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Why Use An Asset Tracking System

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Asset Tracking Systems - Why Should I Use One?

Save MoneyThe short answer is to save money. 

Once the barcode asset tracking system is fully populated with the asset and location data, you'll always know where your assets are and how long they've been there. You can generate valuable reports for managing the assets and the costs associated with them. The obvious benefit of a barcode asset tracking system comes from reducing the occurrences of assets disappearing. But further, understanding the location, status and utilization of assets within the organization will save money. Here's how:

1.      Unused and Rarely Used Assets - Utilization reports from the asset tracking system will identify assets that are rarely or never used. Unused assets can be eliminated from the active assets inventory to eliminate the cost associated with storing and maintaining them. Low-use assets can be targeted for elimination by the acquisition of dual-purpose equipment.Barcode Assets in Office

2.      Highly Used Assets - Highly used assets introduce risk into the business or organization. Since it can be assumed that these assets are critical for the operation of the enterprise, any change in these assets' status (like increase in demand or decrease in availability) can lead to business disruptions. Because of their high use, the maintenance, calibration and up-time of these assets are critical. Identifying high-use assets will allow you to more effectively plan the activities required to keep them operating. It also allows you to purchase more of those tools and pieces of equipment that you use most frequently for projected increases in overall organization activity.

3.      Length of Check-Out - Often, employees will check out a piece of equipment or tool, and keep it longer than necessary. This could cause interruptions in the availability of tools. It can also lead to the acquisition of more tools than reasonably required for the current level of organizational activity. The asset tracking system allows you to police the timely return of assets for use by other people.

4.      Usage of Assets by Department - Often, organizations will charge departments "rent" of capital assets that become part of cost (direct or overhead) of the department using them. Asset tracking systems give you an easy and accurate way to determine the total usage time of each asset by department, to apportion the related costs fairly.

5.      Depreciation Life of Assets - Knowing the current non-depreciated value of your assets can help you make repair and maintenance decisions. Often, repair costs will exceed the remaining value of an asset. You'll have more information in making capital expenditure decisions.

6.      All Asset Detail Information is in One Place - Scheduled Maintenance, Calibration Requirements, Software/Firmware Revision, and other detailed asset information can be pulled up by scanning the asset barcode or keying in the asset number. You can run reports on maintenance due, calibration due etc. This ability makes scheduling any type of maintenance easy!

Sounds logical, right? However, there's usually a vast gulf between understanding the benefit of a barcode asset tracking system and going through the process of setting one up. In the next article, we'll see "How to Get Started with Asset Tracking".

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