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An effective tracking system is essential if your business has many physical assets. Without a great asset tracking system in place, you risk wasting money through the loss or theft of equipment, disastrous maintenance costs that could have easily been avoided, and costly machine downtime.
If you don’t want your organisation’s productivity and bottom line to suffer, implementing the right asset-tracking software is key. This guide will explore the benefits of asset tracking software, how much this software costs, and the crucial factors to consider when choosing your new solution.
What is asset tracking software?
Asset tracking software allows small businesses to monitor various assets’ movement, condition, and usage. Paired with tools such as RFID or barcode scanning, asset tracking software acts as a powerful database containing all the important information about assets in your register. It offers a real-time overview of where assets are, how they are being used, and what condition they are in. Thus, asset tracking software provides organisations with a wealth of data for more powerful and informed decision-making.
In comparison to traditional asset tracking methods, such as manual tracking using spreadsheets, asset tracking software is more accurate, efficient, and easy to use. The software reduces the risk of human error in manual data entry and makes key information accessible at the click of a button. Furthermore, asset-tracking software’s capabilities for analysis and recommendations go far beyond traditional asset-tracking methods. For example, asset management software can alert users when assets are moved beyond a particular location or when equipment is in a particular condition, facilitating quick action that can resolve potential issues.
Benefits of asset tracking software
Improved accuracy in asset tracking
With real-time asset location, status, and use updates, asset tracking software provides greater accuracy and visibility over the asset register. Easy scanning using barcodes and readers or RFID tagging eliminates the risk assessment associated with manual data entry, reducing costly mistakes from asset loss or theft. With this clear, accurate trail, audits are also easier for streamlined compliance with all relevant regulations.
Informed, data-driven decision-making
Accurate and up-to-date information about where your assets are and how they are being used can support better decision-making about everything from maintenance strategy to staffing and resource allocation. By using this data to inform your strategy, your organisation can boost productivity and revenue while maximising the value you get from assets.
Reduced maintenance costs
With the insights provided by asset tracking software, your organisation can optimise maintenance schedules to keep assets in better condition for longer while minimising maintenance spend. With strategic preventative maintenance, you reduce the risk of sudden asset breakdowns or problems that can have knock-on effects on productivity, customer service and your bottom line.
Better customer service and satisfaction
Finally, with powerful asset tracking software that increases uptime and asset lifespan with timely maintenance and helps you ensure you use your assets effectively, your business can provide better and more efficient service to customers. Boosting satisfaction and customer loyalty, asset tracking software helps you avoid inconveniencing customers with manufacturing delays caused by lost, broken, or stolen assets.
The cost of asset tracking software
Organisations that use advanced asset tracking software experience staggering cost savings thanks to the software’s increased efficiency and accuracy. While the price of best-in-class asset tracking software may initially appear high, the ROI can be substantial thanks to increased productivity, optimised asset lifecycles and maintenance, minimised equipment downtime, and reduced labour costs.
While different software providers may offer various models for pricing based on the number of users or assets, the most common pricing model is subscription-based. These subscriptions often include free software upgrades and a customer support package.
Factors to consider when choosing asset tracking software
With many different asset-tracking software options with various features and integrations available, choosing the one that’s best for your requirements and budget can be a challenge. Here are three things to consider when selecting software for your organisation.
Scalability and flexibility
The asset tracking software you choose now is the solution you want to last your business a long time, so selecting software that can grow and adapt to your organisation is important.
The ability to scale the software for growing or different asset tracking needs is essential; without this flexibility, your organisation will be boxed in and limited. For this reason, it is important to choose software that makes it easy for you to add new assets or integrate with other systems your organisation uses to support your growth.
Integration with your existing systems
Following on from the previous point, integration is another key factor to consider when choosing your new asset-tracking solution. Depending on the other business systems you already use, such as an ERP system, inventory management system, or CMMS, your asset tracking software should be able to communicate with and even enhance your current tools.
Perhaps most importantly, the flow of information between your systems for asset tracking and other functions needs to go both ways, avoiding data siloes or inconsistencies. For this reason, choosing a more comprehensive asset management software that contains asset tracking capabilities as well as functions for equipment maintenance, stock and inventory management, and more can be a great way to ensure efficiency.
Ease of use and training
Finally, when choosing your new software, how easy it is to use and how much training your team will require are key considerations. User-friendly software with intuitive interfaces and features can help ease the transition into a new asset tracking system. Opting for a comprehensive support package vendor is also beneficial as their expertise can help streamline implementation and ensure that any issues are dealt with quickly and effectively.
With asset tracking software, you can maximise value from your assets while boosting customer satisfaction and your bottom line. The time-saving and decision-making benefits of effective asset tracking software are numerous, especially when your system can integrate effectively with your existing tools.
For SMEs looking to take their business to the next level, intuitive and full-featured asset tracking software is a must-have. Head over to FMIS to book a demo of industry-leading asset management and tracking software today.