Solutions and Strategies to Help Successfully Track Your Business’s Most Valuable Assets
Aside from people, which are arguably the most useful resource of any company, IT assets are almost just as important. Diligently tracking each one solves numerous industry-related challenges and provides a streamlined system that allows companies to become more efficient.
To help you out, we’ve compiled a few IT asset tracking solution tips that every business should consider implementing into their routine. Let’s get started!
1. Know What Needs Tracking
Every IT asset, which includes both hardware and software, comes with its own maintenance schedules, equipment downtimes, and user accessibility. Accounting for each one lessens the chances of ghost and zombie assets from entering your system.
Consider integrating an asset management system like Teqtivity for your physical inventory to help increase the availability of your production equipment. Doing so may reduce the overall costs of each asset through enhanced services and maintenance, on top of keeping your resources secured properly.
2. Track Assets as They Enter the System
Identifying everything that needs tracking, which is essentially the first step, can be a challenge, especially for established companies that are only starting to track their assets. One good practice is to begin monitoring assets as soon as your company acquires them.
We highly recommend recording the information of new resources into your tracking system to ensure that it doesn’t disappear before your management team acknowledges its presence. This can be made easier by using a modern asset tracking solution that automates and streamlines the process.
3. Know Your Sustainable Level of Service
When it comes to asset tracking, being aware of your company’s required sustainable level of service can help you implement a functioning system and provide better communication with stakeholders. If you need help defining your level of service, consider the elements – quantity, quality, and reliability – as these work well at creating both short and long-term performance goals.
Companies can also use data from utility boards or commissions, stakeholders, and customers to develop their level of service borderline requirements. Always update these requirements to account for changes due to regulatory requirements, technological improvements, or company growth.
4. Evaluate and Prioritize the Company’s Requirements
After accounting for every asset, prioritize each one by their level of importance. Which assets are critical to your company, and which ones won’t have much of an effect if ever they are compromised? Consider implementing a smart asset management software that provides a list of your assets that can be arranged by priority.
5. Utilize Unique Asset Tracking Numbers for Each Asset
Another good practice is to assign unique tracking numbers for asset tagging over their original serial number because the latter might create duplicates in one’s system. Having two or more items use the same number will lead to confusion, because how will the company be able to tell each asset apart?
This issue can potentially compromise data integrity, causing inaccurate inventory balances, higher asset costs, and negative customer satisfaction impact. Using a different tracking number with hardware asset tagging eliminates all of these problems.
6. Choose Tracking Software With Reporting and Analytics Features
It’s impossible to manage assets that you can’t measure. This is where asset reporting comes in handy. Before implementing a new asset management tool, always double-check if it’s capable of collecting detailed metrics. This information can help companies measure – and potentially improve – their performance and strategic decisions.
What’s more, it can also help with auditing and compliance. Keeping detailed records of each asset going in and out helps to maintain the accuracy of information.
7. “Separate” Asset Tracking and Inventory Management
Asset tracking and smart inventory management are two similar, yet distinct functions. It’s essential to see how each one creates an impact on a company, essentially understanding that inventory is what a business sells while assets are everything owned by the business.
With a better understanding of inventory management comes better asset tracking, and how? It means that companies can differentiate the two and assign financial valuation for both data types. This process involves seeing how the values affect your entire corporate structure.We hope that our list of tips has given you insight on how to track your assets better. As we’ve mentioned, consider using modern asset management tools to fully account for the entire lifecycle of each asset and use them to their fullest extent. Contact us today to begin your smart asset management.