How to best manage your assets

Every business asset you use comes with an important responsibility to manage it - if you want to maximise its utility.

As your organisation grows, there will be a wider range of assets deployed across multiple job sites which can make asset management an extremely time-consuming and tedious process.

So, to help you get the most out of your equipment, tools and vehicles without compromising the productivity and efficiency of your daily operations, here are some asset tracking and management tips.

Managing Assets

6 asset tracking best practise tips

Ask yourself:
Would you rather address issues of misplaced assets, accountability problems and off-budget expenses after they happen, or optimise your asset management methods before these challenges occur?

As with most things, prevention is better than cure.

Asset tracking management is a proactive way of handling your assets to ensure your business has streamlined operations and effective equipment utilisation. Investing in asset tracking solutions today can help you focus on more important matters and save resources ahead of time.

Here’s how to best manage your assets.

1. Prepare a database of all your assets

Remember that when you’re trying to organise everything, it’s important to first know what you have. So, start by creating a list of your equipment, tools and vehicles, and include comprehensive asset details along with it.

2. Assign an asset management champion

Designating responsibility to a single person (or small group of people) can help make the monitoring and management process more efficient through a simpler and coordinated system.

3. Utilise tags or barcodes to track assets

When you have a significant number of assets to manage, utilising tags or barcodes can help you keep track of them. Unlike the pen and paper method, having a proper asset tracking system saves you time listing your assets and ensuring greater accuracy.

4. Determine your assets’ life cycle

Knowing the life cycle of your business’ assets can help you forecast when to perform maintenance, repairs and replacement. It can also help in assigning depreciation to equipment, tools and vehicles, which enables you to make smarter decisions regarding purchasing assets.

5. Produce customised reports

To assist your team in managing and fully utilising your business’ assets, it’s important to have a reliable asset tracking system that can provide useful information whenever it’s needed, such as reports on location, depreciation, transfer and movement, disposals and tax.

6. Use asset tracking and management software

If you’re looking for a powerful, all-in-one solution that centralises all your asset data, tracks your assets, helps you set up maintenance schedules, records necessary information and allows you to do accurate reporting – asset tracking software is the solution you need.

There are a variety of options available, such as EROAD Where, that can streamline your processes and organise your assets, without compromising the time, budgets and procedures of your business.

Successful businesses understand how important it is to manage assets to ensure they’re in good condition and capable of supporting daily operations. To achieve this and minimise issues, asset tracking and management should be a high priority for your business.

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.

Visit The complete guide to asset tracking now