5 Benefits of Asset Tracking Software for Growing Your Business

8 min

Many business owners come to face an interesting problem in their company’s development: work keeps expanding and projects are completed successfully, but the company doesn’t seem to grow.

How can that be? 

Well, the root of the problem may be found in how you’re managing your assets. If you’re doing an insane amount of administrative work to track your equipment and keep it in order, you’re investing a lot of effort that would be wiser spent elsewhere.

Similarly, if your maintenance data isn’t accurate, you could be facing delays, breakdowns, and unplanned downtime, all of which can put pressure on your finances.

All of these issues can be fixed by investing in quality asset tracking software. It will help you ensure all of your equipment is accounted for, maintained properly, and used to its full potential. 

If you still haven’t transitioned to tracking your assets using software, we hope the benefits we list in this article convince you to make the leap.

Let’s dive right in with the first benefit.

Reduced Administrative Work

One of the most useful features of asset tracking software is automation. Processes and workflows that would otherwise take a lot of time can be done in literal seconds, thanks to software that can take over tasks such as:

  • Keeping track of inventory (including ordering and restocking)
  • Checking out equipment quickly and without paperwork
  • Processing service requests 
  • Maintaining your complete audit history

When these and other administrative tasks are done manually, they can put a strain on your staff’s time, which, of course, means less time dedicated to more important tasks. 

For example, professionals lose hours when they process training certificates, work permits, and safety data sheets. But all of this can be done using asset tracking software, slashing the time spent on these tasks by a third.

Source: GoCodes

Another example is tracking items in your warehouse. Using tracking software, you can always know how much of an item is in stock and where exactly it can be found. 

So instead of having to do inventory by hand and endlessly searching for items in your warehouse when you need them immediately, you can just prompt the software to tell you where your items are and how many are available.

Amazon is a company that is very reliant on asset tracking software. So much so that they can stock their warehouses randomly, because their software can tell them where everything is in an instant!

Source: YouTube

Not only that, but warehouse workers can also input multiple items into the software and have it calculate the most efficient route through the warehouse to collect every item on their list. 

That’s a true display of how asset tracking software can reduce the time and effort you put into administrative tasks such as inventory management.

Remember, companies with a lot of equipment, consumable materials, and other kinds of inventory will always face administrative challenges. 

Asset tracking software is a powerful tool that can help you cut down on the amount of work you’re spending on these tasks to a minimum.

Increased Data Accuracy

The time and effort spent doing administrative tasks aren’t the only problems you’re going to face managing your equipment manually. 

There’s also the issue of human error that can bring chaos to your data accuracy and disrupt workflows because of inaccurate data regarding inventory, equipment availability, and maintenance status.

The old-school way of keeping track of your equipment usually involves spreadsheets that are filled out manually. 

However, this method has always been inefficient and prone to mistakes. In fact, many separate studies over the years have shown that almost all complex spreadsheets are riddled with mistakes!

Source: GoCodes

Furthermore, spreadsheets are vulnerable to other kinds of mishaps as well.

People sometimes forget to save the changes they’ve made, or create duplicate documents that continue to exist in your archive—meaning you have multiple records for the same equipment that show conflicting information.

On the other hand, software can help you manage your equipment efficiently and without mistakes that are caused by human error.

Asset tracking software, like GoCodes, enables you to organize all of your equipment records in one place and access it with a simple scan of your mobile device.

Your tracking software keeps your records punctual and up to date, which means no more manual updates, no more duplicate records, and no more mistakes. 

And instead of scrolling through dull spreadsheets, you can track all of your data in easy-to-read dashboards.

Source: GoCodes

We know. Spreadsheets have served us well for decades. And for so many companies out there, they are still the primary method of tracking equipment. 

However, times are changing, and today’s technology can handle a lot more than it used to. 

By updating your equipment tracking methods with amazing software, such as GoCodes, you’re taking the human error factor out of the equation and giving yourself a competitive advantage.

Higher Asset Efficiency

The secret to a lucrative, high-performance business strategy is an impeccable workflow. 

If your business relies on specialized equipment, a good workflow should definitely include giving enough attention to equipment maintenance, proper inventory management, and being aware of the state and location of your equipment at all times.

The healthiest policy is to keep all of your equipment in an optimal state throughout the year by doing regular and preventative maintenance.

At first glance, this may seem like a big drain on your resources and time, but in truth, falling behind on maintenance can cost you much more.

Source: GoCodes

Paying no attention to maintenance can also lead to malfunctions and safety issues, which can put your workers’ wellbeing at risk and open you up to lawsuits that can lead to financial ruin.

Similarly, inefficient equipment tracking can result in delays in your service and lost productivity because it takes you longer to track down available equipment and deliver it to the work location. 

This results in unplanned downtime and money lost on projects where workers are unable to carry out projects because of missing equipment.

Source: GoCodes

Asset tracking software is powerful enough to eliminate both problems. Using tracking software, you can create and stick to a maintenance schedule for every piece of equipment at your company. 

With GoCodes, each piece of equipment in your records has a last service and next service date that’s easy to look up.

As for asset availability, tracking software like GoCodes includes Check-in/check-out features which will tell you if the piece of equipment is currently in use and when it will become available again.

Source: GoCodes

Furthermore, tracking software can also tell you exactly where your equipment is using GPS. That means less equipment lost and an enhanced capability of assigning equipment to worksites according to their current location.

With a strict maintenance schedule and a good handle on the availability and state of your equipment, you will be able to set up an efficient workflow and use your equipment in the best possible way.

Better Customer Service

Tracking your assets efficiently and keeping your equipment in top condition is bound to reflect on the quality of your customer service.

The key idea here is demonstrating competence.

If your clients see that you’re performing tasks efficiently and meeting your deadlines in a timely manner, without disruptions to your workflow, they are much more likely to be impressed and put their trust in your company. 

Source: Google

Remember, asset management and efficient equipment tracking methods aren’t visible on the customer’s side, but their effects definitely are.

On the other hand, poor asset tracking practices can seriously damage your reputation and ability to secure new projects. 

Just picture it from the client’s perspective. Let’s say you hire a construction company for a building project. 

You arrive at the worksite one day to see how the work is progressing and notice the workers are sitting idly and no work is being done because an important piece of equipment can’t be found.

You’d probably lose trust in that company’s ability to carry out the project, wouldn’t you?

And that’s just the beginning.

Remember when we said that irregular equipment maintenance could cause safety issues and accidents?

Well, in addition to directly threatening your business, these problems can also lead to a damaged reputation that may deter new clients from approaching you.

As Bryan Lawrie from Arco, one of Britain’s top job safety companies, explains:

“For many companies, a high profile incident or accident can be critical for the business. In some cases companies are not able to recover from the reputational damage and the business may subsequently go bust.”

Asset tracking software can help you avoid these kinds of problems, helping you run your company at optimal efficiency.

With work progressing without delays and the results of projects passing every quality inspection, you’re sure to end up with a long list of happy clients who are sure to recommend your services to others, meaning your reputation can soar.

Supported Business Growth Plans

The conclusion we came to in our last section is that impeccable equipment tracking and management can help you improve your customer service and build a great reputation for your company. 

A good reputation is a great way to attract more business, which allows your business to grow. But a reputation boost isn’t the only way asset tracking software can help you support business growth. 

Take ghost assets, for example. These are pieces of equipment you no longer physically own, but they remain in your records, meaning you’re paying their depreciation costs, insurance, and taxes, which is all money down the drain.

If you think ghost assets aren’t a problem at your company, you should know that research shows that this is a problem that “haunts” all companies.

Source: GoCodes

With quality asset tracking software, your knowledge about your equipment expands and it becomes impossible for assets to get lost in your inventory. 

And the resources that were wasted on upkeep for assets no longer in your possession can now be redirected into valuable investments that drive the growth of your company.

Another case in point is asset utilization. Asset tracking software can tell you a lot about how your equipment is used. 

For example, the check-in/check-out feature integral to GoCodes’ software can show you if a lot of pressure is being put on a particular type of equipment, while another hardly ever gets checked-out.

Source: GoCodes

Information like this can help guide your business decisions when you’re contemplating how to make your investments and which equipment you should purchase.

With this kind of sound business decision-making, you’re ensuring that your resources are put to good use, which results in steady business growth.

Your business is dependent on your equipment and its optimal use.

Therefore, the only way for your business to grow is to ensure that your equipment is tracked properly and utilized to its full potential. And quality tracking software can help you achieve that.

Conclusion

Asset tracking software is one of the wisest investments you can make to unlock rapid and steady business growth for your company.

Much more than just a way to keep tabs on your equipment, tracking software can help you reduce the work you’re putting into tracking equipment manually, cut down on the number of mistakes, and increase your data accuracy and equipment efficiency.

All of this inevitably leads to better equipment utilization, happier customers, and an improved reputation, which in turn helps you grow at rates you’ve never seen before.

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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