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Do you remember the last time you checked out a book at the library?
If you didn’t return it on time, you would likely get an email or letter reminding you to return it (and letting you know of any late fees).
How did the library know who had the book and when it should be returned? With check in check out asset tracking software. In the library’s case, their books are their main assets.
Check in check out asset tracking isn’t just useful for libraries, though.
This type of system is crucial for any business that relies on various assets like computers, vehicles, tools, or technology that different employees use at different times.
If you want to gain greater visibility on your assets (and your employees), improve your operations, speed up productivity, and improve your business’s financial health, then keep reading.
In this article, we’ll break down what check in check out asset tracking is, how it works, why it’s important, and some best practices to have a greater eye on your assets to improve operations and profitability.
What is check in check out asset tracking?
Check in check out asset tracking is a system organizations and businesses use to better monitor their assets.
This type of system — typically in software — gives managers and employees a better view of who’s using assets, where the assets are located, and the ability to easily check out different assets.
Whether you need to track your construction equipment better, improve your school asset management, or track hundreds of devices like phones and tablets in your organization, asset tracking software allows you to get control of your assets (and who’s using them).
As different tools, equipment, and technology cycle through your company (between employees and different checkpoints), asset tracking software allows you to track, collect, and interpret asset data to improve operations and workplace efficiency.
Additionally, asset tracking software comes with many other features, like the ability to see the asset’s history, working condition, maintenance schedule, and more.
Why check in check out asset tracking is important
So, why do you need to start implementing an equipment check in check out system?
Well, with an asset-tracking system like RedBeam, you get a check in check out system that gives you a clear picture of your assets.
Knowing what’s going on with your assets will improve efficiency, processes, and your bottom line.
Here are eight reasons why check in check out asset tracking is crucial to your business.
1. More transparency between workers and assets
The first benefit to implementing a check in check out system at your workplace is simple: transparency.
Everyone will be on the same page. At a moment's notice, managers, employees, and executives can look at their asset tracking software to see where an asset is (and who’s using it).
This will eliminate confusion and unnecessary emails asking other employees where something is.
Plus, it prevents unauthorized access to the use of certain assets, which can prevent a potential security or privacy breach.
And it also prevents employee theft.
No one wants to think about it, but it’s a reality across business in America every day. A check in check out system will give a complete record of who has an asset, preventing someone from taking it.
2. Improved productivity
There’s nothing more frustrating in the workplace than losing a key piece of equipment.
Whether it’s a piece of machinery, a tool, a laptop, or a vehicle, no one wants to waste time hunting down the items they need to do their job.
With a check in check out system, your organization will run smoother as people will know exactly where something is.
Your employees will be able to see if an item is available or in use so they can quickly determine the best course of action to keep working.
3. Greater asset life cycles
One great side effect of conducting regular maintenance on your assets is you’ll be able to improve asset life cycles — or how long an asset is usable.
When you have a check in check out system, you can keep your assets in good shape longer. Plus, you’ll be able to prevent theft, misplacement, and loss.
This means your assets will be used for a longer time in your organization.
4. Reduce property loss and theft
Check in check out asset tracking also does something beautiful: it prevents property loss and theft.
When you don’t have a proper tracking system to track hundreds of assets, you’ll likely misplace some occasionally.
But what’s even worse is that if you don’t have eyes on your assets, they may end up lost (and in some cases, stolen).
5. Accurate financial records
When you have a closer eye on your assets, there’s a major benefit your accounting department will love: accurate financial records and planning.
If you think you have 100 laptops in your organization, valued at an average of $1,000 each, you’ll have a record of $100,000 on your balance sheet in your asset column.
But what if eight of those laptops are broken and unusable (and need to be repaired), six are lost, and three were stolen.
This means 17 of your 100 laptops aren’t at the value you have in your books.
You may be out $17,000 worth of equipment. But you don’t even know it.
With a check in check out system in place, you’ll be able to see who has an item, where it is, and if it’s usable or broken.
This will allow you to have clear financial records.
Asset check in check out best practices
Looking to improve your equipment check in check out?
Here are a few best practices to follow to ensure you know where your assets are, reduce misplaced equipment, and improve operational efficiencies.
1. Choose the right equipment asset tags
The first step is picking asset tags for your check in check out system.
RFID, QR codes, or barcode technology is typically used to track organizational assets.
Barcodes require special handheld scanners, and QR codes and RFID tags are scannable with smartphones.
They all come at different price points, and picking the best one for you will depend on your organizational needs and the type of assets you want to track.
2. Set up clear policies
Once your assets are tagged, it’s time to get your employees on board.
Create a set of policies regarding your check in check out system. Give your employees clear instructions on what to do, how to find assets, and how to use your software.
Be very clear and set up documentation in a knowledge base they can turn to if they’re stuck.
3. Log locations
Next, start logging the locations of your assets.
Once they’re checked out, assign them to employees and locations.
This will ensure you don’t have any hiccups in your operations, and employees can find what they need when they need it.
4. Conduct audits regularly
It’s on management to ensure audits are done regularly on the assets.
It’s not enough to set up a system.
You need to monitor your assets by auditing them at least once a quarter, if not monthly.
You can leverage your check in check out system’s data to speed up the process.
5. Schedule preventative maintenance
Once you’ve got regular audits down, you may see your assets that go missing or break down are costing you.
That’s why you need to schedule regular maintenance to prevent breakdowns and save costly repairs (or replacements).
Your equipment check in check out software should come with maintenance scheduling and history.
6. Leverage asset check in check out software
This should be clear by now, but if you’re relying on a manual check in check out system, you’re going to end up spending a lot of time hunting down assets and spending money (on repairs and replacements).
To ensure you’re set up for success, find a robust asset check in check out software to help you automate and speed up your asset tracking process.
It’ll give you, the manager, detailed information so you can utilize your asset management system effectively. Plus, it’ll enable your employees to perform quicker and at a higher level.
How RedBeam helps with asset check in check out
RedBeam is a top-of-the-line asset tracking platform to improve your asset check in check out process.
While recording your check ins and check outs with a pencil and paper is better than nothing, you’ll want to leverage a tool like RedBeam if your goal is to improve productivity and your bottom line.
RedBeam comes equipped with a powerful check in check out system that helps you see where an asset is and who has it at any time.
Get a free trial of RedBeam today.
