Why you should implement asset tracking

Whether you’re starting a new project, or feel your business needs a little more organization, asset tracking is a great way to monitor your stock efficiently, while also improving your bottom line. With tracking, fewer materials and equipment are lost—meaning you don’t have to foot the bill for more. 

When it comes to asset tracking, it is particularly important when dealing with, or storing machinery and service facilities that are often away from business premises. Essentially, tracking is for assets that aren’t sold directly onto the next customer.

If you’re not sure how asset tracking can work for your business and help processes run more smoothly, here are five reasons to implement a new tracking strategy today, to benefit your business tomorrow.

To meet industry requirements

Depending on what type of industry you’re in, you might find that proper, traceable asset tracking is required by law—especially when working with mechanical equipment. Dangerous machinery getting into the wrong hands could be fatal, and as a business owner it’s your responsibility to ensure both your staff, and the public are safe.

To increase efficiency

Efficiency is always a top priority for business; it can provide competitive advantage for your business, too. By printing unique codes or barcodes onto sticky labels, or even aluminum tags and attaching these directly onto machinery, you can make hiring out assets a streamlined and faster process, without any chance of losing items along the way. Each item can be easily checked in and out with its designated unique code.

It is cost-effective

There are already so many ways in which your business could be losing money, or missing out, so don’t make stock loss another contributor. By tracking equipment and materials that are being commonly (and not so commonly) used, you can look to find ways to cut costs by reducing stock for unused items.

It can also be cost-effective as you’ll be significantly reducing the chance of theft and therefore you won’t need to replenish your inventory.

You can maintain accountability

Using codes on products, and training all staff in the stock management process will help ensure each employee maintains accountability. As you’ll know who is on shift at the time equipment is checked in and out, you’ll be able to identify which staff are following instructions and which aren’t. From here, you will be able to discuss the correct process, or detect any suspicious activity amongst the workforce.

To optimize space and warehouse layout

Whether you have a small storage cupboard, or a large warehouse, there is always opportunity for space optimization. Coding products in accordance with a set location in the storage space will help to keep everything organized, while also giving you the chance to use the space more strategically. Processes of checking out items will be streamlined, as staff will know exactly where to find stock, too. While optimizing the warehouse will take a few hours, it will significantly improve the day-to-day activities of your business.

Although at first stock management and asset tracking seems like a job to leave at the bottom of the to-do list, there are actually a huge number of benefits to getting organized and giving it a go.