Why You Need Asset Management Software
All businesses have important assets to manage, and unfortunately, loss of assets leads to lots of money being lost for businesses each year – in fact, in the construction industry alone, lost assets is estimated to cost businesses between $300 million and $1 billion lost. Furthermore, according to research also conducted by MIT, between 2003 and 2011 the US Army lost track of $5.8billion of supplies, which could’ve been avoided with better asset management. These alarming figures are why businesses are now improving their asset management systems, and RFID Asset Management is the perfect solution for this.
Recover Assets More Easily
RFID Asset allows you to easily recover lost assets using two main different methods. Firstly, it provides a full history of an item, including where the item has been moved to and from. As a result, you can use the item’s history to find the location at which the item was last seen to gain an approximate location. To get a precise location, you can then use the ‘Find Assets’ feature, which allows you to select an item and then track it by making the device beep faster or slower, depending on how near or far you are from the item. On average, less than 25% of lost assets are able to be recovered, which is something these asset tracking methods will help your business avoid.
Asset management software is beneficial to businesses as every action taken against an item is recorded in the asset’s history, meaning information regarding who had the asset, at what time, and where can be recorded. On RFID Asset, you can also add maintenance, including details of what was done to an asset, how long the maintenance took to carry out, who carried out the maintenance, and how much the maintenance cost.
Avoid Unnecessary Repair and Maintenance Costs
As previously mentioned, the app allows you to record details of maintenance, and so using an asset’s maintenance history you can determine which assets are becoming unjustifiable to the business in terms of how much maintenance and repairs are costing for it. If an asset is costing too much, and not useful enough for the business, it can then be made obsolete, cutting costs for a business.
Increase Productivity thanks to Reduced Labour Costs
As asset management software streamlines the movement of assets, labour costs are greatly reduced thanks to RFID tags being much easier to capture than barcodes or QR codes. With labour costs decreased, this means workers are able to do more with the same amount of time, and so productivity increases, generating your business more revenue.
Ease of Use
RFID Asset makes asset management a breeze, with the ability to view and add assets, conduct stocktakes, update asset locations and find missing assets at your fingertips.
It is clear to see how beneficial asset management software is for businesses, and RFID Asset is the perfect all in one solution for your asset management needs. Between 2019 and 2020, a study found that businesses would save anywhere between $220 thousand to $19 million on single initiatives after implementing asset management software, proving the ROI that can be generated from RFID Asset Management.
TEC-RFID are accredited RFID specialists with Zebra Technologies, and so if you want to implement a better asset management solution in your business, don’t hesitate to contact us. Implementing RFID requires careful planning, which is where our friendly and knowledgeable team can help. Book a demo of our RFID Asset solution to learn more.