Assets, equipment, and vehicles are the bedrock of any manufacturing or logistics business. Tracking asset-specific metrics can help enhance productivity. A robust asset tracking system endows you with better visibility, improves asset utilization, and reduces maintenance costs. 

That being said, let’s explore the key benefits that asset tracking offers to your business:

1. The ability to centralize data

By using a centralized asset tracking software solution that integrates with existing systems, you can consolidate data from their physical assets into one place, streamline asset management and reduce human error. In addition, you can track vital metrics including location, current status, and usage history on a holistic web-based dashboard that enables fast search and tag filtering capability.

2. Scale efficiency with asset utilization reports

Using a centralized asset management system, you can harness the power of data to improve asset utilization and inventory control. 

By tracking maintenance performed on assets, associated costs and downtime, location, and more, you can make data-driven decisions regarding your most valued assets. This may involve considerations such as when to repair an asset vs. when to replace it, or predicting when an asset is likely to fail. 

When your assets are properly maintained and replaced, they will perform optimally, leading to cost and time savings.

                 Case study: Asset Management for Construction

3. Boost security of mission-critical assets

Assets are often expensive to purchase, and the risk of theft should not be ignored. With asset tracking technology in place, managers can receive notifications when an asset is operated during an unauthorized time period or if an asset is being moved or towed during off-hours or without permission.

In addition, businesses can utilize geofence alerts to create a virtual perimeter that, if breached, sets off an immediate alert. Asset tracking helps prevent theft by improving accountability and aids asset recovery in the event that one is actually stolen.

4. Ensure regulatory compliance

Regulations vary from one industry to the next. However, in many cases, asset tracking and record-keeping are essential requirements. For example, businesses that use potentially dangerous equipment must retain very accurate information such as the condition of that equipment, maintenance records etc.

Asset tracking enables your business to comply with regulatory requirements such as equipment maintenance, calibration, and testing. Using an automated asset tracking software, you can store all asset-related information in one place and extract detailed compliance reports at Godspeed.

                    To read more: Asset Management with IoT 

5. Streamline maintenance planning

If you have plenty of heavy-duty assets in your portfolio, such as vehicles, pricey automation elements, and portable devices, those initial investments must have burnt a hole in your pocket. 

Asset tracking allows you to continuously monitor the condition of your equipment, enabling you to make repairs or replacements before they’re needed. This helps you extend the life of your costly mission-critical assets, reduce unplanned downtime and save costs.

Final Thoughts

Practically, every business holds valuable assets and wants to maximize the ROI from these assets. A flexible asset tracking solution can help you streamline operations, maximize asset performance and enhance profits.

If you’re looking to leverage a robust asset management tool for your business, look no further. Hakuna Matata’s state-of-the-art solution empowers you with complete visibility of your assets right from procurement to disposal through holistic and engaging dashboards.

Our custom web and mobile applications allow you to monitor asset health and movement on the fly. Using our solution, you can automate asset management, scale asset utilization and increase efficiency. 

What are you waiting for? Hurry up and schedule a free demo with our experts today! Transform asset management and harness the power of smart operations.