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The asset tracking market is growing at an exponential rate, and many industries are catching on to the benefits of asset tracking software.
But what is asset tracking? What are its benefits? How much worse can operations really get without asset tracking technology? Keep reading to learn more.
What is Asset Tracking?
Asset tracking refers to the practice of tracking assets. Assets are necessary for your organization's operation and add value to it. But asset tracking only tracks "fixed" assets.
Fixed assets include heavy-duty pieces of machinery such as tractors, generators, and more. Computers, sensitive hardware, and other expensive tools are also all fixed assets. Companies may use barcodes, fixed asset tags, or GPS systems to track these items. These assets are "fixed" because they're indefinitely used. Their functions are necessary to sustain organizations' operations.
Tracking assets is an integral part of asset management. Asset management refers to updating, developing, and maintaining assets. Organizations carry out this strategy to maximize a business's wealth over time.
1. Security
Asset theft impacts businesses by making an entity's operations less effective. The loss of certain assets can halt operations completely. That is until organizations replace them. It's not only nocturnal theft you need to worry about, either. Workplace theft accounts for nearly half of inventory loss.
Asset tracking also uses analytics to keep assets constantly accountable. These analytics generate data that tell managers about any abnormal movement or patterns. After assessing them, they can rectify these errors to smooth out workplace functioning.
2. Workplace Productivity
Streamlining the workplace is vital for optimizing revenue. Managers can change their asset management strategy through the data asset tracking software. They can understand where hiccups usually occur and change asset routes. Doing so can help them optimize and smooth out operations.
Workplace productivity is absolutely necessary for success. If an asset is needed and no one knows where it is, people can refer to the software's asset detection. Workers can cut time searching for their equipment. Otherwise, lost time can prevent organizations from producing. Instead, they can spend more time using it and continue production.
3. Cost-Efficiency
Asset tracking software seems like a steep expense at first. But it secures entities for a longer, more profitable lifespan. A secure workplace can maintain its operations. More productive workplaces can optimize their operations and revenue production.
But it's not only about financial preservation. Asset tracking software also uses analytics that produces actionable data. This data can indicate where to modify routes, update project strategies, and more. Entities may even realize that their asset inventory is mis-resourced. Overresourcing means that businesses spend too much money on assets. Under-resourcing could affect their ability to generate revenue and their reputation of reliability.
4. Accurate Maintenance Scheduling
Theft isn't the only way an asset becomes unusable. It could also break down on your watch. Surprise malfunctioning isn't only capable of halting your organization's operation. It could also lead to injury or property damage if an asset was supposed to prevent those risks. If you can't anticipate the events above, they could occur at very inconvenient times.
Routine maintenance is critical for all assets. It's integral for all organizations and is necessary for regulatory compliance. Absent or subpar maintenance scheduling will slow down or even halt production. Halted production could incur a hefty legal fine.
Without Asset Tracking, What Happens?
Without a secure, productive facility, businesses cannot sustain themselves. Not when their physical facilities provide plenty of opportunities for on-site crime.
If entities lose assets, they lose money replacing them. While they wait for replacements, people become impatient with low inventory. The longer their impatience, the worst an organization's reputation, and reliability are. All this, on top of an inability to keep track of maintenance. If assets break down because of unanticipated malfunctioning, organizations cannot operate. At least, not entirely.
Humans also can't replicate the consistency and precision of algorithmic support. Even the most meticulous humans are at risk of human error. The wrong error could have devastating consequences. This is especially true for high-risk, industrial workplaces. But asset tracking software eliminates this risk altogether. Even if your business isn't at its worst, it's not at its best without asset tracking. It's not at its best with production, finances, or security.
What Types of Organizations Benefit from Asset Tracking?
Asset tracking benefits all sectors since all sectors use assets. Of course, some industries seek its benefits more than others do.
The manufacturing industry uses asset tracking the most. That's because they use motorized machinery and track assets traveling off-site. Governmental entities use asset tracking to abide by strict operational regulations. Schools use asset tracking to streamline educational asset management. Retail services also need asset tracking software. It ensures assets are returned and damage-free. Healthcare systems must accommodate high-stakes work with systematic asset tracking. They must also do so without depleting their budgets.
Businesses of all sizes use this affordable software. The technology boost their enterprise's evolutions. Doing so also increases their revenue production. These are only a few out of many industries that use asset tracking. They also enjoy asset tracking's every advantage regardless of the usage's primary reason.
Asset Tracking Software — Modern Technology for Modern Entities
Asset management is no longer a luxury. It's mandatory for all organizations. By fulfilling it, facilities can accommodate modern security, efficiency, and workplace productivity standards.
At RedBeam, we know how much better business is with asset management. For that reason, we offer asset tracking software to organizations that need it. Schedule a demo with us today if your business needs asset tracking!
