Asset tracking for growing and multi-location business

Growing businesses have a lot to keep track of. Their inventory, shipments, and finances are constantly changing and expanding. Asset tracking is a critical part of any business but can be especially challenging for growing businesses.

 

With so many moving parts of multi-location companies, asset tracking becomes that much more important. Not only do you need to keep track of what’s in each location, but you also need to keep an eye on inventory levels and shipping and receiving schedules. Asset tracking software can help you do all of that and more.

 

Multi-location businesses save money by making it easier to manage their assets in different locations. Using software to track and manage assets can help companies to be more efficient by providing them with a central location to store all of their information about their assets.

 

There are too many benefits of transitioning away from outdated spreadsheet asset tracking. Not only will your resources be freed up to focus on other areas of your business, but you’ll also have the peace of mind of knowing that your data is always up-to-date and accurate.

 

To make this transition, you’ll need to invest in a comprehensive asset management solution that can expand your business. With the right tool in place, you’ll be able to rest easy, knowing that your assets are being tracked effectively and efficiently.

 

What is an Asset and How Do I Track It?

In business, an asset is anything that increases the value of a company. Assets can be tangible, like property or equipment, or intangible, like patents or trademarks. They can also be current, like cash or inventory, or long-term, like investments.

 

To track assets, businesses traditionally use balance spreadsheets, but as technology evolves, more companies have transitioned to asset tracking in the cloud.

 

Why change? After all, spreadsheets are easy to learn and manage, right? Well, not exactly.

 

Times are changing, and cloud-based asset tracking has emerged as the most efficient and cost-effective way to manage assets from multiple locations.

 

What’s the Big Deal With Having Multiple Locations?

Excel spreadsheets may work as a solution for small, one-location businesses; however, when a company reaches the point of growth to one or more new locations, cloud-based solutions are essential.

 

Rather than simply keeping a record of a few static assets, multi-location businesses will have to track asset movement between departments, locations, and consumers. These added steps create endless confusion and an increased likelihood of errors.

 

Growing companies must stay ahead of the curve and adopt modern asset management solutions before it’s too late. There are many benefits to using cloud-based asset tracking software, including the ability to track assets in real-time, scalability, and cost-effectiveness.

 

Manual processes like using spreadsheets to track business assets can’t claim the same.

 

How cloud asset tracking works

Cloud asset tracking software can help businesses keep track of all their assets in one place, allowing firms to see where assets are at all times and whether they are being used and maintained correctly. This can save time and money by reducing the need for manual inventory management.

 

Asset tracking software can help businesses keep track of their assets’ locations and conditions. Leadership can use this information to prevent loss or damage and ensure assets are being utilized efficiently.

 

The benefits of cloud asset tracking for businesses

As businesses grow, keeping track of their assets becomes increasingly difficult. This is where cloud asset tracking software comes in handy. Cloud asset tracking software helps businesses keep track of their assets in a central location and is extremely helpful for growing businesses.

 

Cloud asset tracking software can help businesses save money by reducing the need for physical storage space. Here are several other reasons cloud asset tracking software benefits growing businesses like yours.

 

Giving you improved analytics

Cloud asset tracking software allows businesses to track assets such as cars, equipment, furniture, office supplies, and more. This allows leadership to see precisely how much they are spending and if they are getting good value for money.

 

For example, if you purchased an expensive piece of equipment, you’ll want to know whether it’s a good investment. To do this, you need to be able to track maintenance schedules, how the equipment is used, how long it should last, and more.

 

Cloud asset tracking software allows you to track these assets and all information about the asset in one central location, allowing you to easily see at a glance. A bonus is that you receive reports showing you this information in easy-to-understand graphs and charts.

 

Giving you better management capabilities

Running a small business can be trying. You are working for the company and on growing the business. It can feel like a juggling act, especially if you’re a small business with multi-location.

 

You can manage your company better by seeing more data on your assets. You can see whether any assets are going out of service or which are no longer worth using. You can see if any assets need to be replaced and when they are due for replacement.

 

If that expensive piece of equipment is regularly in for repairs, you might have to consider trading up for more reliable equipment.

 

Giving you increased transparency

Asset tracking allows you to be incredibly accurate with your data. Growing small businesses need to know where money is going and make data-based decisions.

 

Seeing where your company’s assets are located, what vehicles you have and how old they help increase transparency. By seeing your company’s assets, you are able to better manage your company. By tracking the assets you have, you can also assess if you are spending too much money on an asset. For example, you may purchase an expensive asset and realize that you have made a massive mistake.

 

Giving you increased efficiency

By being able to track your company’s assets, you are able to better plan and schedule when items need to be changed or upgraded. This allows you to buy assets when they are less expensive and use them when they are needed.

 

Cloud asset tracking software creates reports which allow you to see this information in great detail. You are able to see exactly which assets need to be upgraded and when.

 

Giving you a history of your assets

As a growing business, you may not know exactly what things cost, especially if you purchase assets based on what you think you can pay for them. An asset tracking solution allows you to easily keep track of the assets you have purchased in the past.

 

Asset tracking allows you to track the assets you have purchased over time. All the information is stored in the cloud, accessible anywhere you have an internet connection. This allows you to see, for example, the assets you have purchased in the past three months or the last three years.

 

Is It Worth the Price and Hassle of Switching?

Abandoning excel spreadsheets and moving to a modern asset tracking solution in the cloud is a massive improvement. Hundreds of modern solutions can handle all or most of your warehouse management needs using cloud-based software.

 

These new solutions allow businesses to track assets from all sites through a single location. Instead of having a team recording inventory at each business site, companies will only need one person/team to manage assets within their entire business circuit. As you can imagine, this vastly improves accuracy and efficiency.

 

Cloud-based asset tracking is quickly becoming the preferred method for growing businesses with multiple locations. The benefits of using this system include increased efficiency, accuracy, and security. Additionally, it can help organizations save money by reducing inventory waste and improving asset utilization.

 

There are many different solutions to choose from when selecting the best management software for your multi-location business. Your company’s size, budget, locations, and previous asset management systems will all come into play when making this selection.

 

There is no one-size-fits-all solution for tracking assets across several locations. If you are looking for a more efficient way to manage your business assets, then consider switching to a cloud-based asset tracking system.

 

FAQs

 

What is an asset?

An asset is anything of value that a company owns or controls. Assets can be tangible (physical objects) or intangible (such as intellectual property).

 

How does cloud-based asset tracking work?

Cloud-based asset tracking works by using sensors to track the location of assets and then sending that data to the cloud. This allows companies to keep track of their assets in real-time, which can help them optimize their operations.

 

What is the difference between cloud-based asset tracking and on-premises asset tracking?

The main difference between cloud-based and on-premises asset tracking is where the asset tracking software is hosted. With cloud-based asset tracking, the software is hosted on a remote server and accessed through a web browser. The software is installed on a local computer or server with on-premises asset tracking. Also, cloud-based asset tracking is typically cheaper and easier to set up than on-premises asset tracking.