Asset tracking is about using technology to track where/when/how tools or machinery are being used for a company. It may not seem like it can make a difference, but there are actually numerous benefits to using this technology. One of those being the ability to save your business money. The cost savings with asset tracking can help not only improve your bottom line. Many businesses report improving the overall customer service. Asset tracking is more than just knowing where your assets are; it delivers useful data that can optimize your operations, cut wasteful costs, and improve decision-making. Not sure how? We’ll show you!
Cost Savings with Asset Tracking
The implementation of asset tracking systems in businesses marks a significant change toward increased efficiency and smart financial management. By more effectively managing and tracking tools, companies are able to do more.
Prevent Theft
One of the most obvious cost savings that asset tracking can have is that businesses are able to prevent or negate theft, whether it comes from the outside world or from a team member. Asset tracking allows for the real-time location of devices and tools. With geofencing, you can be notified when tools/machinery are out of designated areas. Not only does this prevent theft from employees, but you’ll also be able to recover stolen items quicker by notifying the police of their location. This can help you save money in the short term by not having to rebuy tools you already have. You’ll also be able to prevent losses by recouping items.
Ensure Customer Satisfaction
Asset tracking can help you save money and provide better customer service by ensuring the right tools or products make it to a customer on time and in good shape. This tech ensures that the correct assets are available at the appropriate time and location. A business owner can ensure that customer expectations are fulfilled or surpassed. Lost items or tools can result in lost customers and repeat business.
Not only that, but your asset tracking capabilities can even become a marketing to attract new customers! You can showcase how you can ensure that customers will be able to receive your products or services. You can even advertise the ability to notify customers where devices or tools are.
Avoid Breakdowns
In the event of a service issue, asset tracking helps speed up resolution by rapidly identifying and reallocating resources, reducing downtime, and demonstrating to consumers that their satisfaction is the top priority. Unplanned equipment downtime can significantly disrupt business operations. It can often cause lost productivity, increased labor costs, and, in some cases, missed opportunities.
Predictive maintenance can help keep your assets working for the long haul. Not only that, but it allows businesses to plan maintenance during off-peak peak hours or seasons. Moreover, you can not only get the most out of devices but can keep a track record of how often a machine needs servicing. If a tool is at the end of its lifecycle, it can be much easier to identify which ones need to just be repaired and which ones need to be replaced.
Improve Utilization and Efficiency
One of the best parts about asset tracking software is its ability to spot patterns and utilization of your tools. Asset tracking technologies allow businesses to view how assets are used, managed, and how inefficient they may be at using them. Understanding how your assets are being used can help you spot problems and make corrections without costing you more money in the process. For example, if some vehicles in a fleet are underutilized while others are used more often, shifting driving to different cars can help to balance the workload, minimize wear and tear, and lengthen the fleet’s overall lifespan.
Additionally, asset tracking can be great for reducing bottlenecks in workflows and streamlining operations. This helps you save time and money and can avoid wasteful tactics that cost your business money.
Enhance Compliance and Reduce Risk
Many businesses struggle with handling compliance and reducing risk for a company. This is oftentimes done because personnel may not have the knowledge. Cost savings with asset tracking is not only about knowing where items are, it also can help businesses prevent costly mistakes.
Tracking systems can automatically record detailed logs of device usage, maintenance, and inspections. This gives you an audit trail to show compliance and the upkeep of standards. This is especially useful in industries where compliance with safety and environmental regulations is monitored and requires substantial documentation, such as healthcare, manufacturing, and construction. Asset tracking also allows you to set permissions on who has access to certain devices and personnel, helping you mitigate risk. You can make sure that only qualified and capable workers have access to certain tools. It can even be a tool for establishing and submitting evidence for insurance claims.
Save Time on Administrative Tasks
Manual asset tracking and management are labor-intensive and error prone. Asset monitoring can automate various procedures, from inventory management to asset allocation, allowing employees to focus on key company functions. You don’t have to have multiple employees just manually reviewing the documents, saving you money and allowing you to divert resources to revenue-producing activities. Not only does this help with labor management but can reduce costly errors in asset management.
Optimize Insurance and Taxation
Asset tracking is a vital tool for making sure you are not over-insured for tools or machinery you do not have. A business owner could end up spending more money than needed if they have ghost assets (essentially assets that are on paper only, not physically present). Companies can then update their policies and keep them updated with an accurate count.
This also works for tax purposes as well. You don’t have to pay taxes on assets you don’t own, and having an accurate count can help reduce that tax burden, saving you money. It’s also a good investment should your business ever be audited by the IRS. You have detailed records ready to go.
Need the Cost Saving with Asset Tracking?
If you are looking to save money with asset tracking, but not sure where to start for a provider? Don’t worry, 360Connect can help! Just fill out our 1–2-minute form and we’ll contact you to verify your needs and information. From there, up to 5 suppliers will reach out with quotes. It’s that simple! Get Started today!