The Benefits of Real-Time Asset Tracking for Small Businesses
Real-time asset tracking can allow businesses of all sizes to effectively monitor assets across an entire organisation.
Having this ability to monitor assets in real-time is just one advantage of implementing asset tracking software, which can offer a wide range of cost-efficient and time-saving benefits.
Such benefits include helping asset managers to become aware of any issues as they happen, rather than waiting for a report or a physical check.
What is Real-Time Asset Tracking?
By adding tracking tags to assets, such as RFID or Bluetooth, businesses are able to track assets in real-time. This can be a much more efficient way to track assets as opposed to an error-prone manual approach.
Motion sensors and GPS chips can also be used to track the journey of an asset and its progress.
Real-time asset tracking is usually implemented in a company with the sole purpose of reducing costs by defining asset usage. This, in turn, provides data that can then be used in a variety of different ways.
Why Use Real-Time Asset Tracking in a Small Business?
It can be easy to presume that asset tracking is something that relates only to large businesses who have a variety of different assets. However, this isn’t always the case as small businesses often need asset tracking just as much as larger ones – if not more.
Being able to track assets is essential for small businesses who may have invested significant budget and resource into their assets. The likelihood is that these assets will be essential to the day-to-day running of the business, often in a more critical way than a larger business.
If an asset is unavailable due to loss or unplanned maintenance, then this can have a large impact on the running of a small business.
The shorter chain of command in a small business can also allow for more reactivity and the ability to make decisions quickly based on asset data.
The fact that assets can usually be tracked using a mobile device also makes it an easy and effective option for a small business to use. This can be particularly true if responsibility for asset tracking is shared.
For example, a fleet management or delivery business relies on its vehicles to carry out contracted work. If the vehicles aren’t available, then these contracts can’t be fulfilled.
10 Key Benefits of Tracking Assets in Real-Time
1. Prevent assets from being lost, stolen or misplaced.
By constantly being aware of an asset’s real-time location, a business can prevent loss or theft and quickly locate any missing items with ease.
2. Help to reduce insurance premiums.
As a result of accurate live tracking and a reduction in loss and theft of assets, insurance premiums can be reduced.
3.Track deliveries and routes.
Essential for business services such as delivery companies, real-time tracking allows users to verify deliveries and drop off points on a route.
4. Improve inventory management and ordering process.
With real-time tracking providing valuable data, the stock counting and inventory management processes can be much more efficient.
5. Advance maintenance planning.
Real-time asset tracking can provide an in-depth insight into the status of an asset, allowing businesses to appropriately plan maintenance.
6. Prolong the asset life cycle.
Businesses can plan maintenance in a way that can help to extend the longevity of an asset to keep it productive for future use.Read more: Analysing the Asset Life Cycle From Planning to Disposal
7. Automated data collection.
Manual data collection can be a common practice in a small business. But, with an asset tracking solution automatically collecting the asset data, it can reduce the need for manual checks and allows teams to focus on other things.
8. Monitor staffing and usage.
Through real-time asset tracking, companies can check how and when assets are being utilised. This can then lead to effective asset analysis to look for any improvements that could be made.
9. Improve auditing.
A real-time asset solution could mean no more manual stock-taking or labour-intensive checks, thus reducing the likeliness of errors.
10. Set up customised alerts.
Modern asset tracking solutions also allow for customisable alerts, meaning a set of actions can be triggered and reviewed when an asset is altered.