Know How Asset Tracking Software is profitable for your Business - image

Know How Asset Tracking Software is profitable for your Business

Team Onstro on January 2, 2024 in Resource Management

Key Highlights:

  • Asset tracking software increases business productivity as employees can work across different schedules.
  • An asset tracking and management system allows resources to be streamlined, scheduled, and organized.
  • Tracking assets with software like Onstro is crucial for all businesses, especially to promote growth in the long run.

An asset is an integral part of businesses today. Reports suggest that around 43% of small businesses fail to track their assets properly. Businesses of all sizes should consider keeping track of assets because that would bring profits.

Thus, businesses are now considering investing in tracking assets, which determines the benefits, especially in the long run.

Learn how asset tracking software would help you in the long run.

What is an asset tracking system?

Anything that your business owns is an asset. An asset tracking system refers to software businesses mostly use to record all their assets. The primary goal of an asset tracking system is to provide you with real-time visibility into the location, status, and usage of assets. This leads to improved operational efficiency and reduced losses.

What are the advantages of an asset tracking system?

According to Statista, 35% of data needs security, which is not protected, but an asset tracking system can be helpful for this. There are several situations in which having an asset tracking system can benefit your business. Some of the major advantages of doing so include the following:

  1. Increases business productivity

    Asset tracking software is useful for monitoring the performance of the business. It is extremely beneficial for your business as it tracks necessary data to help you find proper ways to use these assets.

    Asset tracking and management systems will also help you understand what and how much your business needs. As the accuracy scale improves, employees’s efficiency and productivity output will be enhanced, too.

  2. Lowers management expenses

    Poor management of assets is one of the main reasons for increased management expenses. Without proper asset tracking and management, maintenance costs for businesses increase. Businesses can save up to 30% using asset management tools.

    Since it tracks data, it will provide accurate information about the date the assets need maintenance. As a result, you can avoid unnecessary expenses and save thousands of dollars.

  3. Increases the lifespan of assets

    Knowing when the assets require maintenance will help you utilize them better. About 78% of businesses, when monitoring preventive maintenance and tracking maintenance history for their assets, report experiencing a noticeable increase in the lifespan of their assets.

    With the help of asset tracking software, you can track if the asset is performing at par with expectations. Depending on the condition of the asset, you can make reliable decisions. Thus, you’d save money and enhance performance while increasing the lifespan.

  4. Streamlines audit experience

    An asset inventory audit can be tedious, especially if you have a large employee base. Asset tracking software, therefore, helps combat this as it streamlines the entire audit process.

    The software has all the data regarding the number of devices. Therefore, all you will have to do in such a scenario is generate information about the assets, and you will get the data from the software itself. It will also help address discrepancies, thereby saving you from any mistakes.

  5. Tracks important documentation

    When you get new machines, they usually come with a vast set of documents, ranging from manual safety to guidelines for use. They are always at risk of getting lost. If you have asset tracking software in place, you can avoid the risk of losing the key documents.

    You can consider uploading all the crucial information regarding the assets in the software, and you’ll be able to track it all. Moreover, the software will ensure that the documents are organized and stored.

What are the features of asset tracking software?

The asset tracking market will grow at a CAGR of 18.30% from 2023 to 2028. So, reliable asset-tracking software is one of the main requirements for businesses. It allows you to track all business information, especially in terms of assets. It also fosters team collaboration, allowing everyone to stay updated.

As a result, asset-tracking software like ‘Onstro Resources’ is a must-have for your business. This reliable asset tracker helps you get hold of all the information and ensures that you get maximum results. It also plays a vital role in protecting critical information, ensuring none is leaked. With an intuitive interface, you can focus on better asset management.

With proper data and documentation, this asset-tracking software avoids any business discrepancies. Onstro helps with numerous customizations and effortless scaling. It helps automate workflow and task management, which can help accelerate your project completion.

Also Read: 5 Simple Ways How Resource Management Improves Your Work

Wrapping Up

Since assets are one of the most critical components of your business, your primary aim should be to keep them in place. Investing in a valuable asset-tracking system like Onstro Resources is beneficial for your business. Our asset tracking services will help you organize and drive profitable results.

Contact us today to learn more about how asset tracking works.

Team Onstro