Equipment Inventory Management in the Cloud - Why?

Implementing a centralized cloud system for your company's equipment tracking can be beneficial for numerous reasons, perhaps the biggest one being saving your company money by reducing your equipment loss to zero. These are the reasons that a centralized cloud system for equipment tracking will be beneficial to your company.

Running your company involves spending a great deal of money on expensive software programs, subscriptions, and monthly recurring expenses. This means that equipment tracking is probably the last thing on your mind.

In addition to allocating the resources for these essential items, you need to manage all the other aspects of your business as well. While equipment tracking may not have crossed your mind just yet, it's critical to make it a priority in sustaining business operations for the long term.

Using a centralized cloud system for your equipment tracking is the best option you have when deciding on an equipment tracking system. This centralized cloud system provides many benefits to companies, including saving money and improving operational efficiency.

Here are some of the benefits of a Centralized Cloud System For Equipment Tracking:

1. Preventing Equipment Loss

Equipment loss is a major factor that can affect the bottom line of your company if you don't use a centralized cloud system. In addition to preventing equipment loss, a centralized cloud system can also help to limit redundant equipment purchases, which can be costly and unnecessary.

Since you will be able to easily track the location of your equipment with a centralized cloud system, it will improve accountability between users and managers, which makes it easy for users to check out the equipment after usage and for managers to check out items on the user's behalf.

Centralized tracking systems also reduce the likelihood of your employees needing to track the assets down manually, improving operational efficiency and reducing your company's administrative costs. Manual tracking of the equipment is also more likely to lead to errors by users, which in turn will increase the amount of money lost from equipment tracking.

2. Extending the Life of Your Assets

Centralized cloud tracking systems also make it possible to significantly extend the lifespan of your assets. After all, the reason that you purchased these assets was to generate a return on your investment. This means that the longer your assets are functioning properly, the greater of a return on investment you will get for your company.

Many of the assets you need to track are also very expensive to purchase (and even more costly to replace). A centralized cloud equipment tracking system will ensure that your assets are operating at peak efficiency for years to come. 

It also makes it easy for managers to get an idea of the equipment's current condition at a moment's notice and when to schedule those assets for necessary maintenance to continue operating efficiently.

These centralized cloud systems also make it easy for managers and users to report any issues that the equipment is experiencing right away in the system so the information can be shared with the rest of the organization and necessary steps can be taken to fix whatever problems arise.

3. Reporting and Insights

Some of the most important aspects of your assets include depreciation, locations, maintenance, life span, and much more. Without proper reporting and insight, you will be left in the dark on the most important information that you need to know about your assets.

A centralized cloud system will allow users and managers to immediately report any pertinent information relating to the equipment and its operational efficiency. Everything that you need to know can be accessed with the touch of a button, and it's all there for you in one easy-to-access place.

The advanced reporting and insights that the cloud system provides will also alert you if any equipment is being underutilized or shows any room needed for improvements. These centralized equipment tracking systems will give you information on how to improve the operations of the equipment and get accurate statistics on your improvement efforts.

4. Increased Efficiency and Productivity

Trying to manage your equipment tracking manually can be intimidating, stressful, and costly all at the same time. That's why investing in a quality cloud system for equipment tracking is crucial for your company's success.

Choosing a centralized system will also allow you to increase the efficiency of your operations and the productivity of your employees that use the assets. This system will also give you and your employees the ability to focus on other parts of your business that are more important than manually tracking your equipment.

Understanding the utilization rate of your equipment can also provide valuable insight into improving the efficiency and productivity of the assets. If you find that 50% of your equipment isn't being used to its greatest extent, you can use that valuable information to implement changes in how you use your equipment to make it more efficient.

5. Collaboration and Delegation

Centralized cloud systems also make collaborating and delegating among team members a streamlined process. By enabling collaboration efforts, teams can work effectively together to handle any maintenance or operational issues that may arise while tracking equipment and assets.

Managers can then delegate these tasks out to the users at the tap of a button on any device connected to the equipment tracking software, streamlining the entire process.

6. Improves Customer Service

Your customers expect to get top-of-the-line customer service when they decide to do business with you. Having a centralized cloud system for equipment tracking ensures that you can address any customer service issues instantly and with ease.

Customers will also expect to get real-time information on exactly where their assets are at any given time, and they also need to see things like maintenance scheduling and depreciation over time.

7. Ensuring Compliance

Ensuring regulatory compliance goes hand in hand with providing excellent customer service, as being 100% compliant will positively affect the end-user. After all, non-compliance could have serious ramifications to the continuity of your company.

Being compliant is crucial to your organization since many types of industrial equipment are dangerous and have requirements in reporting the equipment's current condition and any past issues during the equipment’s life cycle.

The Bottom Line

Centralized cloud systems used for equipment tracking have so many benefits that we couldn't cover them all in this article. The most important thing to know is that you will be saving a significant amount of money by preventing equipment loss and extending the lifespan of your assets.

In addition to saving money, a centralized cloud system will allow for easy reporting and collaboration among team members. The cloud system will also make it easy for managers to address any operational or functional issues with the equipment related to maintenance and depreciation.

Finally, by streamlining the equipment tracking process with a centralized cloud system, you will reduce the chances of human error from manually tracking equipment, which will benefit your customer services efforts and regulatory compliance procedures.