7 Rules to Successfully Track your Business’s Most Valuable Assets
Asset Tracking solves several challenges of a business. It offers a framework that allows the companies to become efficient. Further, Asset Tracking also boosts the bottom line by employing the most efficient use of the existing resources so as to avail the best possible results.
How to choose an asset tracking solution?
To be able to effectively track the valuable assets of the business, one needs to get the foundation in place. This includes the systems as well as the tools that enable asset tracking as well as the software solutions that can streamline data analysis and collection.
7 Golden Rules of Asset Tracking
Here we have compiled a list of 7 asset tracking rules which includes informative asset tracking strategies and tactics for several industries that can benefit by way of asset tracking solutions. These tips will definitely assist you in selecting the best asset tracking software and tools to cater to the needs of your company.
1. Know what you want to track
Take note that it is important for you to be aware of the equipment uptime, downtime, maintenance schedule as well as the user of every asset. With successful integration of an accurate asset management system into the factory or the warehouse’s daily routine, the company is not only able to reduce the overall cost but is also successful in increasing the availability of the production equipment held by it by way of improved services and maintenance programs. Tracking can then by done via segregation of the inventory on the basis of serial number, date code and lot.
2. Make sure it does not take too much time
It is always important for you to look up for time saving ways of doing every thing. So, before you implement any asset tracking method, you must ask yourself, how good is your asset tracking software when it comes to efficiency? If despite the use of the software, you need an excel sheet or a pen and paper, your tracking method is just not worth it. Abandon it right away and think of something more efficient!
3. Consider the absolute project management life cycle
Think of the life cycle of an asset as one long project. So, if there is a project (asset) that might last for over 20 years, you are apparently looking at it as a project that begins with construction and engineering processes. So, such a project then needs to include the cost that would go in maintenance, operation, refitting, culmination and finally replacement of the asset. If you do not have a flexible, fully functional and a well integrated ALM or EAM system, managing the life cycle of the asset right from the cradle to the grave can be one challenging experience.
4. Evaluate and Prioritize the requirements of the company
This is a four step process and includes:
First, you have to define the requirements of the fixed asset software packaging and then prioritize these requirements to cater to the needs of the company.
Second, evaluate how every product measures against your set requirements.
Third, conduct a test drive that allows you to try the various features to ensure that the chosen tracking method is an ideal fit.
Fourth, make your purchasing decision!
5. Track Assets just as they come into the business
Being able to identify everything that may need fixed asset tracking is one challenging task. So, an easier way out is tracking all the assets just as they enter the business. It is recommended to add a new fixed asset information to your tracking system even before the asset leaves the warehouse of the purchaser. This would mean that the asset doesn’t disappear before the acknowledgement of its presence.
6. Opt for unique asset tracking numbers rather than the asset’s serial number
Quite possibly, the serial number of one asset may be identical to that of another asset. So, if you use the serial number as an asset tracking number, the duplicate numbers may cause some confusion since there is no alternative to tell the two assets apart. This will not only compromise the data integrity but also lead to inaccurate inventory and customer balances. As a result of this, your rental income maybe affected leading to dissatisfied customers. What is the solution? Instead of identifying the assets by serial number you can use a unique tracking number to eliminate all the hassle. Moreover, if in a rare event, this unique tracking number goes missing, you can still look up for the asset via its serial number and then re-label it to retain the history of the asset.
7. Go wireless
There is a chance that your asset can go missing or is misplaced by the staff. How to deal with this? Hand over a mobile hand held device to every staff member so as to be able to track barcodes. You can have an application or a software in the mobile that has a detailed map of the warehouse space. This will show where each and every asset is placed and date on which it was placed there.
Hopefully, these 7 golden rules of asset tracking will help you better manage your assets.
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