Ghost assets have been the norm in most companies, which has hindered most organizations’ progress. The lack of streamlined tracking, unavailability of timely maintenance schedules, and inaccurate record files increase the money and time spent trying to rectify avoidable errors.
However, the implementation of asset tracking is proving to be monumental in reducing fine payments and ascertaining that vendors are performing at their best, among other benefits. Here’s a breakdown of what your bottom line can gain if you take an interest in asset tracking.
Real-time Feedback about Your Inventory’s Location
Not knowing where your inventory is can be a dangerous oversight, primarily if you specialize in outsourcing equipment. It means you’re not aware of their current location and state. In such instances, you could lose work hours, especially if you are not constantly at the working site. Tracking the inventory lets you know if your items are in use or losing dollars by the hour.
Allows On-Time Maintenance Schedules
When you’re aware of your assets’ location in real-time, it’s unlikely to get caught off-guard by maintenance schedules. Equipment tracking software on your makes it easy to keep tabs on the inventory’s state round-the-clock.
Consequently, you make arrangements for maintenance and repairs on schedule. When your assets are in perfect condition, it allows you to monetize them even more and avoid unnecessary repairs that could have been avoided with a regular check on their performance.
Minimizing Possibilities of Theft
Theft of equipment is a danger every organization is bound to face if they are not careful in handling the inventory. Thieves can easily spot equipment that isn’t being used or neglected. Being cognizant of where your possessions are is an effortless way of ascertaining that you keep tabs on them.
And in the event of a theft, you can quickly find their whereabouts and repossess them from unauthorized handlers. The fact that you’re constantly aware of what happens with the equipment is enough to keep any thieves at bay.
True Financial Planning
Making a right and proper plan for the accuracy of the financial status is possible with a record of what your company has. For example, if you are unaware of what’s working and what isn’t, planning for the next financial year and catering for the expenses that include buying or refurbishing items.
With a clear view of what requires financial attention, you have accurate readings of what is needed, reducing the instances where companies make moves through guesswork. As a result, you do not cost the company additional funds by making inaccurate conclusions.
Evaluate Vendor Performance
If you’re running a firm that outsources assets to multiple vendors, the vitality of tracking all types of equipment in their possession can’t be overemphasized. It can be challenging to visit all the sites to determine the state of your inventory.
Managing the vendors in person can also be challenging, especially if you have multiple items far from your reach. Instead of doing a manual visit to each place, you can track how each site performs from the comfort of your office.
This makes it easy to determine which vendors are performing exceptionally and which are giving you a tough time. In such cases, it allows you to amend leasing agreements to reduce damages, especially if you’re handling problematic vendors.
Eliminate Fines Through Compliance
Fines are becoming more rampant in companies that have ghost assets. The unavailability of a repair or maintenance history puts you at risk of paying the penalty if a government regulatory agency member passes by a location with your equipment.
In such instances, you may have to part with thousands of dollars to repair items that may be outdated. To top this up, you may also have to contend with other requirements they impose on you to avoid lawsuits. Rather than bear the brunt of fines or additional costs you may not have been prepared for, utilize asset tracking tools to help you stay up-to-date with the repairs to avoid such occurrences.
Asset tracking ultimately affects your bottom line significantly. Saving finances and reducing fines related to late or abandoned maintenance for your inventory are some of the benefits of this approach. Your company enjoys proper planning and accurate foresight thanks to the availability of information.
Of course, this is only made possible if you partner with a reliable software provider that ascertains you have round-the-clock feed on your assets.