Submitted on Wed, 2016-09-07
By Upp Technology

Question: What happens when you have multiple departments sharing a resource and that item goes missing?

Answer:  Simple, whoever needs to use the item will resort to buying a new one.


Having to buy new things when you cannot find the old ones is inefficient and costly. Moreover, it is indicative of a larger issue in your organization – an inability to accurately track all your stuff.

Real-time item tracking eliminates unnecessary spending and ensures that your budget is invested wisely, enabling your organization to become a much smarter buyer.
 

The iPad Example

Tablets, particularly Apple iPads, are used for all sorts of tasks. It is not uncommon for multiple agencies and departments to share resources like iPads. Unfortunately, being mobile, they have a tendency to wander off. Too often, if one unit uses a group of iPads, but somehow does not return all of them, other departments will inevitably and unnecessarily buy more.
 

Having a system capable of knowing the real-time location of any and all iPads, their serial numbers, and the people accountable for their whereabouts can prevent this type of wasteful, redundant spending.
 

Better Tracking Leads to Smarter Purchasing

Cloud-based asset management systems allow organizations to track their items comprehensively, helping to curb unnecessary spending and get the most out of current inventory. With a cloud asset management system, you can easily track things from macro to micro levels including:

  • Agency
  • Field / Location
  • Department
  • Vehicle
  • Room / Shelf
  • Cube
  • Person Bin

 

Here are six ways comprehensive asset management tracking leads to more efficient purchasing:

1. Eliminating Double Purchasing

When items go missing, people make unnecessary purchases because they do not have the right data. A cloud asset management system provides a US FDA 21 CFR Part 11 audit trail to answer the who, what, when, where, why and how of transactions:

  • Who is responsible for the item?

  • What is its Serial Number?

  • When was it last checked out?

  • Where is it supposed to be now?

  • Why/how is it there?

  • How much is it worth?


The only way to achieve such accountability is with real-time data. Using an asset management system with continuous tracking capabilities helps ensure you do not purchase a replacement today only to find the lost version tomorrow.
 

2. Locating Missing Items

Just because an item is missing doesn’t mean it is gone forever. Continuous location and owner, not to mention serial number or lot number, expiration date tracking, significantly reduces the possibility of misplaced assets, preventing wasteful expenditures.
 

Sometimes an item may not be missing at all, but rather it is damaged or destroyed. Sometimes it may be out for maintenance or repairs. Replacing items because of a lack of data is not only needless but a very costly business practice.
 

3. Tracking Warranties

There’s nothing worse than paying for something when you do not have to. If you are not tracking item warranty information, you may end up paying to repair or replace something that should have been for free.
 

Cloud asset management systems track much more than item quantity and status, location and ownership, lot or serial detail. They can also track warranty and maintenance schedules along with corresponding documentation. An asset management system makes you a better buyer because it houses all of your inventory details in a central, secure data repository.
 

Say goodbye to hours and hours of sifting through paperwork. Managing your assets in the cloud provides instant feedback on the status of item warranties and can significantly reduce the stress of having to replace or repurchase key hardware, resources, or rentals.
 

4. Managing Recalled or Defective Products and Surplusing

The last thing you need is a malfunctioning asset in the field, where it can fail on the job. If a product is recalled or simply in need of repair, an asset management system enables you to locate all impacted items quickly and easily, take them out of rotation, and send them back to their manufacturer or for maintenance.
 

With the right asset management system, you can easily determine what items are out for maintenance and repairs and what items are available for issuance. This allows your staff to selectively manage items that are out of rotation and keep them from being issued for use in the field, preventing issues from occurring before they even start.

A cloud asset management system is also incredibly useful for tracking when items have been surplused. The comprehensive lifecycle management functionality of the system fully tracks costing, providing you with much-needed forecasting data.
 

5. Funding Source Tracking

Using public funding means that you may be called upon to produce a report of the items tied to a particular source of financing. Failing to provide this information promptly could jeopardize future donations, grants, and budgets.
 

Only a sophisticated cloud asset management system will immediately answer: Who purchased what item? When? Where is it now? How was it purchased? With what funds? From what source?
 

6. Enabling Informed Purchasing and Forecasting

One of the best features of cloud-based asset management systems is the detailed reporting that will keep you current on asset usage and maintenance schedules, allowing your organization to negotiate pricing better. All of this lowers your cost while building purchasing power.
 

Forecasting is equally important. With better lifetime value reporting, understanding when items will need to be replaced is a massive insight. Knowing more about the lifecycle of assets helps you decide if you need more or less of them next time you buy.

 

The Solution

If you are replacing items only to find them later, paying more to buy in small quantities, don’t know the warranty status of your inventory, have damaged equipment in the field, can’t say who paid for what, or are prevented from forecasting future needs, you are bound to have trouble budgeting.
 

Having the who, what, when, where, why, and how of asset transactions provided by a real-time asset management system ensures you know where everything is, and its quantity and status. This will enable your organization to get the most out of its resources while providing the data necessary to make smarter purchasing decisions both today and tomorrow.

 
 
Contact us for a demo to learn more about how the irms|360 Cloud-based Asset Management System can make your organization become immediately accountable for every asset it manages.
 

 
 
 
 
 
 
Blog Type: 
IRMS EM Blog