3 tips for using asset tracking software

Whether it is tracking large amounts of inventory, managing fleets, maintaining land, buildings and equipment or tracking investments, your business needs to be able to track and manage your individual and group assets. Asset tracking software empowers your quality control processes, decreases asset costs and often increases the shelf-life and use-life of your assets. Through proper workflow planning, depreciation management, demand forecasting and integrated tracking, asset management will be fluid and effective.

Workflow Planning

Asset tracking software needs to be integrated into your workflow planning systems. Inventory has one process, while property, plant and equipment has another. Understanding and managing your workflow systems is essential for the best use of your asset tracking software.

Depreciation Management

Shelf-life, use-life, repair and replacement costs, and upgrading costs all affect your asset management systems. Since each of these is a fairly regular occurrence in your business, your software can manage the tracking and planning for each of these events. Inventory that is past its shelf-life must be retired and the cost written off of your books; failure to do this results in increased taxes and potential problems from selling out-of-date inventory. Property, plant, and equipment (PPE) that is entered into a repair and maintenance schedule in your software will increase its life and decrease the cost of emergency repairs and unplanned down time.

When material is entered into your business management software, make certain to record the planned timeframe for its usefulness or sell by date. Use your system to budget ahead and ensure your employees know the proper activity at any given time to take the best care of your assets.

Demand Forecasting

One of the most important part of asset management is planning for fluctuations in demand. Although people are often un-predictable, there are many aspects to demand planning which is determined by seasons, growth curves, cyclical fluctuations and other statistically predictable methods. Use your business management to perform various statistical fluctuations which will give your business the ability to not only track assets, but plan for increases in demand by increasing your available assets and plan for decreases in demand by decreasing assets, or putting PPE into scheduled maintenance down-times.

Integrated Tracking

Through all of these asset management systems, you need to use your tracking software to plan, identify and predict your assets’ needs. For more information on business planning software, asset management and budgeting systems, please contact us today.

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