Keeping Control of Asset Thefts and Losses with Asset Tracking Software

asset theft

The assets are part of the business entity. Besides being the mechanism to generate income, assets are also counted as the  “wealth” of the business. In a big organization, when the specific assets are deployed to the specific persons, the assignment process is required to be recorded in a fixed asset register. Otherwise, the company might lose track of these assets and they could be misused by some other parties.

Asset Tracking Software Reduces Thefts and Losses

There may be an occasion like thefts or losses of the asset.

Asset theft and misplacement is not new issue, it has been in existence for a long time. It can be very dangerous for business because when assets are not found then it leads to chaos and business production and operation halts due to which delay in production occurs which can lead to delay in product delivery.

It can disappoint customers and in the worst-case scenario, customer loss can also occur. On the other hand, you have to purchase new assets unnecessarily. According to Statista,  “In 2016, median losses through employee theft for companies with fewer than 500 employees totaled 289,864 U.S. dollars.”

Also Read: 8 Evergreen Asset Tracking Software Benefits That Helps Business

In order to avoid this type of scenario, an organization must invest in asset tracking software as it can play a crucial role in asset tracking and management. With this software, the company can examine the assets and how it is being used by the assignee using asset tracking software or asset management software.

As long as this information is well maintained in the application, the responsible person cannot break the regulation and get away with damaging the property.

As an example, a lorry truck is being allotted to the logistics department. The asset manager would record important information such as the asset type, utility, vehicle number, department name, the name of the person to whom the vehicle is assigned, and the shipment process.

At the time of reclaiming the asset, the manager can track the asset as well as its user. This software centralizes information. It means that you can know which asset is located in which place.

Inconvenience Of Paper-Based Registry

When the assets of a company are being allocated, the recounting of the asset details on a paper-based registry takes extra man-hours. Even if the organization has a small business, the asset management process cannot be done with a snap of fingers.

Consider that you own a small poultry farm. Your farm deploys some chicken breeding equipment like poultry feeders, egg incubators, gas brooders, poultry vaccinators, nipple drinkers, and broiler drinkers.

These machines are installed in separate locations because the different breeds of chicken of different ages cannot be put together in one coop. In a paper-based registry, you would enter the information of each of the machines on a different page using separate columns and rows.

Whenever you need to update any information about a particular machine, you would enter the new information on a new page since you can't remove or delete the old one. This method is a killjoy for business.

Other than this paper-pen approach can have errors a human can do typo errors and all. Moreover, the paper has a certain period of life after which it will start rotting after some time and papers can be lost.

Also Read: Paper-Based Preventive Maintenance Can Be Critical for Your Business

In the case of paper, documents are kept in a moisture place, then also it will lose their effectiveness & paper can be torn. Most important when you are looking for certain information it will take a lot of time to find.

But when you are equipped with this software you can easily with an automated system, and you can store all the information easily and find all the information within seconds.

In short, the paper base approach is time-consuming and impacts productivity for employees and organizations whereas asset tracking software helps in enhancing the productivity of the organization.

Assign Your Assets to Safe Hands

In order to make it possible to assign the movable assets to liable persons, the facility manager would maintain the information of the assets and testimony of the ownership. This process can be carried out by identifying and mitigating the threats or adversity in asset tracking and management software.

Asset Infinity is a dynamic portal where users can record the information of the assets and track their movement to keep them safe and beneficial. The equipment tracking software also allows you to verify the asset. From this analysis, the status of the assets can be found out whether they have been stolen or in a safe place.

Asset Tracking Software Gives You the Best Practice

With the online facility management program of Asset Infinity, the history of the movement of single or multiple assets and equipment can be noted down in the cloud-based application. On this application, you can view all information including the date and time of the allocation as well as the user details.

The cloud-based Computerized Maintenance Management System (CMMS) allows you to create and attach barcode stickers to multiple assets. The assets can be recovered using a code scanner.

On the Asset Infinity app, you can assign single or multiple assets to multiple users who work in different departments in different locations. At the time of allotment, you can add information like condition, remarks, or any custom information.

The maintenance management software allows you to link the assets and move automatically with the parent asset when an allotment or return is done.

Also Read: 5 Common Asset Tracking Issues That Need to Be Addressed

Keep Your Record Straight with Asset Tracking Software

At the time of the audit, the company needs to produce an analysis of the specific assets. This is why the asset declaration should be accurate in case you want to discard or sell an asset.

With Asset Infinity, you can define your own reasons for discarding assets whether the assets are lost, stolen, sold, or simply discarded.

You can see the reports in asset management software on discarded assets and check their movement history for reference. The movement history and summary reports on the transactions can be exported to an Excel sheet. You can also create an invoice in a PDF file while discarding or selling assets.

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