Businesses in the UK lose more than £183 million annually due to employee theft. This already astronomical figure increases when you add theft by other people and the ripple effect theft has on company losses.
Asset management can help prevent theft while offering other benefits. However, effectively managing assets across multiple locations in retail or multi-site businesses can be difficult. You’re faced with challenges such as tracking asset location and usage, ensuring maintenance and compliance, the risk of misplacement or theft, managing depreciation, complex inventory audits, and difficulties with data synchronisation, budgeting, and forecasting.
Fortunately, asset tracking and stock and inventory management solutions from FMIS can improve visibility and control over equipment, technology, furniture, and other valuable assets.
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The Importance of Real-Time Asset Tracking
Whether you use barcodes or RFID tracking, you can monitor assets across various stores from a central location. These reliable methods let you know what assets you have, where they are, who is using them, how they’re being used, and when they might need to be serviced, updated, or replaced. When this happens in real-time, you can gain insights into virtually every aspect of your organisation’s operations and use them to make informed decisions quickly.
Knowing the location, condition, and status of fixed assets in real time enables you to keep up with regulatory compliance, minimise downtime due to maintenance issues, ensure operational efficiency, and reduce the risk of loss or theft. Other benefits include:
- Keeping track of key maintenance dates.
- Extending the lifespan of assets through optimised usage and enhanced maintenance.
- Enhancing visibility and accountability across your business’ various locations.
- Completing audits faster and addressing discrepancies promptly.
- Storing key documentation such as manuals and maintenance guides on tracking software asset profiles.
- Faster accounting thanks to features such as automated depreciation calculations,
- Boosting productivity with features such as reporting, customisable alerts, and QR code and barcode scanning,
Enhancing Operational Efficiency
Managing physical assets such as point-of-sale systems, IT equipment, or delivery vehicles across different stores in various locations is a demanding, resource-intensive job. Asset tracking solutions from FMIS simplify the various processes, allowing your business to maintain peak performance across all stores.
Using asset tracking software, you can automate depreciation tracking, expedite accounting, and enhance accuracy. Additionally, automating maintenance schedules will reduce downtime and ensure optimal asset usage.
Tracking assets lets you see if employees use them according to company expectations and policies. You can also track down assets used in ways that don’t comply or have been moved without authorisation and hold the responsible employees accountable.
FMIS’ asset tracking software’s audit trail and other reporting tools offer enhanced accountability and security across your business’s locations. Audit trail reports are essential for internal and external audits, as they provide a chronological record of all activities, changes, and events. They include information such as user activity, details of any modifications, and evidence of compliance, making it possible for you to detect discrepancies quickly.
Maximise Efficiency and Security with Asset Tracking
Implementing a comprehensive asset tracking system in businesses with multiple stores offers a range of benefits, such as long-term cost savings, enhanced security, and boosted efficiency. Boasting features that make a difference, cutting-edge asset tracking and management solutions from FMIS are a top choice in the UK. If you change how you track assets across locations, your business will reap the benefits, and your bottom line will reflect this.
