Here is What You Need To Know About Equipment Tracking Systems

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Did you know, 80% of employees waste an average of 30 minutes per day retrieving information?

When you have lots of paperwork, it can become time-consuming to access data and work with full focus. So, what can be done to solve these issues?

Well, you can invest in asset management software to eliminate manual processes, retrieve information faster, and much more. Wait, there is more to it!

You will get to know when your material is low, so you can make decisions accordingly. Without further ado, let’s dive in and learn more about equipment tracking systems.

What is an Equipment Tracking System?

Asset or equipment tracking is a process businesses use to keep track of all tangible assets. Any physical equipment can be tracked with barcodes and tags.

To keep everything running smoothly, most asset tracking systems use a centralized platform. This helps you store relevant information like location, owner, contact information, and maintenance history at all times.

Lastly, with asset tracking and management, there is no need to invest in manual labor for management.

Benefits of Using Equipment Tracking System

1. Extending Asset Life

Whenever you purchase an asset, you expect to generate revenue from it.
As an asset manager, you know it is extremely important to keep an asset in running condition.

So, whenever you execute a tracking plan, it is essential to have ample clarity on all aspects of your asset. With asset tracking software, you can easily check if the equipment is working properly or not.

Moreover, it will also help you gauge if the asset is working as expected or not. Lastly, when you have a thorough idea of what’s going on with an asset, you can make the right decisions and extend its life span.

2. Reduce Expenses

Are you worried because of rising expenses?

Well, poor management can not only increase your spending but also decrease the lifespan of an asset. At the operational stage, you will face several maintenance issues.

So, what can be done to solve such issues?

All you need to do is invest in asset tracking software. It keeps you informed about all assets. Moreover, it also helps you in scheduling a maintenance job and creating alerts.

Furthermore, it assists in growing your business by identifying unproductive items. Thus, you can easily identify which asset needs maintenance and avoid unexpected expenses.

3. Streamlined Audits and Operations

Auditing is extremely important to verify what assets your organization owns and where they’re located. However, the auditing part is not limited to tracking assets; it also plays a crucial role while calculating taxes.

Without an equipment tracking system, the audit process can be long, exhausting and there are high chances that the asset evaluation is correct.But, what does asset management software exactly do?

Well, it lets you schedule your own audit timeframe and receive status updates on the process. This, in turn, can help you improve your daily activities & operations.

Once your processes are streamlined, you can work on improving your brand image and increase operational efficiency.

4. Scheduling Asset Maintenance

How often has it happened that you forgot to get the equipment checked, which led to substantial damage? Well, to avoid such instances, you need to set reminders for regular maintenance.

Interestingly, asset management software lets you do that and much more! It also helps you retrieve data and check when the equipment was last serviced executed and when it is required again.

The result? Your equipment works fine at all times, leaving you time to deal with core business issues.

5. Increased Productivity

Have you ever thought about tagging your assets, and how is it beneficial? If they are tagged, they can be scanned automatically, and there is no need to have people scan them manually.

Using an asset tracker will free your workers from such responsibilities and leave them free to concentrate on other important tasks.

6. Asset Recovery and GPS Positioning

Do you know about any incidents where a piece of specific equipment or asset got isolated from a batch? If yes, you know how hazardous and troubling it can become for the entrepreneurs to find it down!

What if you could eliminate these issues? Well, you can easily do it with asset tracking software!

It helps you add a barcode identification on each asset which makes it easy to track. Furthermore, with the use of GPS, you can easily identify the last location of your assets. Thus, making it extremely easy to find misplaced assets.

7. Check-In/ Check-Out

Another advantage of using equipment tracking systems is its check-in and check-out feature. But, why is it useful?

It can improve accuracy and reduce the time spent on sending/receiving assets. Most of the tools provide a search option facility, and you can find a piece of equipment by its name, tag, vendor, etc.

It is beneficial for industries having multiple assets such as schools, hotels, libraries, etc.

Here is What You Need To Know About Equipment Tracking Systems

What is an Equipment Tracking System?