For any facilities manager, asset tracking is an essential part of the job. When working for a large business, tracking assets can become increasingly complex, especially without a proper system in place. Fixed assets, or assets that remain within your facility, should be monitored consistently. By incorporating software that monitors asset tracking and lifestyle management, your team will maximize asset usage and minimize downtime and costs. Today, our team of enterprise asset management software specialists at SCLogic discusses fixed asset tracking, the benefits, and how we can streamline the asset management process through our asset suite software, Intra.
What is Fixed Asset Tracking?
Fixed asset tracking or management is the process of “tracking and maintaining an organization’s physical assets and equipment. Asset types include vehicles, computers, furniture, and machinery,” according to IBM. While all assets across a facility should be monitored, fixed asset tracking is critical since many fixed assets are crucial for daily task completion. For example, businesses with a host of company vehicles or universities utilizing campus vehicles require innovative asset tracking solutions to maximize their ROI. Without this management, teams have a much higher likelihood of inaccurate financial reporting, maintenance schedules, and more, leading to increased equipment breakdowns and high maintenance costs.
Generally speaking, fixed asset tracking covers the following aspects of asset management, according to Forbes Advisor:
- Overseeing and tracking fixed assets
- Monitoring fixed assets in multiple locations
- Minimizing maintenance costs
- Helping to increase operational activities
- Keeping a record of assets to assess theft and asset loss
Fixed asset tracking is an essential solution for facilities to begin their digital transformation process. Asset tracking impacts the entire lifecycle of your business, and when fixed assets are not functioning correctly, lost, or stolen, significant financial and customer relationship repercussions can occur. Thankfully, our enterprise and higher education asset management software, Intra, focuses distinctly on fixed asset tracking that can significantly improve your ROI and maximize efficiency within your team.
How Does Fixed Asset Tracking Work with Intra?
Before the popularity of IoT or the Internet of Things, asset management was done manually or with extremely outdated software. When done manually, asset tracking can lead to human error in asset location and maintenance reporting, trickling down through financial reporting, analytics, and more. Today, there is no doubt that asset tracking is making a global impact, with close to $2 trillion of economic value being created by IoT devices and asset tracking solutions.
So, how does our software, Intra, provide the perfect solution? Through our comprehensive Asset Logistics Workgroup, we provide a digital database of asset management solutions to simplify reporting and promote proactive maintenance. This workgroup allows customers to input all assets they want to track and barcode relevant fixed assets for easy access. This can include printers, computers, and more, so asset managers can find what they need with just a few clicks.
Furthermore, Intra provides a configurable form setup for your assets so that specific information can be stored. This includes ownership history, current location, and asset maintenance lifecycles so that any fixed assets that require maintenance, such as technology or vehicles, will deliver notifications when expected maintenance is due. While asset management is essential for all industries, specific sectors, such as healthcare and government, can see business-altering impacts.
Did you know that hospitals can save hundreds of thousands of dollars annually with an immediate ROI of 275% when implementing an asset tracking system? Or that workplace theft can reach as much as $50 billion per year in the U.S.? While implementing fixed asset tracking can result in immediate benefits, waiting to implement a fixed asset management software could cost you your business.
Capital assets from small-to-medium government agencies can be easily stolen without a system. The repercussions can be severe with sensitive information from stolen computers, printed documents, and more. Thankfully, two of our most frequently served industries are healthcare and government, and we have spent decades perfecting our software to help the unique pain points and requirements of these industries.
What Are the Benefits of Fixed Asset Tracking?
Now that we’ve covered an overview of fixed asset tracking and how it works through Intra, it’s time to break down the benefits. Fixed asset tracking isn’t just a way to prevent theft or decrease maintenance costs but a long-term solution that allows your business to feel confident with the daily workflows of your employees, knowing that your facility is running optimally.
Centralized Information for Asset Audits
One of the most considerable benefits of fixed asset tracking is having a centralized information hub. Rather than your team scrambling when quarterly or yearly asset audits come up to identify and locate assets manually, you will already have all relevant assets in a database, with the exact location and any other relevant notes. This also saves your team significant time searching for specific assets, as you will have an exact location when assets are requested.
Proactive Asset Maintenance
Reactive asset maintenance can be a massive cost for enterprises. Maintenance management typically takes up around 40-50% of a business’s operational budget. On average, companies spend approximately 80% of their time reacting to maintenance issues rather than using preventative maintenance tactics. By implementing fixed asset tracking software like Intra, businesses can significantly reduce operational and maintenance costs, giving them the flexibility to focus on expansion and growth.
Reducing Asset Loss & Theft
While unfortunate, employee theft is a real issue. Especially with the increase of the hybrid workforce, different employee schedules and less oversight in an office space can result in an increase in theft opportunities. According to Embroker, 90% of all significant theft losses come from employees, and employee theft costs are rising at a substantial rate of 15% per year. With fixed asset management software, your team will have extensive oversight of your assets and ensure that all fixed assets within your facility are kept secure.
Invest in Enterprise Asset Management Software with SCLogic
Digital transformation is becoming the new normal for businesses, especially as the hybrid and remote workforce grows. While digital transformation does include shiny, unique, fun technology, it also includes investing in tools that will keep your business secure and lucrative. The work of facilities managers is often done behind the scenes but is vital in keeping businesses afloat. Investing in comprehensive FM software tools such as Intra is a huge step forward in making your facility a leader in security, asset management, and more. To learn more about our asset management workflows, email [email protected] or schedule a demo with one of our team members today.