In today’s economy, starting a new business can be tough.
But, nothing beats the rush of creating something new. For startups, whether traditional, e-commerce or a blend of both, one of their biggest concerns is money. It can be raising capital or growing their startup with minimal costs.
Sure there are are traditional ways for smart entrepreneurs to save money as they grow their startup. There’s free consulting services, non-monetary incentives, and even supplier or customer partnerships. But for many startups, one way they can save an exponential amount of money, and more importantly, time is through asset tracking.
Asset tracking, in its simplest terms, is the method of tracking a company’s physical assets. Essential to any company, asset tracking keeps an organization running smoothly. It improves operational productivity, streamlines business services, lowers administrative costs, and allows for a scalable business.
Whatever business model your startup adopts, asset tracking can be an invaluable tool. Here are three reasons why startups need to start embracing asset tracking today.
1. Ensure accountability
Asset tracking allows any startup to correctly identify assets.
This includes fixed assets in a warehouse, a mobile workforce, inventory or any other physical property. This minimizes costs often associated with lost or stolen inventory. Asset tracking eliminates spreadsheets and written asset management systems.
Asset management via tracking provides the essential overview to know where your assets have been allocated. This holds employees and users accountable for mistakes or lost property. Manual asset tracking systems make it almost impossible to provide this overview.
The best asset tracking systems command simple setup with no human input required. This eliminates manual data entry reducing errors that could be costly. The safe custody of your assets increases levels of security and minimizes incidents of theft or asset misuse.
This maintains a high standard of data integrity and custody of document ownership. Invaluable when startups require confidential information sharing.
2. Accurate asset management
Asset tracking provides complete lifecycle management for your assets. From acquisition date up to the date of disposal of your asset, mobile-enabled asset tracking keeps startups on top of their business-critical assets.
It’s affordable assets that provide indispensable asset management to any startup. It ensures complete, transparent audit trail and history of their property. This helps improve the monitoring of asset utilization and replacement when necessary. Limiting and correcting any errors and omissions regarding asset management.
For startups with inventory, tagging physical assets affords startups effective and appropriate management of their SKUs. Tagging with unique identifiers eases control of assets. Physical asset verification then is audited continuously. Especially with mobile-enabled asset tracking.
3. Leverage data mining
Asset tracking offers beneficial support beyond inventory management and eliminating errors. It provides key business analytics necessary for any startup.
Asset tracking provides data mining to increase the efficiency and operation of your organization. Startups who utilize asset tracking technology can analyze the usage, utilization, and functionality of their physical assets. From laptops to business work phones and inventory. It can track an asset’s aging and depreciation value. This reduces overall operational costs and improves business performance.
This analytical information gives deep insight on the efficient use of assets at their full capacity, maximize return on capital investment, idle assets in possession, required maintenance or replacement of assets, and increase the accuracy of financial and tax reporting or compliance.
The data capture available through asset tracking allows startups to improve overall organizational profitability. It gives returns in business scalability and supports growth.
Low operational costs and early cash flow are critical to the success of any startup. Saving costs through a myriad of ways allow startups to open up their capital to business-critical avenues. In today’s global economy, business profitability goes beyond as a function of revenue. It also includes better management of resources and overall improvement of business performance.
Asset tracking secures an important position in the continued successes of startups. It provides consistent and repeatable means to reduce administrative costs, cut tax liabilities and insurance, and diminishes errors in accounting and reporting. Asset tracking affords a startup better overview to minimize spend and increase profitability.