Poor equipment management can be a drain on profitability and efficiency. To put it simply: it can cost your organization a hell of a lot of money. That’s why many companies and schools have moved their inventory management to an online tool. May these tips help you with your business case!
1. You won’t lose equipment anymore
When items end up missing or misplaced, organizations often feel forced to buy the equipment again. But money spent on inventory is money that is not spent on growth.
Luckily, equipment software can easily reduce or prevent the cost of purchasing new equipment. Track your equipment and make people accountable for the gear that they’re using. You won’t need to worry anymore about equipment that has gone missing. Promise.
2. It helps you invest wisely
When do you decide it’s time to replace a broken item’ of equipment instead of repairing it? You might need to accept that some of your equipment had its day. Tracking depreciation with an asset management tool will make this decision easier: if your asset is fully depreciated and your investment returned, replacing it is a no brainer.
Another advantage of tracking depreciation, is that depreciation expense reduces the amount of taxable earnings, thus reducing the taxes owed. What about warranty information? Are you keeping track of warranty dates and certificates for every item you buy? Probably not.
Well, here’s another good reason to move your equipment management to a smart software solution: it lets you attach documents and extra information like warranty certificates and purchase invoices to your assets. You don’t want to be paying for repairs to equipment that is still under warranty, do you? Having all your data in one place makes it a lot easier to spend your money wisely.3. It can save your projects
Nothing is more frustrating than starting a project with equipment that is not working properly, or worse, not working at all. If you’re in a situation like that, you’ll be wasting time picking up new gear from your equipment room or rental firm. You’ll be wasting money in both situations. That’s why it’s essential to prevent this at all costs by indicating when equipment requires repair or maintenance.
Make sure that everyone is on the same page by flagging your equipment that needs some love and care. With equipment management software, you keep everyone up to date about the current state of your equipment.
Prevention is better than cure.
4. It helps your teamwork more efficiently
Equipment management should be a team effort. An online equipment management solution lets the equipment manager define user roles and split responsibilities. Everyone on your team can book and check-out equipment from any device and in their name. This makes people more accountable for the equipment they are using; you always know who last used an item of equipment.
5. It reduces labor costs
Manual equipment management systems are time-consuming and prone to inaccuracy and often include high labor costs. As an equipment manager, relying on traditional tools to monitor your valuable equipment is not the answer.
Using an online inventory management tool will allow your company to function much more efficiently. Not only does it enable fast and accurate decisions through work efficiency, it will also speed up the process of managing equipment.
6. Access your data anywhere and at any time.
We’re living in the digital age. Today, you can have all your equipment data right at your fingertips. Making equipment reservations or check-outs shouldn’t be any more complicated than liking a friend’s post on Instagram. That’s how easy and swift equipment management should be.
And guess what? We have an app for that! CHEQROOM can help you change your workflow completely.
Download our complete Equipment Management 101 Ebook here!
