In Part 1 of this article, “Should you be using asset tracking and management software? “ we discussed the importance of asset tracking and management software and a few reasons why you should invest in Asset tracking and management systems to help with compliance, regulatory, safety, productivity, and other important factors in your business. In part II we will discuss a few more reasons for using asset tracking and management software in your organization:
1. How likely is it that your assets will go missing?
Depending on the type of work you do, the locations you do your job in, the people you hire—you may be more likely to either really lose an item or “lose” and item (some industries or locations may have a higher rate of asset theft than others). if you feel your organization could be at risk for this type of behavior, an asset tracking system may help cut down on theft or innocent loss of assets
2. Calculating your ROI
Calculating your ROI and the return granted to you from both a financial and non financial standpoint can be difficult. You can look at the direct savings gained by the company through high productivity levels and increased production now that your employees can locate vital components, calibration instruments, etc. You can also look at how much money you save from no longer needing to replace lost or stolen assets. Other non financial things to consider when weighing the price of an asset tracking and management system could be looked at from a perspective that a non financial issue can quickly turn into a financial issue such as a worker who is injured due to a missing or broken safety related asset (this could translate into workers comp or temporary loss of an employee due to a hospital stay which will decrease productivity). Other possible financial issues could spring up from compliance fines or audits from a regulatory body. You could receive bad PR if an asset tracking or maintenance issue turns into a media story due to injury, loss of valuable and/or confidential information, etc.
6. Do the benefits justify the cost of locating and tracking these assets?
Now that you have, hopefully, realized the need for asset tracking software in your company, the next step is to find the right system for you. When looking at your software options, Be sure to consider:
- Ease of implementation
- Be sure the system does real-time tracking and locating
- Does the software do what you need it to do?
- Can the software handle the needs of your business as you change and grow?
- Ease of use
- Is the system reliable?
- Is the price right? This will be an investment but you will see an ROI from both a financial and non financial angle. Don not get bogged down in finding the lowest cost or big name systems- go with what fits your needs
When considering an asset tracking and management software provider, be sure to think about:
- Does this vendor have a good track record? Look at success stories, testimonials, etc.
- Will they be easily accessible for services, support, and maintenance? (again- looking at what their other clients are saying is a great way to decide)
- Are they proven to deliver results and keep promises?
- Development and integration capabilities?
Implementing an asset tracking and asset management system into your business can be a game changing decision. As we have learned in this article you can begin increasing your productivity, cutting down on risk for legal problems, and streamlining your workflow by adding this tool into your processes, and so much more.
Anytime Assets is a cloud-based asset management system that allows you to track any asset, manage equipment, tools, gauges, people, IT assets, office equipment, vehicles, jigs, dies, molds, and other assets online. Manage asset images and attachments to quickly identify assets and related documents like manuals, service contracts, warranties, and more. Track asset movement from location to location or use as a tool crib with check-in and check-out capabilities. It is a fully customizable database available anytime, anywhere. Contact us for more information