So, the time has come to swap your old asset tracking spreadsheet for a more effective tracking software tool. But, just how easy is it to migrate your data from one to the other? The answer is Easy. Very easy, in fact. Using an excel inventory template, or other asset tracking spreadsheets may seem like a great short-term solution. But, it can be a costly decision in the long run as your business begins to expand.
3 Disadvantages of Using an Asset Tracking Spreadsheet
1. Vulnerable to Fraud and Errors
- Manually updating spreadsheets can lead to human error, which then leads to incorrect data output (wrong formulas and misaligned rows, to name a few)
- On average, fraud and human error are costing businesses in the UK £98.6 billion a year (rahmanravelli.co.uk)
- The lack of control offered by a spreadsheet means anything, from files to cells and formulas, can be manipulated without detection
2. An Asset Tracking Spreadsheet has limited Access and Features
- Only one person can edit the spreadsheet at a time. If more than one person opens the same asset tracking spreadsheet, then the data is vulnerable to errors
- There is no ability to show who edited the spreadsheet, what data was added or changed, and when it was last updated
- An asset tracking spreadsheet, or an inventory spreadsheet, is usually restricted to access on a desktop and not mobile or tablet
3. Lack of Real-time Asset Data
- A lot of time management can be lost when manually updating spreadsheets
- The lack of an asset tracking technology means no real-time tracking or historic location data, increasing the risk of assets being lost
3 Advantages of Using an Asset Tracking Software
1. Real-time Tracking and Location Data
- Tracking technologies, such as GPS or RFID tags, allow you to know the precise whereabouts of your assets
- You have access to an asset’s complete, and accurate, location history within seconds
- Avoid assets being lost or stolen by knowing the exact location with real-time tracking
2. Access Anywhere with Cloud-based Apps
- Whereas an asset tracking spreadsheet can be limited to desktop-viewing only, cloud-based apps allow for access from tablets and mobiles too
- This allows you to build and maintain all physical assets in one large cloud-based app
- All employees and staff can access the directory multiple times, at the same time
3. Accurate Reports
- Achieve peace of mind knowing you have complete and accurate data regarding all of your business assets
- Produce accurate and complete audit reports within seconds
- Understand an asset’s life cycle to produce an effective maintenance and repair schedule
Excell is just one success story of a business ditching their tracking spreadsheet for an effective asset tracking software. They were able to import all asset data from their excel inventory template spreadsheet. They then saw an 80% decrease in audit time and a huge drop in labour costs.
How to Migrate from an Asset Tracking Spreadsheet
1. Export Data from Spreadsheet
The process of exporting data from excel spreadsheets, or similar, can be a painless process. Whether you have a large data base of asset information or a new and small database, this process is the same.
Simply click ‘File’ and go to ‘Export’. Here, you will see a number of file type options you can export to. The two most common for exporting spreadsheet data are ‘.CSV‘ and ‘.XLS‘ file types.
Be aware that on some programs, such as Open Office, you should select ‘Save as’ instead of ‘Export’.
2. Importing Data into Tracking Software
This is the easy part. Once you have your data exported/saved in the correct file type, it’s time to import/upload it into your new software application. The simple and easy-to-use interfaces of modern software applications make this task a breeze, and you should see your data uploaded within minutes.