How businesses of all sizes can slash costs with 360° asset tracking solutions

In any business, large or small, assets form the operational backbone. This includes everything from IT devices and office furniture to work tools, vehicles, and heavy machinery. Moreover, when considering digital components such as software licences, contracts, and staff qualifications, and their interplay with physical resources, the importance of comprehensive 360° tracking becomes apparent. This is the objective of Timly, a leading Zurich-based provider of cloud-based tracking solutions and their 360° digital inventory app, aimed at empowering companies to seamlessly connect these elements.

What is asset tracking?

Asset tracking is an essential aspect of business management, extending beyond the mere cataloguing of a company’s assets. It’s about optimising the use of resources, prolonging their life cycle, and maximising the return on investment (ROI). Tracking business inventory involves maintaining a thorough overview of all relevant details, including the purchase date of each item, its usage, location, performance, and condition. It’s also crucial to document the history of maintenance, along with any reported faults, repairs, and upcoming dates – such as inspections, servicing, and assigning the asset to a particular team member, office, or project. Needless to say, this represents a far more layered and holistic approach than simply recording what resources a company possesses.

Why spreadsheets have had their day in inventory management

Traditionally, many companies, especially small businesses, have turned to familiar tools like Excel or Google Sheets to keep track of their business resources. Yet, while spreadsheets may suffice for recording a small number of assets, the reality is that asset management is a complex and multifaceted task that requires a more comprehensive approach.

This is particularly true for mapping items to specific users, offices, maintenance records, suppliers, and other important data points. Attempting to manage this manually can easily become overwhelming, verging on unmanageable. The primary challenge for businesses really lies in finding a user-friendly asset tracking solution that is easy to implement, while at the same time ensuring the system is powerful enough to manage the value of each asset throughout its lifecycle, minimising any associated costs and risks.

The hidden costs and risks

Why is this important? Because ineffective asset tracking can not only significantly impact a company’s operational efficiency but also result in direct costs and risks that could otherwise be avoided.

Imagine vital equipment going missing when most needed, or employees using tools and machinery they’re not trained or certified to handle. Envision the chaos of malfunctioning equipment, with muddled fault reporting and repair histories. All this can result in perfectly preventable downtime and even workplace accidents and non-compliance with relevant regulations, such as health and safety.

Therefore, the hidden costs of poorly managed assets extend beyond the direct expenses of replacing or repairing equipment – there are substantial risks that can lead to significant financial losses, legal liabilities, and reputational damage.

From cloud to QR

The good news is that in most cases, asset tracking does not require any special hardware or complex systems for implementation. True, IoT GPS tracking devices are advisable for moving and large vehicles and machinery. Yet for everyday business resources, such as IT equipment, work tools, and office furniture, simple QR code technology more than does the job. This involves attaching a small barcode label to an asset and using a smartphone camera to scan these labels. This can be performed to check in and check out an item, i.e., assign it to a member of staff or an office, or to create or update an asset’s record. For example, if a piece of equipment has a fault or damage, authorised users can record this directly in the asset tracking app, documenting it with photos and other proof.

The transformative benefits of effective asset tracking

The obvious benefits of digital asset management include significant reductions in downtime due to malfunctioning equipment, time saved by always knowing who was last assigned an asset, and the consolidation of asset data in one place. This ability to connect the dots between an item and its users, as well as past and future key dates, allows for more informed operational and strategic decision-making.

Essential features to look for in asset software

For any business considering digital asset tracking solutions, they should look for a system that is customisable and flexible so it can be adapted to their specific business needs. Intuitive design and ease of use are also key, especially if employees are to be given access for recording and managing assets. Furthermore, a cloud solution offers many advantages, not least that it works across all devices in the same way and does not require the user to download the latest version, offering higher data security. Finally, it’s also crucial to choose a solution that comes with robust support and onboarding, so that your business gets the most out of it and can integrate it seamlessly with your existing systems and processes.

Enhancing decision-making and strategic planning

In conclusion, implementing an advanced asset tracking system is not merely an operational upgrade – it represents a strategic move towards future-proofing a business. By analysing asset usage and performance data, businesses can make informed decisions about procurement, resource allocation, maintenance, and long-term asset management strategies. Comprehensive asset tracking solutions have the advantage of being deployable across the business. This allows for efficiencies and ultimately presents a more resource-friendly solution, both in terms of licensing fees and staff training on how to use the asset tracking tool. An important aspect to consider is the overall cost-effectiveness of the solution and its impact on long-term ROI.