Just like the rest of the world, New Zealand’s economy is experiencing the impact of the recent COVID-19 pandemic.
While our economy is turbulent, it’s important now more than ever for businesses to be resilient, prepared and efficient. Your operations, most especially, must be streamlined and productive for your business to survive and thrive during these uncertain times.
Asset tracking is a practical solution your business can depend on as it provides full visibility, drives effective asset utilisation and eliminates unnecessary costs.
By enhancing your daily tasks and operations through the better use of equipment, tools and vehicles, asset tracking allows your business to make smarter decisions in the present and plan wisely for the future.
Here are ways in which an asset tracking system improves your business’ operations.
How does asset tracking enhance your operations?
Asset tracking allows organisations to monitor and secure their valuable assets. However, there are many additional benefits to having an effective asset management system in place:
The information provided by asset tracking, such as the arrival and departure “check-in” times of equipment, tools and vehicles allows your business to present credible proof of service and charge more accurately.
By allowing you to track where assets are currently deployed and over what timeframes, asset tracking ensures you have the right data to keep financial statements updated and allocate costs accordingly.
There is always a risk associated with assets getting misplaced, which can delay your operations and require you to incur costs and lost time. Asset tracking monitors the locations and allocation of assets to prevent them from getting lost or stolen.
When you are trying to manage a wide range of assets, double entries and incorrect data can result in inaccurate inventory levels – referred to often as “ghost assets”. However, with asset tracking, you can accurately manage your assets and your business won’t have to pay taxes and maintenance fees for assets that no longer or don’t exist.
To ensure assets are always in working condition, asset tracking monitors your assets throughout their entire lifecycle. It also ensures that repairs and replacements are done accordingly to schedule, minimising any excess repair costs for old and tired equipment, tools and vehicles.
You don’t need to waste time jumping from one work location to another just to check your assets’ whereabouts and conditions. Asset tracking software allows you to easily view your deployed assets on one screen, in one place – giving you more time to focus on more important business matters.
Asset tracking allows your business to calculate asset depreciation and taxes more precisely. It also provides complete asset data that is useful in forecasting, planning and budgeting.
Unfortunately, businesses across New Zealand and around the world will face difficulties due to the slowing economic conditions.
Nevertheless, you can still equip your business with an effective asset tracking system to improve the productivity of your operations and long-term profitability.
Learn everything you need to know about asset tracking
Asset tracking solutions offer a lot of advantages that can help grow your business through the better use of plant, equipment, tools and vehicles. But it’s important to have the right information to achieve the best outcomes.
To help, we've prepared the ultimate guide to asset tracking on our website, which answers all of your asset management questions.
Learn everything you need to know about asset tracking and how to optimise your asset use.