• Asset Management
  • Data Collection

Asset Tracking Software: 3 Strategic Benefits for Your Enterprise

Written by Michael Clark
March 30, 2021
Asset Tracking Software: 3 Strategic Benefits for Your Enterprise

Overview

  • Enterprises need technologies that increase asset visibility and traceability to drive growth and improve finances.
  • Asset tracking software with barcodes and mobile devices are a key component of any Enterprise Asset Management (EAM) plan.
  • Automation technology for assets reduces overhead cost, increases productivity, and lowers insurance premiums.

Too many companies lack visibility over important assets, leading to unsustainable overhead cost.
Too many companies lack visibility over important assets, leading to unsustainable overhead costs.

Increasing visibility across the enterprise is key to driving growth and improving financial performance. But although 63% of manufacturers plan to increase tracking in the next few years, only 24% currently have the technological capability.

With today’s supply disruptions, demand fluctuations, and tightening margins, manufacturers must start prioritizing tracking technology now. This includes mobile asset tracking software.

Asset tracking technology replaces paper recording with mobile devices, barcode scanning, and software for real-time, accurate monitoring.

The benefits can be far reaching, including:

1. Less Overhead Cost

Asset tracking software reduces overhead cost across your enterprise in two ways:

First, it helps you meet compliance requirements. With asset tracking automation, your technicians complete inspections or work orders for repairs directly via a mobile device. Once submitted, this updates your ERP instantly, even in the field.

Then, your managers can pull accurate asset reports in minutes to gain compliance, meet regulatory and federal guidelines, and reduce fines.

Second, asset tracking technology eliminates ghost assets for better utilization. Too many companies report assets on their registries that are not physically available. They may not exist, are broken, or are missing parts.

With mobility solutions, your workers can look up the location and condition of each asset from their point-of-work—and be confident that it’s accurate.

2. 40% Boost in Tech Productivity

With mobile solutions, your techs will always know the true status, condition and location of each asset, boosting productivity and efficiency.
With mobile solutions, your techs will always know the true status, condition, and location of each asset, boosting productivity and efficiency.

By mobilizing your asset tracking, your techs can now complete other asset activities from their rugged mobile devices.

These include:

  • On location check-in/check-out by user
  • Monitoring or assigning asset status
  • Completing reports
  • Printing asset labels at point-of-work
  • GPS integration

This increases asset tech productivity by 40%, on average.

3. Pay Less Insurance and Taxes

Why pay high insurance premiums on assets you don’t use?

When you mobilize your asset tracking, you can better identify end-of-life assets, retire depreciated assets, or locate assets in disrepair.

With more accurate asset ledgers, you’ll reduce your insurance premiums and increase upkeep on the important assets in use.

Mobilizing Your Asset Tracking

The right asset tracking software helps you make informed decisions to boost your competitive position long term. With the help of mobility, you can eliminate bloat, boost productivity in the field, and stop overpaying on already expensive insurance policies.

If you’ve been hesitant to make a change, you’re not alone. Many companies continue to use outdated processes simply because they’re familiar or because adding new technology seems too expensive. Unfortunately, the cost of “doing nothing” will quickly become untenable.

By integrating cost effective, efficiency-boosting technology now, you will set yourself up for sustainable success.