How an Asset Tracking System Can Streamline Your Warehouse
In real estate, they say it’s all about location, location, location. The same can be said about fixed asset management. Much like other assets you track, including furniture, software, and vehicles, monitoring fixed assets like tools and equipment in your warehouse is essential to saving money, reducing inefficiencies, and keeping your organization running smoothly.
Managing fixed assets can be a demanding task, but a warehouse asset tracking system can make the job a whole lot simpler.
What’s The Difference Between Inventory Management and Asset Tracking?
Though the terms inventory management and asset tracking refer to monitoring items necessary to conduct business, they differ in significant ways.
- Inventory management focuses on the parts and products your company has moving in and out of its warehouses, stores, or other facilities.
- Asset tracking focuses on keeping track of things like tools and equipment that your business needs to function correctly.
Inventory management software is used to replenish your business’s supply of product you intend to sell to customers. An asset tracking system makes it easier to control your supply of internal tools, equipment, and other assets.
Benefits of Investing In A Warehouse Asset Tracking System
By their nature, some business assets are easier to track, mainly because they don’t move. Buildings and property are good examples. Other items like tools and equipment are typically distributed to employees and can be in different locations on different days. A warehouse asset tracking system ensures accountability for these items.
A good asset management solution has the means to manage your organization’s tools and equipment effectively. The benefits it brings are substantial and include:
- Greater visibility of fixed assets. With tracking components like asset tags, barcodes, and mobile devices, you can collect asset data and store it in a centralized register. This helps you reduce the costs associated with theft or loss and identifies and eliminate “ghost and zombie” assets you might still be paying insurance or property taxes on.
- Maximize useful life. To generate a good return on a fixed asset, you need it to last as long as possible. Being able to continuously monitor the condition and performance of a tool or piece of equipment can slow the rate of depreciation. For example, you could schedule maintenance on a piece of equipment that’s seen heavier-than-normal use to reduce the likelihood of failure and costly unplanned downtime.
- Simplify purchase planning. Knowing a tool or piece of equipment’s remaining useful life makes purchase planning easier. Rushing to replace a vital asset when it unexpectedly breaks or stops working can throw a budget completely off track. Knowing months or years in advance that a major fixed asset is approaching the end of its life gives you extra time to consider all replacement options. It also helps in determining the best asset disposal method.
- Quick location. When you or an employee can’t find the asset they need to complete a job, the loss in productivity can have a direct hit on your bottom line. An automated asset tracking system helps you locate equipment and tools in seconds. It also fosters an improved employee experience and ensures customers or clients receive their goods or services on time.
- Shared information. An automated tracking solution collects and makes data available to office and field staff. It also enables efficient project planning and budgeting.
Asset Tracking Made For Mobile: Managing Fixed Assets On The Go
Want freedom and flexibility in your assets tracking? A mobile-ready asset tracking system such as RedBeam is perfect for scan-intensive activities like taking physical inventories.
- Facilitates real-time tracking as items move about your warehouse—crucial for accurate inventory management.
- Makes it easy to access collected data on one or more mobile devices, so you can efficiently and easily manage assets from wherever you are.
- Check-out assets to employees and customers with assigned due dates.
- Notifies you when those checked-out assets are past their return date.
The RedBeam asset managing system uses purpose-built devices with embedded laser scanners to help you manage your assets on the go and in real-time. To learn more about how our warehouse asset tracking system can help your business save time and money while improving planning and budgeting, get in touch with the team at RedBeam today.