Every company has assets, but not every company keeps track of those assets. Properly tracking your assets has many benefits that will help increase profit, reduce insurance premiums and lower costs. There are many ways to track assets, but fixed tracking tags are probably the best.
These tags will help you find and keep track of how many assets you have, which will make your business much easier to operate.
Fewer Hours
If you don’t use fixed tracking tags, then your employees must count your assets manually. While manual counting should be done occasionally to ensure that the database is correct when you are using tags, trying to do this without tags takes much longer.
The first problem is that you have to count the assets much more frequently. If you use tags, then the associated database will help you keep track of where assets are going. If you don’t use tags, then you need to count the assets more often to ensure that they haven’t moved or been stolen.
Another problem is that your employees might have a hard time finding the assets. A database will keep track of where the assets are. If you aren’t using tags, then your employees will have to look throughout the entire premises to find all of your assets. Using tracking tags ensures that you can keep track of your assets while using the fewest hours.
Discover Theft
It’s an uncomfortable subject for many business owners, but most companies have to deal with internal theft. While tracking tags won’t entirely eliminate this problem, they will make it much easier to discover. The tracking tags will help you find the associated assets. They will also tell you who is responsible for the missing assets. You can use this information to establish blame and reduce internal theft.
Tracking tags also help because they will keep track of assets. For example, if you are supposed to have 100 chairs, then you probably won’t notice if one is missing. A tracking tag will show you when small thefts happen so that you can discover the problem before it gets worse.
Lower Costs
Aside from reducing the number of hours required to track assets, fixed tracking tags will also lower costs by reducing unnecessary purchases. For example, imagine that some of your assets are missing. You will obviously order more to ensure that you have enough to operate your business. The problem with this is that many business owners are needlessly spending money.
The assets might be in another room, at your warehouse or your employees might have miscounted. Tracking tags ensure that you don’t spend money when you don’t need to because the database will show you the accurate number of assets and where they can be located.
Tax and Insurance Reductions
Tracking tags can also cut costs by reducing your taxes and insurance premiums. Many business owners are paying higher taxes than they need to because of unnecessary expenditures. Businesses that often lose or have to order an excessive number of assets commonly have to pay more money in taxes.
This also increases your insurance premiums. If the insurance company sees that you are commonly losing assets or improperly managing them, then they will force you to pay a higher premium to cover their potential losses. This also interferes with your business’s valuation, which will inevitable lead to higher insurance premiums.
While tracking tags will not directly reduce your taxes and insurance premiums, they will help you organize your business so that you can avoid spending more money than you need to.
Improved Operations
As stated above, fixed tracking tags ensure that employees can easily keep track of your assets. One of the best things about this is that the tracking tags are very easy to use. The employees just need to scan the tags with a scanner. This means that your business will be much easier to operate without introducing any complicated hardware or procedures.
Conclusion
Fixed tracking tags have many benefits that can help any business. If you want to make your business more efficient without using advanced hardware and software, then these tags are ideal. You just need to stick them on assets, periodically scan them and keep track of the database.
Katelyn writes for Camcode, a company helping users stay systematized and updated on new ways to keep inventory, clients, fixed tracking tag solutions, and employees organized in the work place.
