16 Oct When a Business Fails with Asset Management
Why you need asset management
As a company grows, the necessity of an asset management system follows suit. Asset management is not only vital to the safety and insurance of a company’s assets, but to the efficiency of the manufacturing, transportation, and distribution of these assets. American Barcode & RFID is known as a value added reseller, because with our solutions and services, we add value to companies by increasing cost effectiveness, time efficiency, insurance, holistic manageability, and more.
What happens when a business fails with asset management
Time is money. Ultimately, having efficient asset management will increase the efficiency of a company by significantly catalyzing asset tracking and by reducing human error. Rather than wasting time in transition between manufacturing and distribution, with barcodes or RFID tags a company can quickly ascertain that their product has checked in at a warehouse, and proceed to the transportation phase. Rather than hunt for a lost piece of equipment, an RFID tag can locate it in seconds, minimizing the amount of time and money spent on a problem.
To maximize efficiency and save time, a system of RFID tags is perhaps the most valuable investment a company can make. With the importance of big data growing every day, the ability to collect real-time data from every product marked with an RFID tag becomes more and more vital to a company’s success. The massive amounts of data that RFID tags can compile fall into the category of big data, which has become evermore important in analyzing business practices from a holistic perspective. The addition of RFID tags can allow for analytics at every level of the company, effectively identifying areas that can be improved, lowering costs, and upping efficiency.
In the case that something goes wrong (a shipment is lost, a store is robbed, some products go bad) asset tracking and management is vital for the company’s safety. A running record of stock of equipment will effectively show when problems happen and allow for their quick correction. If a shipment of goods is lost, a company can check at which phase in the supply chain that the goods were lost, and recover their assets. In fact, with an intelligent asset management system, not only is this scenario easier to fix, but it is far less likely to happen in the first place, if only the company implements a check-in procedure for their assets at each location.
In a company any bigger than a lemonade stand on the sidewalk, the lack of intelligent asset management will ultimately yield lesser financial efficiency. This can prove to be the downfall of a business in some cases. Take a superstore, Costco, for instance: with thousands of different types of products, the company must keep inventory of every separate item available. If this is not effectively tracked, then losses are eminent when there are hiccups in the manufacturing, transportation, wholesale, and distribution of a product. All in all, the extra insurance and efficiency provided by asset management will yield higher profitability for any company.
For more asset management solutions, go to https://www.abr.com/Solution/New-Asset-Management.