Business IT

3 Benefits of Asset Tracking Software

3 Benefits of Asset Tracking Software

by Pat Pharr - June 1, 2022

What’s the backbone of your business? While it’s tempting to say personnel or processes, it’s not. The backbone of your business is your assets. Because lost products and equipment translate into lost revenue and reduced customer satisfaction.

Companies across industries need a cost-effective solution to track and protect their expensive assets. This is where asset tracking software comes into play. Asset tracking software can store pertinent information about tangible assets, including fixed assets such as warehouses and smaller assets such as digital production printers.

Businesses can leverage our strategic partnership with NOS to implement HIPPA and Sarbanes-Oxley compliant asset management software that increases productivity and reduces operational costs.

How Asset Tracking Software Benefits Your Business

Asset tracking software helps companies maintain a competitive advantage in their industry, providing data-driven insights to optimize operations and inform decision-making. Let’s review the top three benefits of implementing asset tracking software for your business. By taking a closer look at the benefits, the inefficiencies of manually tracking valuable assets will crystalize.

1. Increase Productivity

Without dedicated asset tracking software, businesses have to delegate inventory management to administrative staff. When companies rely on administrative staff to accurately track the status and location of every asset, asset management quickly becomes inefficient and more prone to human error, greatly exacerbating the likelihood of product loss.

Asset tracking software provides a much-needed alternative to manual tracking processes, helping organizations reduce labor waste and increase productivity. With RFID (Radio Frequency Identification) technology, businesses can automatically scan and capture relevant information as assets progress through different logistical stages, eliminating the need for personnel to scan and log asset movement manually. With automation, administrative personnel is alleviated from menial tasks and can focus on more mission-critical operations.

2. Reduce Maintenance Costs

Asset tracking software provides accurate data that businesses can leverage to make informed, data-driven maintenance decisions such as when to replace or repair equipment. With robust asset management software, businesses can:

  • Create maintenance alerts
  • View important asset details
  • Manage service requests
  • Schedule preventative maintenance
  • Identify assets requiring maintenance

Whether it's office equipment, art, or industrial machinery, assets that are properly maintained and proactively replaced operate more efficiently, which will, in turn, lower maintenance expenses over time.

3. Ensure Regulatory Compliance

Many organizations operate in heavily-regulated industries such as healthcare, where they are required to capture and report specific data. Manufacturing and other equipment-heavy industries that use potentially hazardous machinery must also retain accurate information such as asset conditions, maintenance records, and related incidents to maintain regulatory compliance.

Asset tracking software helps organizations comply with equipment maintenance, calibration, and testing regulations. With asset tracking software, maintaining regulatory compliance becomes much easier as asset information, including product name, location, and maintenance history, can be stored in a centralized location and accessed at any time.

Achieve Effective Inventory Control with Asset Tracking Software

It’s time to retire your manual tracking processes. The forward-thinking companies that embrace this mindset will protect their assets and bottom line. Businesses ready to replace their outdated and complicated manual asset tracking processes should partner with an experienced asset tracking solution provider to implement a software-driven solution capable of tracking high-value equipment using RFID or barcode technology.

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