6 Signs You Should Invest in Assets Tracking Software

Assets Tracking Software running on various devices.

Not having effective assets tracking software in place could be costing your organization tens of thousands of dollars per year in lost productivity, taxes, and insurance costs. Not to mention poor accountability, resulting in lost and stolen items, the over- or under-utilization of resources, and, ultimately, financial losses as well.

Do you have an effective asset tracking system in place?

Here are some signs that should signal organizational leaders and management professionals that it’s time to invest in asset tracking software:

1. The total number of assets the company owns is a mystery.

That’s a dangerous game, isn’t it? The how-many-assets-do-we-really-own game shouldn’t be played by anyone. It doesn’t matter if you’re in HR or IT; asset tracking shouldn’t include only one inventory taken by an intern three years ago. If a company isn’t able to quickly assemble a record of all key assets it owns currently, there is something badly wrong.

2. No one knows what condition the assets are in.

It’s one thing to know how many of something one has, but it’s another entirely to know how usable each something is. Which laptop is in the best condition? Which gear was broken the last time it was used and needs repair? Is that forklift really safe? Objects depreciate when left on a shelf, or they might be damaged with overuse. Does your current assets tracking software have a way to record the condition of your valuable tools and equipment? If it doesn’t, when your business is at full capacity, a manager might end up scrambling to purchase more equipment at the last second.

3. You’re spending hundreds, if not thousands, of dollars on replacements due to lost or stolen assets.

Speaking of purchasing equipment, if a company has spent a large percentage of its overall asset-related budget on replacements, something is amiss. This is possibly the most obvious sign that it’s time to invest asset tracking software. If an item is missing or stolen, a business should be able to find who was last in charge of the item. The business should also know when it was last used or if it is missing from a storeroom or stockroom.

4. It takes hours or days to get an answer regarding the location of an item.

Where does this data hide? Is it on one spreadsheet on one person’s computer? Are they on vacation and you need to wait for them to get back to you? Having one person be responsible for all of the information regarding a company’s assets is neither fair to the company nor that person. This sort of practice happens all the time, especially in IT. IT asset tracking, and the tracking of all capital assets for that matter, should hold everyone accountable, not just one person or a small group of people. Investing in assets tracking software can help promote higher visibility to upper management while holding everyone involved responsible.

5. Taking inventory is a week(s) long process.

Getting lost in a sea of asset inventory is easy. Sometimes, conducting a physical inventory of your fixed assets can take several days or weeks to complete; however, that’s not a good excuse to put it off. Many government agencies and nonprofits require annual asset inventories to remain compliant. And for those where annual physical inventories aren’t required, they’re still a best practice. An online tool or software solution can make taking an inventory dramatically faster and much less painful. If you’re not using barcode or RFID technology to do it, you should be.

6. When employees leave, you have no idea if you’ve gotten your equipment back.

Tracking inventory when employees leave is very common among larger corporations and enterprises with multiple locations. This is primarily due to not having a proper onboarding or termination process regarding equipment. When people are hired, laid off, or terminated, the communication between HR, the employee’s department, and the department responsible for the equipment the employee operates breaks down. If there’s nothing in place regarding the tracking of equipment and an employee happens to leave with their laptop, finger-pointing often happens as a result.

Looking for Assets Tracking Software?

Our comprehensive solutions include asset tracking software, asset labels and mobile computer – everything you need to start tracking today. Learn more about how you can track your inventory more effectively with a RedBeam asset tracking software.  We also offer free trial accounts complimentary web-based demonstrations making it easy for you to evaluate and invest in asset tracking software.