Imagine the maintenance team is working on a work order and needs a specific piece of equipment, but cannot find it. The work stops, and everyone starts looking for the equipment, without success. Scenarios like this are common in every sector. Either the asset was stolen, or someone put it in the wrong place. From construction to education and from manufacturing to oil and gas, asset theft is common.
Asset theft is a serious problem in every industry. Organizations must address it, or they will lose many assets and crucial information along with them.
Why Does Asset Theft Occur?
Asset theft occurs when no one pays attention to assets and the wrong people know it. Assets are stolen because they are easy to sell for a profit, and some are stolen for personal use. Small, valuable and portable items, such as laptops, phones, tablets and tools, are the most at risk, especially when nobody checks who has them.
What Are the Consequences When an Asset or Device Theft Takes Place?
When a device or asset is lost, we lose more than equipment; we also lose the valuable information on it.
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Below are the consequences of asset or device theft or misplacement:
1. Personal information leakage
Employees often keep their personal information on work devices. When a device is stolen, that sensitive information can leak, especially if it falls into the wrong hands. Financial details stored on the device can be stolen too.
2. Account Hacking
To save time, many employees set their username and password to “Remember Me” so they can log in faster and get work done. When a device is stolen, this makes the damage worse, because anyone can log in.
In many cases, organizations have had accounts hacked after a device theft, and sometimes the whole purpose of the theft was to get sensitive business information through those accounts.
3. Cannot Afford to Replace the Device
Some devices are so costly that replacing them is not an option for the organization, because it does not have the budget for new equipment. That is why it is important to take care of every device.
4. Permanently Lost Valuable Data
With asset theft comes data loss, and a lot of valuable information goes with the device, such as photos, videos and contacts. This is especially true when no backup was taken.
That is why it is always important to keep your data in the cloud and back it up regularly, so the impact of a theft is kept as small as possible.
5. Disrupted Daily Operations
Some devices, such as mobile phones and tablets, are especially important because they hold sensitive business information. If they are misplaced or stolen, work is disrupted. Many tasks depend on these devices, and daily operations cannot be recorded accurately once they are lost.
When this happens, productivity drops, because no one is prepared for it.
These are only a few of the consequences of device theft. Asset theft and asset misplacement need to be eliminated and should not be taken lightly.
How to Avoid Asset Theft and Asset Misplacement?
Asset theft and misplacement can be avoided with asset tagging and asset tracking software. When you combine the two, preventing asset theft becomes much easier.
An asset tag is an effective solution because it gives each asset an identity that can be scanned and recorded wherever the asset goes. When you use it with asset tracking software, you not only deter theft but also keep crucial information about each asset.
Each asset tag has a unique identification number, and each scan records where the asset was seen. With asset tracking software, you can gather more vital information and make your assets more productive as well.
Why Asset Theft Needs a System, Not Luck
Asset theft is a serious, long-standing issue. Action must be taken to eliminate device theft, asset theft and asset misplacement. That is why investing in asset management software is essential for business.
It helps you protect assets from theft and keeps them secure. It also brings several other benefits that give your business an extra edge and help it grow.
Frequently Asked Questions (FAQs)
What Are the Other Techniques for Saving Assets from Theft and Misplacement?
Other techniques for protecting assets from theft and misplacement are given below:
1. Surveillance cameras.
2. Thorough checks of employees when they enter or leave the organization’s premises.
3. Alarm systems.
4. Biometric systems.
What Are the Benefits of Asset Management Software?
The benefits of asset management software are given below:
1. Asset lifecycle management.
2. Scheduled asset maintenance.
3. Eliminating ghost assets.
4. Better compliance and fast asset auditing.
5. Increased productivity.
6. Lower maintenance expenses.
7. Better return on investment (ROI).
Does This Software Come with Cloud Technology?
Yes, this software can run in the cloud. Cloud technology lets you access data from anywhere in the world and stores data online, so you do not lose your records when an asset is misplaced or stolen. The cloud service provider also helps keep the data secure.