Unlocking Business Productivity With Asset Tracking

Managing assets in a business can present some challenges, but there are significant benefits if you can get it right.

Asset tracking enables efficient asset management, helping you collect valuable data about the location of assets as well as their utilisation and status to make well-informed decisions. One important, yet often overlooked, benefit of asset tracking is it enhances business productivity and drives efficiency. Knowing where your assets are at all times, including where they’ve been, can have a significant impact on productivity and profitability. It also provides improved asset security and peace of mind, a high priority for many business owners.

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Managers shouldn’t underestimate the importance of asset security. A report from Telstra estimates as much as $4.3 billion worth of business assets are lost every year.

Asset tracking helps ensure your business isn’t losing money through lost assets and enables you to get the highest ROI on your assets. It can also help eliminate the frustration associated with flawed record-keeping and keep your staff on track to meet key deadlines.

5 ways asset tracking can boost your business productivity

#1: Reduce theft and increase asset recovery

Asset tracking can reduce the volume of lost and misplaced assets by helping you fight the age-old business challenges of theft and employee carelessness. While traditional asset tracking software lets you see where your assets are, modern solutions actively prevent theft using geofencing and instant notifications when an asset is moved out of pre-determined locations, allowing you to take immediate action to recover the asset. This means you spend less time hunting them down and and have a higher asset recovery rate.

#2: Find and locate assets faster with accurate tracking

Modern asset tracking solutions give you full visibility of your assets and their use within your business. This also is a huge boost to the check in and check out process. With accurate asset data, you can correctly invoice for time spent on-site resulting in fewer customer disputes and a better resolution of them when they do happen. It also gives insight into what’s going on at remote work locations, removing unnecessary back and forth between offices and eliminating miscommunication.

#3: Asset tracking ensures staff stay productive

With real-time route optimisation, drivers spend less time stuck in traffic, or held up at roadblocks and roadworks, meaning they get to their destinations faster. Digital forms and checklists that integrate with other business systems also offer a quicker alternative to time-consuming manual paperwork. This seamless asset tracking saves time that would otherwise be spent sorting through paper documents and manually entering data. With forms digitised, your staff no longer drop in their paperwork at the office every week. This means faster time to invoicing , up-to-date compliance and on-time maintenance scheduling.

#4: Asset tracking reduces staff stress

Integrating asset tracking data with job booking platforms bolsters employee productivity and reduces stress. Equipping employees with the right tools to complete their tasks within reasonable timelines keeps them productive and on track without creating unnecessary pressure. Asset tracking software combined with machine learning (ML) and artificial intelligence (AI) reduces their administrative burden and responsibility and allows them to focus on their key deliverables. This also gives them the right information where and when it’s needed.

#5: Say goodbye to spreadsheets and enjoy automated tracking

Using spreadsheets may work for smaller businesses, but it results in inaccuracies and inefficient asset tracking and is outdated when used for larger businesses and asset fleets. Although spreadsheets are evolving, they have a limited ability to manage multiple users, verify data, and include attachments. This makes them a poor choice for managing assets across sites and business departments.

On the other hand, a purpose-built asset tracking platform helps automate processes and is mobile and remote-friendly for on-site management. It is a single source of truth that provides valuable, high-level insight into the performance of your assets and how they’re being used. Having accurate, real-time data also helps you endure compliance with regulatory requirements.

Review your asset management and workplace productivity

Our asset tracking solution, Forum Connect, offers all these benefits and more. With a centralised platform for all asset data and reporting, you can make better informed and timely decisions. Implementing efficient, streamlined processes reduces downtime and bolster workplace productivity, which helps your business’s bottom line.

Get in touch with our team today to learn more about our asset tracking solution and the productivity gains it can offer to your workplace.

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