Should you be using asset tracking and management software? Part I of II

Should you be using asset tracking and management software?  Part I of II

Every business has valuable assets-but do you know where your physical assets are? Where they have been? Who used them? Misuse or loss of assets can result in huge costs for your company.  Making sure you know everything about your assets will help you avoid compliance issues, regulatory fines, law suites, expenditures for asset replacement, and much more. In this two part article, we will discuss the need for asset tracking and management software, how they can increase productivity, cut down on risk for legal problems, bad PR, and have a great return on investment for your company. 

1.Do you need to maintain mobile physical assets? If you need to organize and track your assets for preventative maintenance, calibration, or work orders, especially moveable assets, tools, vehicles, etc. then implementing an asset tracking and management system could be right for you. That decision is easy enough to make, but how can you justify the cost of such a system?

2. What if ? If you do not know where your mobile assets are—are you going to have a major problem on your hands? If there are issues with regulations, safety, security, quality, customer service, legal, or other ramifications of losing track of your assets then you should be using an asset tracking software. Maybe you have experienced the frustration and chaos of not being able to locate an expensive, important, or defective tool, piece of equipment, etc- how great would it be to avoid that drama again? Or maybe you have been lucky enough to not have experienced this…Could you imagine the problems when you luck runs out?

As an example—let’s say you use tool A on plane B –the job is finished and you think nothing of it— You go to use that tool again…Maybe a day later, maybe a month later and you realize it has not been calibrated correctly…uh-oh! With an asset tracking and management system you can trace all of the projects that tool was used on and can go back to check/fix plane B and all of the other jobs this tool was used on before there is some kind of catastrophe.

Point being, in some industries, people could be injured or killed if you do not know where your assets are- if you operate in an industry where this is true, asset tracking and management is a must.

3. How many mobile assets do you have? The larger the number you have of these vital mobile assets the more money it will cost you to replace them, right? This seems simple but these simple things can sometimes be easily overlooked.  Maybe losing 1 or 2 of an item would not be a big deal but losing a few hundred of them could result in major financial expenditure or something even more detrimental to your organization having to do with safety or regulatory laws. Taking this into consideration will help justify the cost of the asset tracking and management system.

The second half of this article, “Why use asset tracking and management software?” can be found here


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