Companies that do not use asset tracking software typically experience costly issues, such as:
- Balance sheet carryovers that may no longer exist due to loss or theft
- Time expended searching for lost or missing assets
- Entry errors that result from manual input
- Equipment failure due to improper records and maintenance
NASA knows what it’s like to lose track of assets. In 2007, the GAO released a report revealing that over the course of 10 years, NASA lost over $94,000 worth of fixed assets due to loss, theft, and misuse. In addition, they incurred insurance and property tax expenditures for assets no longer in their possession.
While this example may seem extreme, many organizations—such as manufacturers, school districts, colleges, warehouses, hospitals, and retailers—face similar challenges. Each day, their employees waste time tracking down the last person to check out a piece of equipment, for example, and then once they get it back, they have no idea when the equipment was last serviced. This process is not only inefficient; it actually costs companies by spending time on tasks that do not generate revenue.
How can you avoid these pitfalls and keep your company profitable?
Invest in asset tracking software
Asset tracking software simplifies the asset management process so companies always know where an item is and when it will be returned and maintained. Now, you can stop wasting time and money searching for lost or missing items by automatically streamlining processes, such as:
- Setting up new assets and locations
- Checking assets in and out
- Capturing signatures
- Moving, editing, or disposing of assets
- Managing maintenance and repair records
- Completing asset audits by location or funding source
- Adding pictures, warranties, and other information to records
- Designing asset tags
By quickly locating assets, conducting accurate and timely audits, and managing maintenance and disposition records—from any location at any time–companies will:
- Lower repair costs
- Minimize costly downtime
- Reduce unnecessary replacement costs
- Eliminate employee safety concerns
- Improve profitability
According to co-founder and Vice President Matt Carroll, the company will realize an annual savings of approximately $36,000. Carroll specifically attributes the gains to “heading off wasted and unproductive time spent searching for assets” after admitting that “We wasted hours literally chasing our tail looking for missing items.”
Are you still chasing your tail?
If you’re still using manual methods to track assets, consider this: Your company can implement an asset tracking system—which includes asset management software, a handheld barcode scanner, a barcode printer, and asset tags—for as little as $4,000. At that price, companies can see an immediate return on investment (ROI) that will definitely slow down the proverbial chase for profitability.
Interested in learning more? Visit the System ID website or contact one of our certified asset tracking specialists at 800.397.9783.
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