THE ROI OF AUTOMATED ASSET TRACKING
Did you know that calculating asset tracking return on investment (ROI) is easy and extremely beneficial? For example, if your company has 1,000 assets and the average value of each asset is $700, then your company has $700,000 worth of assets. By utilizing automated asset tracking, these values can be easily accessible.
Company asset losses are also easy to calculate and track as well. Losses such as misplacement, miss allocation and theft of assets are common when assets are not properly being tracked. This results in up to 10% loss of assets annually. To avoid these losses, an automated asset tracking system should be utilized.
Automated asset tracking can also help to reduce ghost assets. Ghost assets can be defined as lost, stolen, or unusable assets that are still listed on your company’s fixed asset ledger. Most often, 10% to 30% of ghost assets are still on the books, meaning that your company is overpaying insurance and taxes by as much as 30%.
BENEFITS ASSOCIATED WITH AUTOMATED ASSET TRACKING
By utilizing an asset tracking system, your company can benefit from the following:
- Real time tracking with mobile apps, which helps to ensure data integrity
- Mobile audit features that allow for quick ghost asset identification
- Unlimited users, which promotes company efficiency and accountability
Investing in asset tracking software may initially cost a couple thousand dollars. However, investing in asset tracking software can save your company tens of thousands of dollars long-term, which in turn boosts your company’s ROI.