Budget restrictions are one of the many reasons that businesses don’t opt for Asset tracking solution. Especially SMBs, they prefer Excel spreadsheet to maintain and document the information of the company assets. This, however, is not a viable option.
The Industrial IoT (IIoT) market was valued at USD 113.71 Billion in 2015 and is estimated to reach USD 195.47 Billion by 2022, at a CAGR of 7.89% during the forecast period. The base year used for this study is 2015, and the forecast period considered is between 2016 and 2022. – Marketsandmarkets
In this era of GPS tracking solution, RFID and IoT solutions, using a spreadsheet for asset tracking is not a righteous thing to do. While industrial IoT (IIoT) is booming in major industrial areas, and RFID and GPS tracking solutions are popular in several industries, these solutions are marvelous for tracking your assets.
Why do spreadsheets fail?
Manual data entry is unreliable and prone to human error. Moreover, the issue is of conflicting copies, particularly if you’re not using a cloud-based solution (e.g., Google Drive) that enables everyone to have access to the most up-to-date file at all times.
When an important data that deals with accuracy, relies entirely on humans, mistakes are bound to happen. What if someone forgets to document that an asset was transferred to another department? What if someone makes an error in documenting a part number? What if an asset is no longer usable, but this is not reflected on the spreadsheet? Many opportunities for errors exist, all of which can result in inaccuracies in your accounting and end up costing your business more money.
Why asset tracking solution is important for your business?
1. Monitoring assets
The most obvious use of asset tracking solutions, organizations will be better able to monitor physical assets as they move throughout the firm or are transferred between departments. Asset tracking solution allows the organizations to achieve a better view of the company’s asset portfolio along with easily identifying the needs and eliminating the wasteful and unnecessary duplication of assets.
2. Preventing loss
It is easy to misplace important assets in the course of being busy with day-to-day tasks. GPS tracking solution for your assets can ensure you prevention loss. Devices, equipment, and other items that frequently move throughout an organization may not always be accurately documented. When the same asset is needed again, the most recent records don’t reflect the asset’s current location and are unable to be located. It’s this shortcoming that leads to many companies unnecessarily duplicating assets.
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