As your organisation’s asset base grows, it becomes easier to lose track of assets, fall into inefficient workflows, and waste time trying to manage a sprawling asset register. From tools and equipment to vehicles and IT apparatus, maintaining total visibility over your assets is essential if you want your assets to support your business goals instead of holding you back.
For organisations looking to cut costs and boost efficiency, investing in new software for asset tracking may not be top of the priority list. However, when you consider the time and cost savings provided by asset tracking software, the ROI is hard to ignore. To help you make an informed choice about whether a new asset tracking solution is a good idea for your business, this article will explore the key ways that asset tracking software can save you time and money.
What is asset tracking software?
Asset tracking software is a solution that allows businesses to more effectively monitor assets through a centralised platform. Integrated with technologies such as barcode and RFID scanning, asset tracking software provides real-time visibility over the location and condition of assets. Asset tracking software makes it easy to instantly access and update the asset history logged against each identified asset, including events, purchase and warranty details, maintenance history, and much more. More advanced asset tracking tools will also make use of workflow automation and configurable reporting so that businesses can gain greater control over and insights into their asset register.
So how exactly does asset tracking software save time and money for businesses? These two case studies illuminate the wide range of benefits asset tracking solutions offer.
Case study 1: Aerospace and defence
With high-value equipment and complex assets to manage, asset tracking software provides significant time and money savings for organisations in the aerospace and defence sector. Asset tracking solutions enable accurate real-time monitoring of aircraft fleets, ground support equipment, tools and test equipment, spare parts, and more.
Powerful asset tracking software allows for total visibility over asset locations and movements, facilitating physical audits and reducing the risk of assets being lost or in the wrong place for use. This means that asset usage can be optimised to save time and money with more efficient day-to-day operations.
In aerospace and defence, asset tracking software also makes it easier to stay on top of asset maintenance needs and schedules, optimising maintenance planning and reducing downtime due to maintenance and repair. This means significant time savings for organisations in this industry where an issue with a particular aircraft, piece of ground equipment or essential test equipment can cause major delays with knock-on effects. Asset tracking software also allows for the optimisation of spare parts and inventory, keeping tabs on the availability, location, and usage of these items in order to streamline repairs and replacements.
Moreover, asset tracking software offers powerful reporting capabilities, with custom reports that can be configured for different departments and uses. Saving valuable time by automatically generating custom reports, asset tracking software helps ensure that detailed asset data can provide key insights for informed decision-making.
One example of an aerospace company that has benefitted from best-in-class asset tracking software is SPS Aero, a leading aerospace engineering firm with assets spread across multiple UK sites. SPS Aero needed an asset tracking solution for better asset visibility across multiple sites, easier compliance with GAAP, and secure and intuitive access. Implementing FMIS asset tracking allowed them to save time with barcode scanning using mobile smartphones, as well as cost savings through increased efficiency and accuracy.
Case study 2: Logistics and transportation
In logistics and transportation, asset tracking software also has a demonstrable record of major money and time savings. Tracking vehicles and trailers in real time allows for better route planning and optimisation, reducing the cost of unnecessary mileage, idling time, and fuel consumption. Accurate visibility over the asset register therefore means lower fuel costs and greater time savings for logistics companies.
Another benefit of asset tracking software for logistics and transportation companies is the prevention of asset loss and theft with greater asset visibility. With reduced risk of losing assets and ghost assets, organisations can avoid the financial setbacks of replacing assets and reduce disruption to services caused by misplaced assets.
An example of a transportation and logistics organisation that has benefitted from upgrading to industry-leading asset tracking software is KWE Ireland, a company with a complex and rapidly growing asset register that they needed to keep track of. With FMIS asset tracking, they were able to significantly reduce the time spent generating reports, boosting accuracy and efficiency. Alongside modules for asset management and purchase accounting, KWE’s software helped them track and value assets across their full lifecycle and ensure compliance with all accounting regulations and standards.
The ROI of asset tracking software
Although some business leaders may still be concerned about the potential cost and time investment of implementation for new asset tracking software, with attentive technical support and comprehensive training from a leading software provider, these drawbacks are minimal. After deploying the new asset tracking software, organisations in a wide range of industries including aerospace, logistics, healthcare, education, and much more can enjoy the time and cost savings of their asset tracking solution. Many hours saved, reduced losses and maintenance costs, insurance premiums, and improved asset utilisation all contribute to an impressive ROI for asset tracking software.