What is Asset Monitoring & How Can IT Tracking Helps your Business Growth?

For large business organizations with a large number of assets, it is essential to have a performance and maintenance report of each and every asset. The scope of the asset management system is wider than anyone’s imagination. With real-time data, business organizations can align and stream the compiling important tasks in the easiest and efficient manner. But, to fully utilize the potential of asset tracking technology, business organizations have to get customized asset tracking software.

What is Asset Monitoring Software?

Asset tracking software is a dynamic system designed to track movements of assets. The asset can be of any nature here – devices, software, manpower, automobiles and so on. Asset monitoring software like TrackOlap can scan the movement of assets to give a quantitative record and retrieve the real-time monitoring of an asset. With the proper utilization of the asset monitoring system, managers can take preventive measures and make timely decisions to smoothly run business operations.

Importance of Asset Management in an Organisation

If you haven’t introduced IoT asset monitoring in your business structure, then you definitely need to understand a couple of reasons for IT asset management. Apart from increasing the efficiency and profitability of your business organization, the asset management system can benefit your business in multiple ways. And, some of the compelling cases in the favor of asset management are –

Positive Customer Services

When a customer enters into a contract with a business organization, then he accepts full satisfaction and returns. Especially, when you are looking for new investors for your company, then they would like to first foresee the real-time asset report. With the well-structured asset monitoring system, you can present the real data in front of the customers and inventors to ensure the safety of their interest.

Moreover, asset tracking enables you to track down the customer's behavior in real-time. Using real-time customer feedback, you can improve your internal processes and unveil the opportunities to improve your business.

Timely Management

When you know where, how and in which condition your business assets are present, then you can take timely actions and manage them. Suppose, if you send a company truck to deliver goods to the clients, but in midway, the truck’s engine stopped working. Now, with the tracking software, you will immediately get the alert that smoothing has not gone as per the plan. Thus, you can instantly send the backups and notify the client that there might be slightly delayed in the delivery. Real-time information can help management is taking timely actions so that business reputation never dampens.

Reduce Labor Work

When a sales rep goes out for the meeting, then he has to log all the meeting details and status in the company’s database for future references. But, it takes up lots of time of employees which they could have used to work on other leads. With the asset tracking software, this duplication of work can be eliminated as employees can enter the status and remarks of the meeting in the company’s database in real-time. As all the data is loaded to the one software, thus employees don’t need to log details again plus RFID tags enhance the authenticity.

By using the asset trackers, you can free up the time of your employees that they can utilize to focus on other important areas of the business.

Minimize Wastage

The scope of the asset management system in minimizing the company’s waste is very strong. Companies have to reimburse all the expenses incurred by employees while participating in business operations. But, here problem is that some dishonest employees unnecessarily increase the expenses and claim more money from the company.

With the trackers, companies can detect the false expense claims made by the company because all the movements of employees are geotagged. One of the important expense claims that all the company reimburses is the fuel expenses. That’s why all the tracking software has a fuel expense tracker that shows how much fuel has been utilized by a worker in real-time. On the top, when employees unnecessarily waste the fuel, then this will be also shown by the tracker.

Conducts Asset Monitoring

Auditing is a very important part of the business operations as it helps in recognizing the potential lose assets. From the outdated software licenses to the performance of the field workers, there are plenty of reasons for IT asset management. But, the asset audit can put lots of strain on the internal as well as external operations of the company. A business organization needs to shut down all other operations for the time being to get the auditing done perfectly.

However, thanks to the asset management system, now you don’t have to incur an extra cost on conducting the audit. As the software will keep a record of all the data in real-time and generate automated performance reports, then you don’t need to shut down your business periodically to conduct audits. The real-time auditing is possible with the trackers.

Ensures Regulatory

Small and medium-sized businesses have to follow certain rules and regulations drawn by their industries. The companies are bound to maintain effective reports and data charts to prove their compliance with the regulatory requirements. In all the major industries, following the labor and tax laws is highly important. So, when they maintain a real-time record and pay remunerations to the employees based on real efforts, then they don’t have to worry about missing out and regulatory. It helps in streamlining all the assets and automatically generates detailed compliance reports.

Safety of Asset

When you track or document all the asset details manually, then there’s a high chance of the errors. There’s also the chance of fraud or theft in manual recording methods. Employees can misuse or steal the assets of the company and can tamper with the record so that theft won’t ever get detected. Thus, with the help of the centralized software, all the traces of assets can be detected and the responsibility can be fixed. The software ensures the safety and security of the organization's assets.

Quick Information

In big organizations, where numerous offices and employees are working from different geographical locations, it is difficult to find the information quickly. If you want to know the exact location of your delivery truck along with the driver's details, then the traditional method of logging will take up a lot of time.

Since, the software documents the assets automatically, you will get the exact information of the assets. You will also get information about all the assets and where are they currently placed. You can also get detailed information about the performance of your truck and the behavioral report of the driver. The small details like when the truck was over speeding if truck got out of the track, any cause of latency and so on.

Remote Access

If you are working on one geographic location and your team on the other location, then getting real-time information can be a tricky thing. It is tricky with the traditional methods as almost all the asset tracking system can be accessed remotely using the mobile apps. This process makes it simpler for the management and employees to access the information from anywhere with the help of an app. It doesn’t matter whether you are working from your desktop or on the field, you can communicate with your team and share information from anywhere.

Centralized Information

To smoothen up the daily operations of the organization, it is important to have a centralized source of the information from where an authorized person can retrieve it. With the tracking app, all the information regarding the location, status and maintenance details of all the assets are centralized. That means everyone knows where a certain employee is working and which company’s asset is being used by him. This centralized real-time information can help in fastening and smoothing out the workflow.

Asset Monitoring Revives Your Business

After reading about the importance of asset management in an organization, we can see that asset monitoring can reshape your business identity. You can make effective internal management and establish better control over all the business assets with the automated monitoring system. The profitability and workflow of your business can improve a lot with the one software solution.

To get the innovative and profitable, asset tracking software for your company – you just have to contact the TrackOlap professionals for a quick demo and manage all your vital assets easily