tracking forms an important part of the same.It is a common misunderstanding to consider asset management and asset tracking as being the same thing asthey are two entirely different processes.

Asset management and maintenance is aholistic process of efficiently managing an asset’s lifestyle, like equipment, tools, IT devices, or even people for that matter.A plan with organisational accountability measures is laid out for ensuring smooth operations.On the other hand, asset tracking is a part of asset management and maintenance and canhelp you know the exact location of your assets, like where they are currently located, where they were last used, and so on. Asset tracking is essential for any asset-intensive organisation as it helps ensure a hassle-free running of operations.

Today, numerous asset tracking software is available, using which you can track assets in an easier and more productive manner. Here are the top benefits of using asset tracking software that can help your business grow: –

1 Monitor Asset Condition

One of the foremost benefits of an assettracking software is that it allows asset managers to monitor the condition of allassets, includingevents like damage from excessive temperatures, shock from falling, overuse damages, and so on. Information like this not only helps ensure better asset management but also helps during the internal and external audits. Today, many asset management tools offer asset tracking features to help you monitor the condition of your assets.

2 Reduce Compliance Risks

In the business world, compliance is a big deal and along with external agreements, there are internal compliances as well that you need to consider. Thisis when asset tracking software comes into the picture. Internally, if you have to set a time limit for a particular asset because of factors like supply shortage or need to keep its usage in check, asset tracking software can help.

3 Asset Maintenance and Management

Asset tracking is essential asit helps make asset maintenance and management  easier and hassle-free. It allows you to keep a track of various factors concerning the assets, check for damages, and get them repaired at the earliest. This, in turn, helps in ensuring less breakdowns, reduced maintenance downtime, and better efficiency of both the asset and the workforce.

4 Helps in Reducing Losses

Before proceeding ahead, you need to understand that loss and theft are two different things. Losses can occur due to circumstances like the expiration of an asset, errors in the inventory that lead to business loss, and so on. Sometimes, if your assets are small in size, like portable routers, an employee may even lose them by mistake, and so on. Asset tracking software canhelp locate them easily, reducing losses by a considerable amount.

5 Prevention against Theft

Given the fact that assets can be of high value, theft is one of the most common issues that businesses face. Even with all the human security, locks, and so on, preventing theft of businesses assets may sometimesbe difficult. Here again, asset tracking software can prove to be very helpful. Along with assisting in asset maintenance and management, the tracking software can also help secure your assets in a much better way. Many asset tracking software come with RFID capabilitiesand other security components tohelp asset managers in preventing asset theft.

Apart from these, other benefits of asset tracking and management software include –

⦁ Improved Work-in-Progress (WIP) tracking

⦁ Ensure better safety for employees

⦁ Helps withefficient budgeting for the future

Add-on capabilities of tracking software include effective monitoring of temperature and shocks, keeping a check on unit leaks and damages, and much more.

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