NEWS
The Importance of Tracking Assets
Tracking Assets
Experts predict the global asset-tracking industry will be worth around $33.5 billion by 2028. There’s no doubt the market is growing quickly, and many companies are reaping the benefits of using this technology.
But what is the importance of tracking assets? Before you add another outgoing to your bills, you’ll be eager to know why a tracking system is a cost-effective and worthwhile investment.
By the end of this guide, you’ll know why asset tracking should be a crucial part of your business.
Read on to learn more.
Streamline Your Operations
Competition is intense in every industry, and you need to find ways to make your business more efficient. This can be challenging unless you can see where your assets are at all times.
For example, a client may need one of your employees to urgently attend their premises to complete a job. If you have trackers on your company vehicles, you can instantly see which staff member is closest to your customer.
It’s even possible to do this from anywhere in the world using a cloud-based system, allowing your team to work remotely. This is why many people choose to use a first-rate product such as the Sitehound Asset Management system.
Lower Costs
If you’re able to streamline your business processes, a natural result is that you’ll save money. This is likely to outweigh the cost of the asset tracking system by a significant amount.
There is also the possibility that you’ll pay less for insurance. If you have trackers on your equipment, this can deter criminals from stealing your property. This could lead to your insurer lowering your premiums as they are less likely to have to pay an expensive claim.
Support Your Staff
Asset tracking can be a crucial tool when it comes to protecting your staff, and it benefits your employees in several ways.
For example, if goods were to get lost in transit, a client could accuse one of your employees of stealing. However, if you have access to tracking data, you’ll be able to prove that your employee was not in possession of the items at the time.
In addition, if your company handles hazardous materials, this can present a severe risk to your workers. By placing an asset tracker on a barrel that contains a dangerous substance, you’ll know precisely where it is. You can then ensure employees stay away from that area unless they need to be there.
Proactive Maintenance
Having a set maintenance schedule is no longer the most effective way to look after your equipment. While one vehicle may only travel 5,000 miles in this time, another could cover 10,000 miles. This could lead to the second vehicle suffering considerably more wear and tear.
By analyzing the assets management tracking data, you’ll be able to determine which assets are most in need of maintenance. This proactive approach can prevent deterioration and keep your equipment working for longer.
Improved Inventory Management
It’s not always easy to keep track of your assets, even if you already have systems in place. This could be because of the number of assets you handle in your business. Or it might be that an employee doesn’t update your inventory records properly.
Even small mistakes can be costly if you are losing track of property, so being precise is of paramount importance. When you put trackers on goods and equipment, you are removing the element of human error.
This technology will ensure that you can always check how many items are in your inventory. It will also show you where they are if you need to access the goods in person. This can make managing assets a straightforward and fast process.
Easier Recovery of Lost or Stolen Assets
There are times when employees will accidentally lose assets, and you may consider this to be an unavoidable part of doing business. While this may be true, it doesn’t mean that these have to be costly errors.
For example, if a staff member leaves an expensive tool on a worksite, you’ll quickly be able to get it back. Without a tracking system, you may not have been able to locate the tool before it was gone forever.
Unfortunately, there is also the chance that thieves will steal your goods. When you use trackers, you can give the police access to your asset-tracking software and allow them to pursue the criminals. This can lead to a successful recovery and reunite you with your property.
Increased Customer Satisfaction
Customers are increasingly demanding and expect rapid delivery times. They also often want to know when their goods will be delivered so they can be there when the order arrives.
If you are tracking your assets, you can find out where an order is in real-time. This allows you to calculate the delivery timeframe and provide an accurate estimate to your client.
Being able to provide this level of information can enhance the customer experience and make it more likely they will buy from your business in the future.
Tracking Assets Will Have a Positive Impact On Your Business
Tracking assets is easier than ever. Thanks to the innovations in technology, you’ll be able to reduce your employees’ workloads and enjoy higher profit margins. Asset tracking can also help you reclaim stolen items and improve your customer satisfaction levels.
Once you use a tracking system in your business, you’ll never look back!
If you’ve found this asset tracking post helpful, be sure to check out more of our interesting blog articles.
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