The Bottom-Line Benefits of Asset Tracking

5 min

You’ve canned the spreadsheet and you’re finally tracking your assets with GoCodes. Here’s how you’ll profit from making the change:

Fully, Accurate, and Up-To-The-Minute Record Keeping!

Many organizations still use spreadsheets to track assets, but they shouldn’t!

While spreadsheets may seem economical to use, in practice, it can take hours each week for the ‘Keeper of the Spreadsheet’ to chase and input the most current information, only to find – once the last edit has been made – that equipment has once more changed hands and asset information is incomplete.

And those gaps in spreadsheets can be costly!

Spreadsheet gaps can result in delayed projects (because assets aren’t where the spreadsheet says they are and “We can’t find them.”)

They can cause unnecessary equipment purchases (because the spreadsheet shows we need three additional drills when in fact, “We only need one!”)  

And spreadsheets prolong inefficiencies (“It says Bob has the compressor, but he apparently gave it to Selene.”)

The benefit of a tool-tracking solution like GoCodes is immediate.

It takes information out of the hands of one person and makes it instantly accessible to everyone on your team.

Source: GoCodes

And your team members no longer need to remember to send data updates to the person responsible for the spreadsheet, but can simply scan a QR code on the run using their phone to make the latest update instantly, in real-time.

Asset tracking literally makes record keeping easy – and effective.

Finally, you have a complete, up-to-the-minute picture of your tools and equipment and their usage.

Now you and your team know exactly what equipment you have and where to find it. And that makes for a thorough and accurate record-breaking win!

Check-in and Out Process Keeps Tools and Teams Accountable!

Did you know that most businesses lose 5-10% of their equipment annually?

That could be the difference between making a profit or a loss by year-end.

Cost aside, the headaches that missing tools cause can also hurt your business.

After all, if your team can’t access the right tool at the right time, they can’t complete their work, projects get delayed, customers balk and you’re stuck in the middle trying to figure it all out.

That’s why it’s vital that your business track its assets.

Tool tracking enables businesses to reduce the amount of lost or stolen equipment by up to 90%. How?

When team members are trained to simply scan an asset in or out, everyone can see when that scan happened, where the tool is currently located on a GPS map, and who it’s with.

Source: GoCodes

With that information at your team’s fingertips, tools can’t easily go missing, as each person knows what was checked out, where, and by whom.

Now chain of custody can be effectively implemented and that increases tool accountability.

And let’s say that in a rare instance, your team member still left one tool on a project site.

A member of the public can simply scan the barcode and send a message to let you know that they have that tool, and you can pick it up.

In essence, asset tracking helps keep both your team and their tools accountable, ensuring your business runs like a well-oiled machine!

Life Cycle Management That Practically Runs Itself!

Imagine a world where you can track your tools from procurement to end-of-life.

Imagine a world, where every piece of information from photographs to inspection reports to the maintenance handbook for a tool or piece of equipment could be kept together online attached to its asset information, and easily accessible by anyone needing to work with that equipment.

Imagine a world where a tool’s maintenance, calibration and/or inspections could be scheduled, recorded, and documented, effortlessly.

Well, you don’t have to imagine, because you can accomplish each of these tasks by using a tool-tracking solution like GoCodes.

Source: GoCodes

And the benefits are numerous!

Now, you have a complete handle on equipment lifecycle management.

That means you can plan for the specific equipment you’ll need next year and the year after, ensuring budgetary efficiency.

You’re able to easily keep all tools and equipment up to code and fully compliant, so that you can’t be sued. And you know what tools are at the end of their life, and you have a disposal process in place.

Most significantly, you’ll notice that the enormous amount of work that it takes to implement tool lifecycle management successfully has been halved, quartered, and thirded.

Now you can sleep at night knowing that your tools are literally in the right ‘tool tracking software efficient’ hands.

Allows You to Report on Tool Utilization and More, so You Can Plan More Effectively!

And the last major benefit of asset tracking? Yes, it’s the Reporting feature.

There are a variety of reports you can run from charts to graphs to pivot tables and dashboards for example, when you use a tracking system like GoCodes.

And good reporting enables you to operate more productively. Take the Tool Utilization Reports, for example.

Utilization Reports allow you to identify high-demand equipment and underutilized equipment.

Source: GoCodes

Now you can plan for future purchases of high-demand equipment so that you are always on top of your stock.

At the same time, you’ll know which equipment is never used and can be sold off to make funds available elsewhere, increasing usage efficiency and improving profit margins.

Of course, the true beauty of the reporting features in software like GoCodes is that you can track the information you need, in the way you need it, and information really is power.

As Information consultant Dr. Rupa Mahanti notes,

“Completeness of crucial information is extremely important, as missing data is not only a cost issue but is also a massive lost opportunity issue, (too.)”

He’s not wrong.

Fortunately, since you’re using GoCodes, that’s not a problem you’ll need to deal with!

Conclusion

The benefits of asset tracking are plentiful.

When you track your tools and equipment, you put yourself in the driving seat and promote a business model that embraces an efficient data-driven, time-saving, cost-cutting culture.

And that equates to a very healthy bottom line!

About GoCodes

GoCodes is the industry leader in tool tracking. We provide customers with the ultimate single vendor solution that includes cloud-based software, top-rated smartphone scanner apps and rugged QR code tags.

We pride ourselves on delivering a personalized service, cutting-edge technology and software that is easily used by your entire team.

GoCodes ensures our customers achieve success in their tool management projects every time.

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