6 reasons to track workplace assets

Track workplace assetsTracking your workplace assets can have a number of benefits for almost any business. When you track your assets electronically, you know exactly what you own, where it is, and what it’s costing you, as well as when it needs replacing, updating or servicing. That way, you can get a clear picture of how to maintain, improve, expand or streamline your asset portfolio.

What is asset tracking?

Asset tracking is a process used to monitor your company’s assets. It tends to involve a central system that stores details such as the location and owner of an asset, along with contract details and maintenance history. Tracking your workplace assets an be made easier with the use of barcode labels or asset tags, which are affixed to your physical assets and can be scanned electronically, providing details related to that asset.

Which assets should I track?

There are many physical assets that you should probably be tracking, some of which you might not automatically think of. Assets that you should track include technology products such as computers, printers, copiers and other IT equipment. It can also be helpful to track non-physical things such as software licences and subscriptions. You might also need to track employees’ personal equipment, including uniforms, safety equipment, radios and mobile devices, keys, access cards and badges. Many companies will also need to track work equipment, machines, tools, office furniture, lighting, break room appliances, and many more items used as part of the day-to-day activities of the company.

Why should you track workplace assets?

 There are numerous benefits to carefully tracking workplace assets within your business. Here are just a few of them.

  1. Monitoring physical assets

A major benefit of asset tracking is that it allows companies to monitor what assets they have, and where they are within the company. This, in turn, allows for a clear overview of the company’s asset portfolio, allowing managers to identify needs, manage resources, and avoid duplication of assets, across the organisation.

  1. Inventory control

Automated asset tracking simplifies inventory control, saving a great deal of time and manpower. Scannable asset tags allow for assets to be electronically verified and matched to identification numbers already stored within the centralised system. This is much quicker and easier than taking inventory manually.

  1. Maintenance management

Almost all companies will have some assets that require periodic maintenance, from office equipment to machinery, tools and safety equipment. As well as physical maintenance, things such as software licences need to be updated, and various office and workshop supplies need to be replenished. Asset management software can alert relevant personnel to upcoming maintenance needs, and allows for a quick and convenient overview of all regular maintenance tasks.

  1. Preventing loss and theft

It is relatively common to lose or misplace small, movable assets, and they can also be vulnerable to theft. Even if there is a record system showing where an asset is meant to be, it often is not there, as the records have not been accurately maintained. This can lead to frustration, inconvenience and the unnecessary duplication of assets. If you track your workplace assets, it will document exactly where assets are at any given time.

  1. Compliance

The right asset tracking system can help companies capture, store and report relevant data, in order to meet regulatory requirements and show compliance. The system can help organisations stay compliant regarding issues such as maintenance, equipment testing, and replacing assets when needed for health and safety reasons. It can also streamline reporting, as the data needed to generate the necessary reports is already in the system.

  1. Accountability and cost savings

One of the most important benefits of asset tracking for many organisations is the level of accountability it results in, and the consequent savings in both cost and time. Manual asset management is time-consuming, expensive and often highly inefficient, with many hours spent on things such as taking inventory, or monitoring maintenance schedules, often with a lot less accuracy than you can expect from asset tracking software. For many companies, it is therefore well worth the initial effort of setting up a reliable system to track workplace assets.

We offer a variety of solutions to track your workplace assets including our best-selling DuraGuard Asset Tags and AssetGuard Pro cloud-based asset management software. If you have questions about the process or equipment required, please do not hesitate to get in touch on 0800 585501.

Disclaimer: The information provided through Legislation Watch is for general guidance only and is not legal advice. Legislation Watch is not a substitute for Health and Safety consultancy. You should seek independent advice about any legal matter.

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