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Top 5 Reasons To Invest In An Asset Tracking App

Jan 20, 2022
TOPIC: Asset Tracking
3 min read
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The mounting urgency around optimizing the efficiency of today’s supply chain is palpable, and industry experts know that in order to achieve operational excellence, visibility into your company’s assets and inventory is an absolute must. We all know that yesterday’s methods—Excel spreadsheets or, worse, pen and paper—lead to costly mistakes and slowed processes; that’s why today’s leading companies are turning to asset tracking apps to streamline and improve efficiency and accuracy.

The industry’s growing frustrations motivated Barcoding to develop an enterprise asset and inventory tracking tool (IntelliTrack®) that enables real-time tracking of IT/hardware assets, fixed assets, rotational assets, and consumable inventory…all from a single platform, and that seamlessly integrates into your organization’s systems.

If you’re part of managing a distribution center, manufacturing facility, healthcare organization, retail business, transportation & logistics company—or, really, any business that holds inventory—you’ll see these benefits from our innovative technology:

You’ll experience less retail shrink.

According to the U.S. Department of Commerce, about $50 billion of assets get stolen every year from businesses across the county, and that in 2020, over 15% of retailers reported experiencing an inventory shrink of 3% and higher. There are a number of factors involved in shrinkage including employee theft, shoplifting, administrative errors and others. No matter how it happens, though, shrinkage affects profitability in two ways: lost revenue (you can’t sell what you don’t have), and disruption of operations, which of course translates to lost productivity.

With IntelliTrack, the status of each asset is updated and available in real time, and includes key information that significantly reduces likelihood of shrinkage, such as where the asset is at any given moment, and who has checked it in and out (and when).

You’ll prolong the life of your assets.

Manufacturing and other businesses have invested millions of dollars into mission-critical equipment, so ensuring that it’s always operating at peak performance is key to reaching optimum productivity. Unfortunately, some organizations take a “fix it when it breaks” approach, which is far more costly than being proactive—anticipating, based on data, when maintenance should be done to preclude breakdowns.

IntelliTrack puts you in front of problems by keeping tabs on every piece of equipment and its repair history (each time a repair was performed, what was done, who did it, etc.), upcoming maintenance, known susceptibilities, and more. That way managers can prepare for shutdowns and minimize their effect on throughput.

This robust tool can also improve how you’re utilizing assets by enabling you to identify underperforming equipment, pinpoint when assets will reach their end of life, and track the amount of time and money you’re spending on maintenance.

You’ll boost efficiency of your operations.

Are all your assets being used to their fullest capacity? Are they being used correctly? If you don’t know the answers, you don’t know if overall productivity is suffering. Nor do you know when some assets should be retired or upgraded.

IntelliTrack puts facts at your fingertips, including information about the life cycles of your assets and equipment, telling you when something should be replaced, when to plan for repairs and maintenance, how much downtime each piece of equipment is experiencing, and more.

You’ll have more balanced inventory.

With inventory tracking, you have the data to understand trends—which items are selling (and which are not), and when. With this information you have what you need to anticipate and make better decisions about inventory mix and levels, reducing the guesswork that often leads to stockouts and overstocks.

You’ll stop wasting money on unused technology assets.

If you’ve invested in enterprise mobility to improve the accuracy and efficiency of your operations, you certainly don’t want to be paying for devices you’re not using. With IntelliTrack’s IT asset tracking, you’ll know which devices are being used (and when they’re being used, and by whom) and which have been sidelined and can be returned for credit.

The Bottom Line

The bottom line here—the thread that runs through all of these benefits—is that:

"By accurately tracking inventory and assets with a single platform, you are improving the profitability and performance of your business; paving the way for scalable growth. "

It’s important to note that beyond enabling efficiency, IntelliTrack also gives organizations the power needed to make better decisions at all levels: to generate insights needed to optimize workflows, to enable more strategic problem-solving, and to transform users and teams to operate at their fullest potential.

As the leader in supply chain efficiency, accuracy, and connectivity, Barcoding is here to help you be better, stronger, and more profitable, too. Want to learn more about the power of IntelliTrack to digitally transform your business? Go to the website now!

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Let's Transform Asset Tracking

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