Over 60% of SMB companies and organizations fail to track their assets or use a spreadsheet or paper notes (which amounts to the same thing). This means that when valuable asset go missing there are no reliable records than can help drive accountability and provide useful information to help with recovery . So it's not surprising that our customers regularly report losing high-value assets that can amount to over 10% of their inventory in any given year.
When you take into account the business impact, process errors and other losses the picture gets worse.
How bad does it get? Pretty bad. We have heard stories of customers losing $30,000 warehouse equipment the size of a small car or medical rental companies losing critical ultrasound equipment valued at over $90,000. So you're not alone.
It's hard to justify when you can implement a cloud-based asset tracking system that works on the hardware you already have for less than you spend on dry-cleaning each month. But change can be hard, and it's often easier to live with the status-quo rather than implement a new software tool and make process changes.
Ready to make a change? We're here to help with advice and best practices that will help ensure your solution is a success. Call or email us today!
Key research findings:
34.7% of SMBs claim not to track their organization’s assets
27.7% use a simple spreadsheet or paper note to track assets
Only 5.8% have moved to a dedicated cloud-based asset tracking system
More details about the research:
Answers to the question: “How does your SMB track assets?”
#1: We don’t track assets (34.7%)
#2: With a spreadsheet or paper notes (27.7%)
#3: Accounting system (20.9%)
#4: Installed asset tracking software (8.8%)
#5: Cloud asset tracking software (5.8%)
#6: Other (2.2%)
Demographics: Over 500 US-based respondents from a panel of SMBs (Small and Medium-sized Businesses). Respondents are aged between 25 and 54 and have an average inferred annual income of $24k – $150k.
The research was conducted by GetApp's independent research program, GetData