What are the business risks of not using proper asset tracking?

As your business expands both domestically and globally, you’ll find that you require more assets and resources to facilitate growing operations across different office and site locations.

However, without a proper asset tracking and management system supporting this growth, you may not just be hindering your process - you may also be putting your business at risk.

Here’s why.

The risks of not using asset tracking

Imagine having to spend another $5,000 because you couldn’t find a trailer or water blaster that you currently needed for a project.

How about suffering a set back because you haven’t tracked an asset for so long that you didn’t notice it’s in need of repair?

Or you know your business had a set of power tools somewhere, but now they’re nowhere to be found?

Frustrating, isn’t it?

Unfortunately, many organisations don’t realise how important it is to have an effective asset management and tracking system in place to avoid these very scenarios. They underestimate how much their business can save by ensuring that every process is streamlined, and no equipment is underutilised.

Having asset management and tracking systems in place can help your business in more ways than you can imagine.

To help you understand the impact, here are the possible risks of not using an asset tracking system:

  • Assets can go missing or be underutilised

    When your operations grow, it’s easy to lose track of which assets are currently deployed where - which is costly and inefficient. Having an automated asset tracking system can help you monitor your assets and assist in assigning your vehicles and equipment where they are needed the most.

  • Increased repair and maintenance costs

    Without proper asset tracking, it can be difficult to identify which assets are due for scheduled maintenance and which ones would be more economical to be replaced.

    Additionally, knowing which assets are due for repair and maintenance is a proactive way of preventing problems before they even occur. This will save you a lot of time and money, maintain productivity and reduce any urgent repair callout costs.

  • Unnecessary replacement costs

    An effective asset tracking and management system can help you locate lost assets, therefore avoid wasting budget spent on unnecessary replacement costs.

  • Budgeting and project planning can be difficult

    The complete visibility of your assets can help you in distributing resources to sites and projects where they are required the most. It can also aid in negotiating budgets for repairs and replacement.

    The lack of an asset tracking system can leave you unequipped with information and records that can be helpful in making smarter asset decisions.

  • Lost productivity due to downtime

    Work can be delayed when your team is frequently dealing with asset problems and misplaced equipment. This can lower productivity and put projects at risk.

  • Reporting errors

    An effective asset tracking and management system can help you locate lost assets, therefore avoid wasting budget spent on unnecessary replacement costs.

    On the other hand, using an automated asset tracking system like EROAD Where can help your business produce accurate and flexible reports that are useful in making better decisions.

Don’t let these risks become a reality for your business!

An asset tracking and management solution like EROAD Where improves the utilisation of asset, facilitates automated reporting and improves productivity levels by tracking all of your assets in one simple platform.

10 tips to get the best result from an Asset Tracking Solution cover

Download our free eBook: 10 tips to get the best result from an Asset Tracking Solution
The right asset tracking system can revolutionise the way your team uses assets every day, increasing productivity and efficiency across your whole operation.

In our free guide, we share with you our top 10 tips on how to get the most out of asset tracking. If you’ve been considering an asset management solution, this guide will help you.

Want to learn more about EROAD Where’s asset tracking solution?

Experience the benefits of an effective asset management solution with EROAD Where.

EROAD Where modernises asset tracking and asset management by replacing outdated paper-based systems and manual excel sheets with easy-to-use asset tracking software.

The Where solution meets your compliance and operational needs - helping you achieve greater asset productivity and efficiency while you focus on managing your business.

Purchase your first box of EROAD Where trackers today and see it in action for yourself.

For more information, contact us today.
Call: 0800 437 623
Email: shop@eroad.co.nz

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