Every business relies on certain resources and property to function. Keeping track of these items can be a crucial task, as it affects organizational profits, productivity, and success. To reduce admin work and make the process easier, business owners can consider using asset tracking and management software. The tool allows them to record and analyze data regarding the location, value, user history, and health of all assets. The right software would have certain key features.
Things to consider
1. Maintenance tracking and scheduling
To maintain organizational efficiency, businesses need to first know how their assets are performing. This involves tracking equipment breakdowns, downtime, and any maintenance that may be required. Asset tracking software can help organizations become more aware of these incidents and build a time-based preventative upkeep schedule to extend the life of their assets. The maintenance tracking feature can help businesses save costs and avoid repetitive purchases.
2. Life cycle mapping
A reliable asset tracking system typically collects a lot of information about an asset over time, from its procurement to the day it is discarded. This data can be used to map the life cycle of the team’s assets, allowing businesses to anticipate their needs and plan their budgets and purchases accordingly for the future.
3. Customization options
Businesses must invest in asset-tracking systems that allow them to create customized roles and employee profiles. Not only does this help with task assignment and allocation, but it also ensures that each employee only has access to the information they need. The feature also removes any unnecessary details from their dashboard, keeping confidential data safe.
4. Accessibility
Today, many organizations have adapted to a hybrid style of working, allowing employees to switch work from home, office, and coworking spaces. To cater to these work arrangements, organizations must look for asset-tracking software that is cloud-based and easily accessible on multiple devices, including phones. This feature allows teams to function from anywhere and access crucial information in just a few clicks. It may also help increase the time each employee spends working on the field instead of being tied to a desk or a workstation.
5. Barcode tracking
Good asset tracking software should be capable of generating custom QR and barcodes (also known as asset tags). This can make recording data regarding specific assets much easier, improving record-keeping. Additionally, asset tracking software with a barcode or QR code scanner helps businesses quickly get asset information, helping enhance organizational efficiency.
6. Notifications and alerts
For an asset tracking system to be efficient, it must offer timely updates to users in the form of notifications and alerts. So, look for software that sends round-the-clock live alerts about the asset’s location, well-being, and maintenance. These could be shared as automated emails for specific events (and participants), text messages, etc. This setup can be particularly helpful in managing assets and prompting users to take the desired action with regular reminders.
7. Report generation
With any asset tracking software, users get a ton of data regarding the items they own and their health. When scattered across locations and sheets, this can be difficult to analyze. The best asset tracking software can help circumvent this issue by generating reports regarding asset performance, repairs, and other details, giving management better insights into what’s working for the employees.
8. Auditing options
While maintaining regular records of assets is crucial, it is also essential to conduct audits from time to time. The audits can help users recognize and highlight gaps in the data, improving organizational efficiency. Look for asset tracking tools that allow one to set the auditing time frame and receive regular updates regarding an upcoming audit.
Here, it is important to note that some software providers may offer this service through a tie-up with a third-party service provider. In such cases, opt for the blind audit feature to ensure that company and employee data remains safe.
9. Security
The data collected by asset tracking tools is often linked to the company’s performance and financial well-being. It contains details like purchase dates, licensing and warranty documents, employee data, etc. Given the value and sensitivity of this data, it is important to look for an asset-tracking tool with several security protocols in place to protect the system against hacks, malware, and other cyber attacks.
Additionally, the system must also be able to provide role-based access to team members, as not every user needs to know or edit each element of the data. Look for software that allows the team to set up categories that define what rights each person has (viewing, commenting, editing, etc.) to avoid running into issues like information misuse in the future.
10. Customer support and training
Finally, while buying an asset tracking tool, it is important to note that there is a learning curve with any new software. The team using the software for the first time will need some time to understand its features. Even though most modern asset tracking systems are user-friendly, it is important to look for a software provider that offers 24×7 customer and technical support and training modules for teams. Additionally, investing in a provider that offers quick resolutions helps organizations reduce software downtime and optimize efficiency.