Keeping track of a large number of assets across multiple campus locations is becoming one of the hardest challenges for schools, colleges, and universities. Having an effective process to capture your assets locations and conditions is no longer an option – it is a requirement.
Effective asset management empowers organizations to easily keep track of all assets. Having real-time access to your assets’ locations and current condition is essential to set the correct asset depreciation and increase asset accountability. Using a barcode and RFID solution can standardize your process of asset data collection, increasing data accuracy and efficiency. Manual barcode scanning from a smartphone or other mobile device ensures users have a quick, easy, and accurate method to implement asset tracking.
Top 5 benefits of effective asset tracking:
- Improve Asset Accountability
- Correctly Assess Asset Depreciation
- Delete Ghost Assets In Your Inventory
- Reduce Administrative & Overhead Costs
- Ensure Regulatory Compliance
Improve Asset Accountability
Many assets can be frequently moved across multiple business locations, not knowing what assets are immediately available to your staff can be counterproductive and ultimately decrease your overall performance. Have up to date knowledge about who used the equipment and when it was used. Missing and unutilized assets are frequent issues in organizations, so asset tracking can eliminate an accumulation of these particular problems. Spreadsheets are helpful in many ways but are very time consuming when it comes to holding individuals accountable. A cloud-based solution is ideal because it is accessible anywhere.
Correctly Assess Asset Depreciation
Fixed and liquid assets depreciate throughout the duration of their lifespans. It is essential to be aware of all assets’ useful life. Useful life is defined as the average amount of years an asset is deemed fit for use prior to its full depreciation. Keeping track of asset condition enables administrators to efficiently identify when an asset requires replacement due to wear and tear or passage of time. It is vital that organizations constantly reevaluate their assets. Additionally, weak asset management can result in inaccurate financial reports. Oftentimes, institutions overestimate the value of their assets which may interfere with receiving grants. Institutions must prove equipment is beyond its useful life before most grants are approved.
Delete Ghost Assets In Your Inventory
Removing ghost assets or assets that your organization needs to dispose of is essential to maintaining an accurate count of assets. If assets are lost, damaged or no longer needed they need to be accounted for as part of your physical inventory tracking process.
Reduce Administrative & Overhead Costs
Keeping track of all assets is a time-consuming task. With an easy-to-use cloud mobile solution that automates inventory tracking, administrators can focus on critical tasks instead of manually tracking thousands of individual assets. Automating your physical inventory tracking process immediately translates into costs savings for any organization.
Improve Resource Asset and & Resource Allocation
Improving asset and resource allocation is perhaps one of the most impactful benefits of improving your asset tracking process. Getting the most out of the assets you already own by correctly dispersing your equipment in areas where it is needed directly impacts your bottom line. Reducing the cost of getting unnecessary assets due to lack of visibility.
Are you looking to streamline your physical inventory tracking process? Get an easy-to-use cloud mobile app that will empower your workforce to get the most out of your current assets. Contact one of our account executives today at firstname.lastname@example.org.