Helpful Summary
Overview: We provide a complete guide to help businesses fully understand asset control and how to implement it.
Why You Can Trust Us: Our expertise in asset management is backed by successful case studies across various sectors, including legal, biotech, and IT. Clients trust us for our proven track record and high ratings on platforms like Capterra.
Why It Matters: Efficient asset control reduces costs by minimizing equipment loss and unnecessary purchases. It also ensures regulatory compliance and boosts operational efficiency by keeping necessary tools accessible and in good condition.
Action Points: To implement asset tracking, start by creating an inventory of all assets, and assign unique identifiers like barcodes or QR codes. Then, utilize our BlueTally software to manage and track these assets digitally, reducing the reliance on outdated manual methods.
Further Research: Consider exploring additional asset management features and best practices, and assess how new technologies might integrate with your current system to improve asset control further.
Have you ever spent precious hours searching high and low for an important piece of equipment at work? If so, you should know the drill: frustration mounts as minutes tick by, projects stall, and employee productivity takes a bit.
Even worse is discovering that a tool is broken when you need it the most (yeah, we can hear the frustrated sigh!). And the absolute worst? Finding out the equipment is missing. Definitely, a replacement can cause a serious financial bite. We know that’s not a pleasant situation either.
But what if you could avoid these issues altogether in your workplace? That’s where asset control comes in.
Today’s article will guide you through what asset control is and how you can use BlueTally to create a reliable asset control system for your business.
But before that...
Why Listen To Us?
We've been in asset management for a while, so we're no strangers to access control. In fact, we've assisted clients in various sectors, such as legal services, biotechnology, and IT, in effectively managing and controlling their assets. Popular examples are Unilever, MSC, Warner Music Group, and Pfizer.
Moreover, our SOC 2-compliant asset management solution has even earned five-star ratings from Capterra, Software Advice, and GetApp.
So, tell us who can better educate you about asset control and help you manage your assets than someone with our experience and firsthand perspective?
What is Asset Control?
Just to be sure we are on the same page, let’s clarify what exactly an asset means first.
In business, an asset is anything valuable that you own and use to achieve your business goals, but it’s not intended for sale. This can include items like computers, machinery, and vehicles.
Now, asset control, also called asset tracking, is the process of systematically tracking and managing all your company's assets. It involves keeping detailed records of each asset, including its location, condition, maintenance history, and who is currently using it.
Traditionally, asset control was often done manually, using spreadsheets or paper-based systems like the one below:
But the truth is that this approach can be time-consuming, prone to errors, and difficult to scale as your business grows. Imagine you run a construction company with hundreds of tools and pieces of equipment scattered across different job sites. Keeping track of everything with a spreadsheet can quickly become a logistical nightmare.
Thankfully, there's a more efficient way, which is automating asset tracking with asset control software solutions. And you don't have to search far because we offer the best solution right here at BlueTally.
Using our solution, you can create a digital record of all your assets, including detailed info like pictures, model number, condition, location usage, and dates. This eliminates the need for scattered spreadsheets or paper records. And ultimately, making it easier to track the location and condition of each asset. Take a look at how intuitive our dashboard looks:
We also take things further to help you understand the current value of your assets with automated depreciation tracking:
There’s just a lot to unpack. You can check out our live demo to get a better idea of what we bring to your asset control table.
Why Should You Care About Asset Control?
Reduced Costs
Missing equipment, damaged tools, and unnecessary replacements can quickly eat away at your budget. Lucky for you, effective asset control helps prevent these issues by keeping track of your assets.
You'll know exactly where everything is when it needs maintenance and who is responsible for it. This reduces the risk of loss or damage, minimizes unnecessary purchases, and allows you to plan maintenance schedules effectively. All of these can extend the lifespan of your assets, saving you money in the long run.
Ensures Regulatory Compliance
Certain industries have specific regulations regarding asset tracking and maintenance. Effective asset control makes it easier to comply with these regulations and avoid potential fines and legal issues.
For example, healthcare providers need to maintain detailed records of medical equipment to ensure its safety and functionality. Asset control software helps them track calibration dates, service history, and location, demonstrating compliance with relevant health standards.
Improved Operational Efficiency
When employees waste time searching for missing tools or waiting on unavailable equipment, it disrupts workflows and impacts productivity. Asset control ensures your assets are readily available and in good working order, minimizing downtime and keeping your operations running smoothly.
Enhanced Decision-Making
Asset control systems provide valuable data and insights into your assets. You can track trends in asset usage, identify potential maintenance issues, and make informed decisions about asset lifecycle management. With a good asset tracking solution, you’d even gain insights into your asset’s depreciation.
This data can help you determine when to replace aging equipment, invest in new technologies, or adjust your purchasing strategies.
How to Set Up Asset Tracking
Building a strong asset control system isn’t so difficult, thankfully, so far you’re doing it with the right tools. Just follow these simple steps and see how you can implement asset tracking, of course, with BlueTally
1. Identify your Assets
This might seem obvious, but the first step is to create a comprehensive inventory of all your assets, from laptops and office furniture to machinery, tools, and even company vehicles. Make sure you capture essential details like:
- Type of asset (e.g., laptop, printer, power tool)
- Brand and model number
- Serial number
- Images
- Acquisition date and cost
- Current condition (new, used, functional, needs repair)
- Assigned location (department, building, floor)
The point is, that the more data you can get, the better.
When you get the asset details, you may then proceed to input them on BlueTally. You can add as many details as you want. Even if you can’t find a place to fit in your preferred details, you can always create a custom field as shown below.
Plus, you can send an invite to relevant employees during this step to help, to avoid missing out on any important detail.
2. Assigning Unique Identifiers
Once you have a complete inventory, the next step is to assign a unique identifier to each asset. This allows you to easily track and locate them within your system. Great options for this include:
- Barcode asset tracking
- QR codes
- RFID tags
After adding the details about each asset on BlueTally, we automatically generate a barcode for them, as shown here:
You can then print out the barcode and attach it to the corresponding asset for easy identification.
With these steps completed, you can now onboard your full workforce to explore the full range of features we offer. In addition to the ones we've mentioned earlier, you can also:
- Checkout and Assign Assets: BlueTally allows you to easily manage asset checkouts, assigning equipment to specific employees, locations, or departments. You can even set expected return dates and track asset conditions with photos, notes, and attached files.
- Change Logs: Need to know who used a particular asset and when? We also provide a detailed log for each item, including checkout history, current location, and past users.
- Schedule Audits and Maintenance: Our solution also helps you schedule and receive reminders for both audits and maintenance tasks. This proactive approach ensures you keep your assets in top condition and avoid unexpected breakdowns. Plus, you can track asset health over time, allowing you to identify potential issues before they become major problems.
- Track Consumables & Licenses: BlueTally doesn't just track equipment; it can also manage consumables like printer cartridges and software licenses.
Best Practices for Effective Asset Control
Now that you have a foundation for asset control, here are some best practices to keep your system running smoothly and maximize its benefits:
1. User Adoption is Key
The success of your asset control system hinges on employee participation. Encourage user adoption by providing clear training on how to use the system for checkouts, reporting issues, and keeping their asset information updated. A user-friendly system and readily available support will go a long way in ensuring everyone is on board.
2. Perform Regular Audits
Don't let your asset records become outdated. Schedule regular audits (physical and digital) to verify the accuracy of your data and identify any discrepancies. This helps ensure your system reflects reality and prevents potential issues like missing equipment from going unnoticed.
3. Embrace Continuous Improvement
The needs of your business can evolve over time. So, be sure to review your asset control system periodically to see if it's still meeting your requirements. And when necessary, be open to adapting procedures or exploring new features within your asset management software to optimize its functionality for your specific needs.
Take Control of Your Assets With BlueTally Today!
We're confident that you now have a solid grasp of asset control. This article has covered everything, from defining asset control to explaining its importance and how you can manage it effectively.
And here's the best part: If you're just starting out with asset management, you don't have to spend much. With BlueTally, you can begin with up to 50 assets for free. Plus, you can upgrade anytime you want. So, go ahead and take advantage of our free trial!
