Each year there is over $50 billion in asset loss for businesses.

That’s a huge figure and it’s right to worry any business owner. We’re not only talking about theft here but premature breakdowns too. But with so many assets to look after you might feel overwhelmed and wonder how you can prevent this.

That’s where asset tracking comes in! Keep reading for these top benefits of an asset tracking system and why you need one today.

1. Extends the Lifespan of Your Assets

Asset Tracking

When you buy a business asset it’s for a reason; most of the time that’s to generate profit. Asset managers know that to keep that asset making profit, it needs to stay in good working order.

Asset tracking allows you to see what assets are functioning and which aren’t. It also shows if it needs repairs and how it’s performing

Maintenance issues don’t get ignored, causing further damage and there is less downtime. Making decisions fast extends the lifespan of your assets by a considerable amount.

2. Lowers Maintenance Costs

Another of the top benefits of asset tracking software is that it can lower the cost of maintenance. In the operation life of an asset, you have the chance to deal with a lot of maintenance issues head-on.

Asset tracking systems do a lot of the hard work for you. Although there are many types of asset tracking systems most collect asset data.

This data form reports you can use to see performance and asset conditions. You can identify the assets that aren’t worth their cost, and which are worth repairing.

3. Makes Auditing Easier

Asset Tracking Software

Audits are important in logging which assets you own and where they are. It’s crucial because this is the information you need for filing your taxes. Without asset tracking software, you need to do that by hand which can be a tedious process.

It also opens up room to make mistakes by human error. Software lets you set your own audit timelines and get updates as that process moves along. This simplifies the entire process, making it easy to do and understand.

4. Schedules Asset Maintenance & Tracking It

As we’ve covered, maintaining your assets should be a massive priority for you. A good asset tracking software will let you set reminders for regular maintenance. It’ll also link it to your calendar and that of the maintenance crew, you can click here to learn more.

This takes a big weight off your shoulders and maintenance will happen when it should. You can also retrieve data about these maintenance checks. This includes things like:

  • When they were last checked
  • How they performed
  • Any issues that they found
  • How they fix these issues and when

With this, you can keep an eye on your assets and can schedule the next service with ease.

5. Makes Asset Recovery Easier With GPS Positioning

Benefits of Asset Tracking

Mistakes happen and sometimes assets can get misplaced. This then becomes a hassle (and a hazard) to track them down again. Asset tracking software lets you use barcode identification on each asset.

It also gives them a presence online. Some even come with the ability to coordinate with GPS trackers. This gives you access at all times to their physical locations, so they’ll never go missing.

Don’t Miss Out On the Benefits of an Asset Tracking System

An asset tracking system can make your life easier. From scheduling maintenance to GPS location tracking, it has it all. All your assets will be tracked from one place that’s easy to access and follow going forward.

If you found this article helpful, make sure you check out our other blog posts for business tips, tricks, and more.

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