Anytime something new comes on the market that may positively impact your business, it is a good idea to look into it. After all, working to increase the health of your bottom line is where your focus should always be. Maybe that’s why you have found your way here. 

What exactly is asset management software? How is it different from asset tracking? And what are its benefits?

Asset management refers to a system that keeps your assets marked and organized. And, it keeps those who use the asset accountable for it. Within the system, you can see who has had access to the asset and when. On the other hand, asset tracking precisely indicates the location of any asset at any given time.

Asset management software brings this all together in one centralized location. You never have to question the whereabouts of your assets again. And, as if that weren’t beneficial enough, here are 7 benefits of asset management software. 

1. Locate All Your Assets at Any Given Time

When you can track your assets within your asset management software, you always know where they are.

You can track whether an employee is using them, they have been left at a job site, or they have been deemed lost or stolen.

2. Save Money on Lost Assets

Being able to track your assets means you can find them when they are lost or stolen. Because you have invested money in these assets, losing them means your bottom line is going to take a hit. For instance, checking out laptops to employees means taking a risk that they will not be returned. However, you will either be able to track the laptop or know who to go to for compensation if lost. 

Using asset management software, you can locate any lost or stolen assets and save yourself from having to repurchase them down the road. We should mention, too, that if someone knows that assets are being tracked, they will be less likely to steal them which makes it a great theft deterrent. 

3. Monitor Your Asset Condition

Each time an asset is used, you can monitor its efficiency. Plus, you can track its level of usage. Knowing both allow you to be proactive in monitoring the asset’s condition — and offering maintenance before it is too late. 

Having effective and efficient equipment means being able to optimally run your business. Monitor the utilization of your equipment, machinery, and other assets using the software system. 

4. Streamline Your Business by Managing Assets

To run smoothly and effortlessly, your assets need to be used in their most efficient manner. If you are monitoring a piece of equipment or machinery, you can use the asset management software system to see how it is being used. Who is using it? Where is it being stored? How centrally located is it? Would it make more sense to store it in a more accessible location? 

Keeping your processes flowing smoothly all come with being able to successfully manage certain areas of your business – including asset usage

5. Find Small Items in Large Facilities

If you have a large warehouse or manufacturing facility, it may be difficult to find certain assets when you need them. Employees may hoard them for themselves or forget to put them back where they belong. Wide-open areas mean lots of places for things to get lost. 

Keep track of assets so that you may find them when you need them using asset management software. 

6. Make Audits and Reporting Easier

Keeping track of your assets is a big job. In fact, enormous is probably a better word. Trying to know where everything is, how much you have, what is working well, what needs attention, and so forth can be overwhelming. When it comes to auditing your assets and doing reports for your accounting department, asset management software can take away the nightmare. 

It is a great solution for making auditing and reporting a painless process. 

7. Know the Status of Your Assets From Anywhere

With asset management software, you can track the status of your assets from anywhere. Using a secured system, you can log in online and be able to check on your assets, learn when they have arrived or shipped, and so much more with the click of a few buttons. 

Tracmor Offers the Benefits of Asset Management Software to Your Business

As you can tell, there are many benefits to using asset management software in your business. So, if you are ready to see how this addition can greatly impact what you do, then Tracmor can help. To learn more, contact our office today at (760) 304-8900. Or request a free demo online