What Is An Asset Tracking System?

In the modern-day workplace, asset tracking is one of the important parts of management. If you do not have any idea about what you lease or own, then you will not have any idea about whether you are assets are still functioning properly or how much it is worth. One of the basic steps in finding the value of ownership for entire things in your workplace is asset tracking. The asset tracking system is utilized in documenting the physical assets of your company. It is a centralized platform that offers details like contracts, owner, maintenance history and location of all the assets presently. It removes the manual labor involved in asset management. When manual labor is eliminated, it can gradually reduce expenses, energy and time.

What does asset management software do?

If you are finding hard to maintain thousands of assets using spreadsheets, you need to consider utilizing asset management software. It is a central system that permits your company to track necessary information about every asset instantly. It reduces administrative expenses, enhances service and offers your organization better visibility about asset maintenance, cost, and utilization.

  • Stores documents and details for each asset: According to the latest FASB lease accounting rules, it is important to maintain detailed information of your assets. The organizations must maintain complete records of entire lease assets that are more than 1 year. The records should include useful life, fair market value, monthly payment, the lessee and owner, end date and start date, lease terms and lease type and agreement. When you have asset management software, it is possible to upload these important documents within just a few seconds. If needed, you can also attach photos of the assets. You can access them whenever needed instead of searching the desktop folders or searching your file cabinets.
  • Permit you to find any asset easily: When you cannot get things exactly when you need it, it will be completely frustrating. With the help of an asset management system, it is simple to search for assets using various criteria like warranty data, installation date, purchase date, owner, asset type and location.
  • Assists in prioritizing service tickets: Suddenly, when your facility management receives numerous requests, it is hard to determine which one to handle first. It is best to integrate your facility management system with asset management software. This way, you will have sufficient context to assist you in prioritizing. For example, if you are receiving requests about issues of two dissimilar printers, it is hard for you to provide solutions for both. If you are wondering which to satisfy first, you need to consider utilizing asset management software. It can instantly look at the service history and contracts for each. You can discover which one has been purchased first, which is more than five years old and has chances to become obsolete. Thus, you can easily make the right decision with asset management software.
  • Permits you in determining the accurate ownership cost: It is necessary to give importance to service requests. You should also know how much it costs to service the assets from the time it has been purchased. Though it may be a joy to purchase a new one, use it for some time and throw away, when it comes to the workplace, it is expensive. You need to determine whether the assets remain valuable to the cost of ownership. The asset management software tracks the entire assets expenses all through the years and you can see a clear picture of how it has performed these years. It is simple to determine whether the equipment has performed to its investment or not. It also permits you to determine future expenses. This way, your organization would get an idea of what to expect. Be it you are using outdated systems or manual systems, it is a hassle to manage the assets rightly. When you have the right systems, you can easily and effectively manage your assets in the workplace.

How does asset tracking software work?

Cart management: Big events need checkouts for numerous items. The asset tracking software comes with a cart management feature that permits you to be updated about equipment rentals and purchases. You can mark the events and jobs on the calendar, collaborate over necessary equipment, managed necessary equipment and inventory and more. The efficient cart management feature helps you in adding last-minute inventory or assets.

Maintenance and service management: Preventative maintenance saves money and time and increases the efficiency of the item. The maintenance and service module offers the business ability to determine the unavailability of assets or assets under maintenance and also service expenses over the lifetime of the equipment. Asset tracking software helps in reducing downtimes and improve the way your business measures preventive and predictive maintenance.

Vendor management: This feature lets you determine vendors for obtaining. Vendors who offer equipment servicing and maintenance can be tracked according to their maintenance records, cost incurred, durations and type of service.

Document management: The software lets you in recording all kinds of documents unlimited on the cloud. The best part is you can utilize them whenever required. Paper-based systems are completely out of date and inefficient. It has chances for a lot of errors.

Volunteer and employee management: The success of the business depends upon every department. Every employee in the business must perform their duties to the best and maintain team collaboration. The asset tracking software tracks the duties and accomplished tasks of the employees.

What are the benefits of asset tracking software?

Asset tracking software assists in determining the movement of resourcesthat are either devices, software or IT equipment within an organization. It scans the complete assets to offer a quantitative record. The software also helps in physically monitoring the assets. The companies can schedule preventative maintenance or maintain the assets with the right asset tracking software.

Benefits of asset tracking software

  • Asset recovery and GPS positioning: It is quite hard for organizations to manage hundreds of assets. Though you spend in manpower, there are chances for losing productive time because of taking care of assets. Asset tracking software helps in eliminating troubles such as delayed production, increases expenses, and frequent customer complaints.
  • Real-time asset management: The company can get a clear idea of their assets with the help of asset tracking software. They can track the item that has been arrived or when it is moved to a specific location. It becomes important for efficient and accurate data management.
  • Maintenance tracking: Managing assets is important for the productivity of various processes. The asset tracking software comes with advanced features, where you can set notifications for ongoing maintenance and service of the equipment that is utilized in the business.
  • Reduction in maintenance and repair expenses: It is necessary to track the asset’s life cycle that is used in the projects. It may take years or months to complete the tracking process. You can use the asset tracking software to anticipate and monitor the devaluation of things and hence it can be substituted at the appropriate time.
  • Increase in productivity and reduction in labor wastage: With the help of asset tracking software, you can determine the number of items that are going through the departments. It is also possible to calculate the life cycle of the assets. For instance, if your assets come with RFID tags, it can be scanned as it passes through several phases of the process.
  • Enhancement in customer service: When a customer signs a contract to perform business with you, they expect a profitable return on investment. Information about their assets is one of the important information they expect from you. Asset tracking software remains beneficial in this situation.

What is the best asset management software?

When you have asset management software like Zed Assist on your side, you can easily gather information about the asset of your company in real-time. Zed Assist can integrate several software into a single platform. Be it through your mobile app or on the desktop, Zed Assist interface is simple to use and lets you work from any place. It means you can get enjoy easy and quick access to your assets in the business. It is even possible for the clients to generate reports every asset. It comes with an inbuilt mobile scanner that lets you find out particular items by logging into the application.

The managers across the organization can schedule maintenance and service requests within the mobile app. Moreover, customers can enjoy live tracking ability that makes sure data integrity, accountability, and efficiency. From its configurability and flexibility to unbeatable value and ease of use, Zed Assist stands unique in the marketplace. If you are interested in trying this asset management software, get in touch with Zed Axis and request for a trial version. Each business will have a different requirement and it is necessary to share what you exactly what to get the appropriate asset tracking software as per your requirement.