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Why Asset Tracking is Important

You’ve heard of asset tracking. And sure, it sounds important, especially when you can do it easily and efficiently. (Attach scannable labels, digitally catalog items, scan and go. Seems simple enough.) But is investing in an asset tracking system worth it?

Read on to see why asset tracking is essential – and fundamentally worth it – for your company.

4 Benefits of Asset Tracking

Your inventory of tools is a valuable asset. And keeping track of those tools saves you money. Asset management software can significantly benefit your company — from improving customer service to reducing administrative costs and time.

Think of all the various assets you have. Small tools, large tools, radios, etc. Do you know exactly where each one is right now? With an asset tracking system, you’d know where every asset is located. Let’s look at exactly how asset tracking impacts your bottom line.

1. Efficient Inventory of Physical Assets

Asset tracking systems improve efficiency with inventory management. No more text messaging or e-mailing to see who had the diamond drill. No searching through the storage room. No flipping through files to determine when you purchased X or Y tool. No more inventorying assets manually.

No more guessing which tools you’ll need for a particular task. Your digital tracking software will record it all. You’ll have a clear picture of the tools required and their cost – obviously, helpful information to have when preparing quotes or bidding for jobs.

With an asset management system in place, all that information is available at the click of a button. As a result, your office staff and team leads can focus on more pressing tasks, saving time and money — and a bit of sanity, too.

2. Easy Transfers

An asset management solution makes it easy to locate and transfer tools to the next user or job site. The asset tag lets you or team members update the tool location in real time. So anytime you need a tool, you can see exactly where it is.

Sending contractors or employees out into the field? An asset management solution can transfer one tool or an entire batch to a different employee or job site. All with a few clicks in an app.

Wondering who had which tool last and where it is now?  Asset tracking takes the guesswork out of who, what, and where. You’ll always know which employee has what tool/asset in which location.

Asset management systems keep location and possession data current and easily accessible.

3. Record of Maintenance History

Asset tracking systems are more than just fancy inventory systems. You and your team can use them to record important data about each tool. Notes in the system can be accessed by anyone on the team, allowing instant troubleshooting. With detailed information on hand about each tool, handling problems in the field is quick and easy.

Asset management software keeps track of:

  • Warranty information
  • Purchase information
  • Maintenance history
  • Troubleshooting attempts

You’ll know if a tool needs to be serviced, replaced, or simply updated. The asset tracking system records necessary software updates, routine cleaning, and maintenance events. You can even attach an issue log, problems, and attempted fixes. In addition, contractors can note if a tool has been cleaned, sharpened, or needs maintenance.

Keeping your tools well-maintained improves their performance and longevity — yet another way that asset tracking software can save you money.

4. Improved Security Measures

Asset tracking technology instantly increases your tool security. With an asset tag secured to each tool, you have constant “eyes” on your assets. No worrying about a tool being unaccounted for or accidentally “walking away.” Instead, asset tags help secure your tools and other assets. Careless or disgruntled employees or random opportunists around unattended tools are no longer a concern.

Why Asset Tracking Is Important for Businesses

Asset tracking is a critical aspect of business operations, and it has become increasingly easier to implement with modern technology. We know how valuable your tools, time, and resources are. And simply put, keeping track of your physical assets — or not — impacts your bottom line. 

We can help you implement an asset tracking system quickly and efficiently. Learn more about ShareMyToolbox and get started with our free trial today.