Does your business use assets in your daily operations?
Paper-based asset tracking may initially seem effective - until your business starts growing.
Excel-based spreadsheets can then seem like the next best thing to track your assets, however, this too is often not enough to keep up as your operations expand.
So, while manual and spreadsheet asset tracking can be helpful, it may not be the right approach over the longer term. Fortunately, there are a variety of asset tracking software solutions that can help your business improve its asset management.
To improve your business’ operations and asset utilisation, here are five reasons why you may want to think about switching from spreadsheet asset management or paper-based asset tracking to a smarter, more advanced solution.
5 reasons why Excel or paper-based asset tracking is letting your business down
Assets play a big role in positioning your business as a leader in your industry, so it’s important they are efficiently monitored and employed across your different work locations.
However, your spreadsheet or paper-based asset tracking might not be allowing your business to operate at its full potential. Here’s why:
Since the information is input manually, mistakes and human errors are inevitable. With larger entries in spreadsheets or paper-based tracking, not only is this time-consuming - but it can also be difficult to validate that the data is accurate.
These methods make it difficult for your business to monitor equipment, tools and vehicles. Without advanced asset tracking devices, checking your assets’ conditions and locations is inefficient as it requires staff to make phone calls, visits and manual entries.
What makes software-based asset tracking a better option is that it can be seamlessly integrated into the other systems and software. Excel and paper-based asset tracking create more work because they are not integrated easily.
Another downside of Excel and paper-based asset tracking is that they can’t be easily modified to suit your business’ requirements. They don’t have suitable and convenient features that can be personalised according to your asset management needs.
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.
As you can see, asset tracking spreadsheets and paper-based asset management may be holding your business back from effectively monitoring and utilising your assets to their full potential.
Without the support of asset tracking software like EROAD Where, inefficiencies can impact your business’ operations, which can negatively affect your service delivery and revenue.
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.