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Fixed Asset Tracking: Keeping Track of Business Value

Fixed Asset Tracking: Keeping Track of Business Value

Tracking fixed assets sounds so simple, but actually, it’s not. Staying up to date on an asset's location, current condition, purchasing history and depreciation is a challenging job for managers, supervisors and especially those who handle fixed asset management from multiple locations. This blog will introduce a mobile-first fixed asset tracking system and detail how it can help companies like yours better monitor fixed asset management at each step of the process.

Fixed Asset Tracking Challenges

If you don't know the exact number and types of assets you own and their working condition, you may end up buying them twice. While many assets remain in good condition for a long time (up to several years), others become obsolete within a short period. If you neglect fixed asset tracking and maintenance, their value decreases and you potentially overpay on insurance and taxes.

Believe it or not, many organizations still use manual, inaccurate, and time-consuming processes such as spreadsheets, logbooks, or worse, while tracking fixed assets. These tedious manual processes may cost organizations thousands of dollars in replacement, reordering, repair, paying fines, and lost productivity. Beyond the costs, these processes negatively impact the organization's products and services and result in decreased customer satisfaction. 

Mobilize Fixed Asset Tracking Intelligence

Fortunately, there are easy to use intelligent technologies that can help. Replacing antiquated manual fixed asset tracking with modern solutions and systems enabled with smart technology drastically reduces the costs associated and helps maintain higher accuracy at your year-end financial statements. By simplifying fixed asset tracking with modern technology, organizations can improve an asset's lifespan, minimize equipment unexpected failures and downtime, and control ghost assets.

It's critical for enterprises in asset-intensive industries to have easy and real-time access to information on their fixed assets to determine the useful life of assets – which are worth keeping and which are costing them more than they're worth. If you are looking to upgrade your fixed asset management tool's capabilities, you will need to ensure the technology is compatible with your existing applications. Innovapptive provides an award-winning SAP Certified solution to redefine your existing manual, cumbersome, or expensive processes and better manage and track your fixed assets.

Increase ROI and Reduce Inaccuracies

Innovapptive’s fixed asset tracking solution – mAssetTag - works with consumer-grade or industrial rugged mobile devices to provide anywhere/anytime access to information, features, and support — in online or offline mode.

mAssetTag is an intuitive fixed asset tracking, geocoding, and reconciliation mobile solution that helps automate your physical inventory and reconciliation process. It provides real-time information throughout the asset life cycle and eases the asset management process resulting in over 40% improvement in employee productivity during audit cycles. Using native mobile device capabilities such as GPS, camera, and barcode readers, it enables asset managers to quickly conduct multiple inventories and reconciliations across various sites using a single, easy to use mobile solution with built-in integrations to your back-office SAP or ERP systems. mAssetTag is fully configurable with Innovapptive's patented Rapid App Configurator Engine (RACE™), which enables no-code/low-code customization and configuration of mobile applications in seconds—no downloading of app updates needed.

Learn More About Mobile-First Fixed Asset Tracking

Watch our short video to discover how to gain greater visibility into the current status of fixed assets enterprise wide. Then, click here to schedule a free, no-obligation demo of mAssetTag in action. Have questions? Give one of our experts a call at 1-844-464-6668.

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