Managing your assets is important for knowing what assets you have, where they are across locations, and how much owning and operating them is costing you. With an asset tracker, you streamline the management process through automation and a centralized database of information.
Key Takeaways:
- You can use an asset tracking system to remove the manual labor involved with managing, tracking, and documenting your company’s assets.
- The benefits of using an asset tracking system include greater profitability, better customer service, and more organized asset maintenance.
- Off-the-shelf asset management systems aren’t as effective in tracking assets is a custom solution built to match your business needs.
With Watkyn, you can avoid the wasted resources and stressful efforts of forcing an OTS asset tracking software into your operations. A custom app provides the solutions that help your business succeed.
Why Do I Need an Asset Tracker?
Every company relies on some form of assets, whether it’s physical machinery, tools, financial investments, or computer software. Companies often rely on manual solutions for tracking each asset to know about location, project assignments, accounting compliance, or maintenance needs.
Unfortunately, relying on pen-and-paper solutions or spreadsheets can complicate things by opening the door to errors. Misinformation or failing to notice key data could wreak havoc on your efficiency, compliance, and profitability.
Asset tracking automates all of these processes and provides a central location for all users to access the information. It provides increased clarity, visibility, and efficiency at every stage of your asset tracking process.
What Are the Advantages of Using an Asset Tracker App?
There is a higher probability of errors and mistakes when working without a tracking system. It doesn’t matter how large or small your business is, these are some of the advantages you gain when creating a custom asset management solution.
Better Accountability
A tracking platform presents a clear chain of use for users to access, showing who used the equipment last and if proper maintenance took place. It quickly shows the location of an asset and if it’s available for use. It lets you know who to check with when items are missing or damaged.
Lower Costs
An asset tracker gives you a huge boost in lower operating costs. You eliminate paying for the manual labor involved with traditional asset tracking, but you also avoid excess costs associated with human error.
Satisfied Customers
With a management system, you increase the efficiency of your operations. This has a trickle-down effect on the customer experience. Losing fewer assets or preventing equipment breakdown from a lack of consistent maintenance keeps orders fulfilled on time and customers satisfied. This improves the customer relationship and encourages brand loyalty.
More Productivity
You can reduce wasted time by automating your asset tracking and managing productivity. You always know where tools or equipment are or you know how to plan for maintenance work. You also increase the work your employees get done when they don’t have to worry about manually entering tracking asset data.
Better Compliance
A key way to avoid fines or consequences from non-compliance with industry, company, or government regulations is an asset tracker app. Clear reporting is essential for accounting functions related to assets, and you have access to reports and accurate data with just the push of a button.
Remote Information Access
When equipment is not on site, it can make retrieving accurate information about the asset difficult. An efficient tracking system lets you access the platform through a mobile device to send, receive or update information on your assets.
How Do I Get Started Creating an Asset Tracker App?
Rather than forcing an OTC solution to work for your needs, you can customize an asset management system for your business. These are the first steps to take when looking to build your own asset tracking system.
1. Thoroughly Inventory Your Asset Management Needs
Take a quick audit on what is happening with your asset management practices. Identify what works or what doesn’t with the following questions:
- What are the assets we are tracking?
- What is missing from our current solution?
- What should our new tracking system achieve?
The answers to these questions develop an idea of what your tracking strategy should look like. It gives your app developer direction and insight into how to improve your current processes.
2. Create Your Must-Haves List
With a clear vision for your asset tracker, you can determine the features that are non-negotiable. Asset management systems should directly address your assets, not provide a generic solution. Key features you may need include:
- Asset lifecycle mapping
- Breakdown, downtime, and maintenance tracking
- Employee roles and profiles
- QR code generation and scanning
- Preventative maintenance scheduling
- Mobile and cloud-based accessibility
Your business could also benefit from interactive dashboards, budget reporting, and equipment effectiveness tracking. A developer who listens well to your business needs can help you determine must-have features.
One of your overall goals should include monitoring the entire life cycle for each asset. You need to know how much money the asset is making the company when compared to how much it costs the company to keep and maintain it.
3. Create Your Tracking System
Each asset needs a unique tracking number if you are going to interact with its information through the asset tracker app. Using the same number across pieces of equipment leads to confusion and creates inaccurate data. Each vehicle, machine, or piece of equipment needs an RFID chip, number, QR code, or tracker when registering it within the system.
4. Get Employees on the Same Page
Your employees need to know the purpose of the management app and their part in keeping it effective. All employees should receive thorough training on the system as well as clear responsibilities for entering work orders or other information into the system. When data entry is consistent and responsibilities are clean, it creates an efficient, transparent workflow.
Where You Can Go for Asset Tracker Development Support
At Watkyn, you have a trusted app development partner for all your business needs. If you want an asset tracker to automate your management systems or you have a more specific software solution in mind, our team can create a highly configurable app for you. Contact our team to find out your software options.
