Tracking corporate asset to save money is a growing trend but our government seems to be ahead of the private sector. What do they know that we don’t know?
Given the growing number of assets managed by state and local agencies the need for tracking these assets, while providing real time location and status information is a huge challenge. The Government did a study about identifying the hidden costs of managing assets and the results were staggering. Managing assets with the use of barcodes and RFID tags has a typical payback of less than three months as compared to current methods of doing things manually. State, city and municipal government agencies own and are responsible for many different types of assets from office equipment, computers, cell phones and fleets to guns, riot gear, Humvees, and more.
There are a number of challenges involved with tracking assets. First is the wide physical reach of the location of the asset, inside the office walls, out in the yard, throughout the city or state and to other parts of the world. Secondly is the need to track the timely inspection and confirmed when maintenance is performed that may effect the quality and performance of the asset. Meeting accounting and audit requirements, and including compliance with Government Account Standards is a very expensive task if done manually.
Our government found that by spending a little money on an automated asset management process will quickly they can quickly save taxpayers money and improve their service to the community.
Consider the following:
• Re-Deployment of Excess Equipment When purchase requests are received for additional assets, real-time global visibility of the entire asset base enables the identification of any unused assets that might be available at other locations. Asset utilization is maximized, while capital expenses are reduced.
• Identification of Lost and Missing Assets Instant identification of a lost or missing asset enables agencies to maintain and assign accountability, reducing the opportunity for loss and protecting capital investments. For example, industrial microdots with 2D barcodes are used for tracking critical items like weapons.
• Securing Data The U. S. Department of State is tagging 10,000 critical IT assets with passive radio frequency identification (RFID) to save money, increase security, and reduce administrative burden. RFID becomes one of the most efficient ways to track IT assets, especially when the cost of losing IT assets isn’t just the asset itself, but the information stored on it. Replacement costs and the cost of lost intellectual property can be huge and in some cases the loss of information can really damage credibility and even become a matter of national security.
• Reduction of Paperwork The ability to substantially reduce paperwork eliminates all the associated costs. The time saved to complete, process, file and the space required to store the paperwork is huge.
• Fewer Errors The elimination of the need to handwrite and re-enter handwritten information into a computer also eliminates the opportunity for errors, improving data integrity.
• Automatic Identification for Asset Retirement As assets get older their failure rate goes up. Identification of assets that have reached their useful or intended lifecycle enables prompt retirement and replacement, preventing the liability and risk associated with unplanned asset failures.
• Asset Inventory Taken in Real Time Reduces the Labor Cost Real-time asset visibility for proper reporting of asset depreciation, preventing inadvertent underpayment or overpayment of taxes.
Federal, state and local government have embraced asset tracking as a necessity, not a luxury. Chances are your business can benefit as well. The cost to implement a basic asset tracking solution is less than $3,000. GigaTrak has a dedicated team ready to help you implement quickly and cost effectively. Call your GigaTrak representative at 877-204-9237 to set up a free 30 minute online demo today and see why asset tracking is a must for you.
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