In Part One, we discussed the basics of asset tracking—what it is, why you need it, what it can do, and how to choose the asset tracking system that’s right for you. Quick review, in case you missed it: asset tracking basically makes you a workplace Superman.
But much of what makes Superman great are his unattainable, superhuman physical abilities. Superman was born into greatness. While we can’t alter your genetics (we’re good, but not that good), we can still help you achieve superhero status. Batman made his own superhero powers by leveraging innovative technology! We can definitely help you with that. With the right equipment, there’s no reason why you can’t be the Batman of your business.
Here in Part Two, we will get into the nitty-gritty of how an asset tracking system can save your company a lot of time. With speed and precision that would give even the Batmobile a good race, an asset tracking solution will definitely make you the superhero of your organization.
The cape is optional.
4 Ways Asset Tracking Will Save You Time
Lightning-Fast Physical Inventories
So much time is spent searching for assets that it should be criminal. Of course, it isn’t – but not keeping accurate records of your assets could certainly put your organization at risk for non-compliance. For many companies, taking a baseline physical inventory of assets is a daunting task – so daunting that many simply put it off. But ignoring the need won’t make it go away, and it certainly won’t protect your organization from serious consequences.
This is where asset tracking really shines – with automated data capture, the average time it takes to identify and account for each asset is cut from 30 seconds to just three seconds. This means employees can work 70 percent faster than they are capable of without this automated processing. Once you know how many assets you have, where they are located, and the condition they’re in, you’ll only need to periodically verify the accuracy of your records. Time freed from dull manual labor processes gives employees more opportunity to engage in other higher-order business-generating activities.
Ongoing Asset Management
Asset management isn’t a single task; it’s a process. Asset tracking systems are designed to make asset management, well, manageable. Every day, your asset population is changing – assets are being moved, added, and changed (MAC). For your information to remain accurate, you need to update your records to reflect MACs, and quickly make this information available to everyone who needs it.
Moves, adds, and changes don’t have to be archaic pencil-and-paper, form-driven processes. In fact, tracking asset movements has to be a convenient and uncomplicated process, or it is likely that workers will forget or overlook this step. With an automated asset tracking system, you can track asset movements more quickly and efficiently than with manual methods. Because automated asset tracking requires so much less effort, you may find that you’re actually auditing your assets on a more frequent basis, and are able to use the gathered intelligence to better decide how your assets should be used.
Fewer Lost, Missing, or Stolen Assets
Asset tracking software makes it easy to stay accountable for your assets by making your asset information visible – the opposite of “out of sight, out of mind.” With an efficient asset tracking system in place, you can keep a constant eye on your assets and will be able to see very quickly when something is out of place or being misused. Imagine: no more replacing tools on-the-fly because you can’t find them when they’re needed – only to end up with costly and unnecessary duplicates. Having a definite asset tracking process in your operations, where assets are assigned and tracked to specific individuals, also encourages greater employee responsibility.
Survey data shows that workers who spend just 10 minutes a day searching for needed tools and inventory lose about a full 40-hour work week every year. Multiply one worker’s weekly salary by the number of workers in an organization, and you can quickly see how much money a company loses annually just trying to find stuff!
Information When and How You Need It
Asset management serves the ultimate purpose of ensuring audit compliance and maintaining accurate asset records for tax and insurance purposes. Managers and auditors directly benefit from an asset tracking system’s reporting capabilities which can quickly and easily supply the asset information they need for analysis and verification. Asset tracking software should eliminate the burden of generating reports. With RedBeam, for example, you can create reports that show almost anything you could need to know about your assets, including:
- How many you have
- Where they are
- Who has them
- What condition they’re in
- Their value at a specific time, or within a specified date range
- A history of when and where they’ve been moved
In addition, you can filter the information to prioritize it in the way that best suits your needs. You can generate reports based on location, employee, department, or nearly any other way that’s meaningful to your operations.
Whichever superhero you identify with, the bottom line is that an asset tracking solution will make the process of accounting for and managing your assets faster, more powerful, and more accurate than ever before.
Next, in Part Three, we will discuss how asset tracking impacts your bottom line. We will also include a link to download a PDF of our entire guide, so you can have all three parts for reference.
Read enough already and convinced that our asset tracking solution is right for you? Request a free trial.