Assets are part of the business entity. Besides generating income, assets are also counted as the “wealth” of the business. In a large organization, when specific assets are given to specific people, each assignment needs to be recorded in a fixed asset register. Otherwise, the company can lose track of these assets and others may misuse them.
Asset Tracking Software Reduces Thefts and Losses
Assets can be stolen or lost.
Asset theft and misplacement are not new issues. They have existed for a long time. They can be very damaging for a business: when assets cannot be found, operations halt, production is delayed and product deliveries slip.
That can disappoint customers and, in the worst case, lose them. You may also have to buy new assets unnecessarily. Employee theft alone costs businesses a great deal of money every year.
Also Read: 8 Evergreen Asset Tracking Software Benefits That Helps Business
To avoid this, an organization should invest in asset tracking software, which plays a crucial role in asset tracking and management. With asset tracking software, the company can see its assets and how each assignee is using them.
As long as this information is well maintained in the application, the responsible person cannot break the rules and get away with damaging the property.
For example, suppose a truck is allotted to the logistics department. The asset manager would record important information such as the asset type, its use, the vehicle number, the department name, the name of the person the vehicle is assigned to and the shipment process.
When the asset is reclaimed, the manager can trace both the asset and its user. The software centralizes information, so you know which asset is in which place.
Inconvenience Of Paper-Based Registry
When a company allocates assets, recording the details in a paper register takes extra hours. Even for a small business, the asset management process cannot be done with a snap of the fingers.
Suppose you own a small poultry farm. Your farm uses breeding equipment such as poultry feeders, egg incubators, gas brooders, poultry vaccinators, nipple drinkers and broiler drinkers.
These machines are installed in separate locations, because chickens of different breeds and ages cannot be kept together in one coop. In a paper register, you would enter the information for each machine on a different page, using separate columns and rows.
Whenever you need to update information about a particular machine, you would write the new information on a new page, since you can’t remove or delete the old entry. This method is a burden for the business.
The pen-and-paper approach is also prone to errors, since people make typos. Paper also deteriorates over time, and pages can be lost.
Also Read: Paper-Based Preventive Maintenance Can Be Critical for Your Business
If documents are kept somewhere damp, they deteriorate, and paper can tear. Most important, finding a particular piece of information takes a long time.
With software, the process is automated: you can store all the information easily and find any of it within seconds.
In short, the paper-based approach is time-consuming and hurts the productivity of employees and the organization, while asset tracking software makes the organization more productive.
Assign Your Assets to Safe Hands
To assign movable assets to accountable people, the facility manager keeps the asset information and a record of who holds each one. Asset tracking and management software makes this possible while helping to identify and reduce risks.
In Asset Infinity, users record the information for each asset and track its movement to keep it safe and useful. The equipment tracking software also lets you verify assets. From those checks, you can see whether an asset is in a safe place or has gone missing.
Asset Tracking Software Gives You the Best Practice
With Asset Infinity’s facility management software, the movement history of single or multiple assets and equipment is recorded in the cloud-based application. In the application, you can view all the information, including the date and time of each allocation and the user’s details.
A cloud-based computerized maintenance management system (CMMS) lets you create barcode labels and attach them to multiple assets. Assets can then be found by scanning the code.
In the Asset Infinity app, you can assign single or multiple assets to users who work in different departments and locations. At the time of allotment, you can record information such as condition, remarks or custom fields.
The maintenance management software lets you link child assets to a parent asset, so related equipment stays together on the record.
Also Read: 5 Common Asset Tracking Issues That Need to Be Addressed
Keep Your Record Straight with Asset Tracking Software
At the time of an audit, the company needs to produce an analysis of specific assets. That is why asset records must be accurate when you discard or sell an asset.
With Asset Infinity, you record the reason for each disposal, whether the asset was sold, scrapped, lost, donated or transferred.
You can see reports in asset management software on disposed assets and check their movement history for reference. Reports such as asset movement history can be exported to Excel. When you sell an asset, you can record the buyer, a reference and the sale price, and see the gain or loss.