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ROI of Asset Tracking

Four ways investing in a proper asset management system can improve accuracy as well as save money and time for your business. Warehouses, manufacturers, retail stores, business owners and more manage a variety of assets on a daily basis. From a laptop used in an office to a heart rate monitor in a hospital, these pricey assets have one thing in common, they can be a drain on your finances if they’re lost, damaged or stolen. Implementing an asset management system can help simplify the process of tracking important assets and alleviate many of the headaches that occur as a result of improper asset management. However, putting the right asset management system in place requires an investment. If you’re looking to justify the cost of any asset tracking solution, you need to understand the ROI of asset tracking. Here are four reasons why tracking your assets will pay you back in the long run:

Related Article: Why You Should Invest in an Asset Tracking System

1. Time saved implementing a system:

The lack of a refined system can result in items being miscounted or inaccurate records on assets being kept on file. If not captured in time, these mistakes can hurt your company. Asset tracking systems allow for items to be properly accounted for with information located on a central database accessible by all employees. In addition, systems can come with scanners and labels so workers don’t have to manually input the data. This can eliminate the need for employees to search for misplaced or missing assets. When it comes to implementing a system that will save time, Excel or paper and pen spreadsheets don’t cut it. Before implementing an asset management system to assist in its asset tracking, Lipscomb Fire and Rescue was spending time counting assets by hand. After implementing the system, 80% less time was spent preparing trucks for missions, a huge benefit to this 100% volunteer organization.  

2. Money is saved:

While the initial investment of purchasing a tracking system may seem expensive, you will see a monetary ROI as items are more easily accounted for and better tracked. Not only does proper asset tracking allow you to save money by discouraging things that cause assets to need to be replaced, like loss and theft, it also can prevent unnecessary asset spending. With asset tracking in place, your organization can easily keep records of the maintenance required to extend the life of that asset. Asset tracking also reduces the chance that a new asset will be purchased when you already have that asset on hand, saving you money on unnecessary purchases.

3. More accurate information:

The use of an asset tracking system can ensure that maintenance schedules are accurate, assets are accounted for, and that there are fewer errors. Because employees can quickly scan asset information into a central database visible to everyone in the organization who needs to access, less time can be spent checking, re-checking and distributing Excel spreadsheets, and more time can be spent on tasks that bring in money for the company.

4. Reduces employee theft:

No one wants to think that their employees would steal, and chances are, as a business owner, you’d rather not deal with an incident after employee theft has occurred.  In a survey from, PriceWaterhouseCoopers, 42% of fraud is being committed by middle managers globally. Knowing where all your assets are at any given time can help reduce the likelihood of theft occurring. When companies have an asset tracking system in place, assets can be scanned when they first come in the door and their storage locations recorded. A central database then keeps track of where everything is stored, making always knowing where your assets are a less daunting task. Systems like Wasp’s Asset Tracking Solutions not only help monitor theft, but also reduce human error associated with other asset tracking techniques. From health care to education, asset tracking is far reaching, and so are its benefits. Saving time and money are just a few reasons why asset tracking is crucial for your business. Ultimately, asset tracking provides value to any company who desires an easy and efficient way to gather all information in one central place. How would knowing where your company’s assets are in real time help save time, money and prevent theft?