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What is a Ghost Asset?

What are ghost assets? How do they impact your business? And, more importantly, how to avoid ghost assets?

What is a ghost asset?

Asset management is crucial for any organization. Knowing what assets are available and where they're located can be challenging without proper asset management. This can lead to asset inventory being misplaced and forgotten, resulting in the inability to take advantage of the asset or even losing the asset entirely. Not only does this lead to a financial loss, but it can also lead to an operational loss as the asset is no longer available. When this happens, an asset is commonly referred to as a "ghost." Keep reading to learn more about these types of assets.

Ghost assets are a common problem in many businesses, particularly those with extensive equipment inventories. These assets include those that have not been tracked or accounted for due to inadequate inventory management, outdated equipment that has not been disposed of properly, and equipment that has been stolen or gone missing. This can be a significant problem for businesses, as the assets are still technically owned by the company but are not being used or accounted for.

Equipment tracking software is becoming increasingly popular as businesses seek ways to manage their assets more effectively. Assets not accounted for in the business’s financial records can cause significant disruption and extra expenses for a business.

One of the best ways to eliminate ghosts is by utilizing asset tracking software from Cheqroom. This type of software helps businesses keep track of their assets and provides a comprehensive overview of these assets. It also makes it easier to identify any assets that may be missing or unaccounted for.

Asset tracking software
makes assigning assets to individual employees or departments easy, allowing companies to track who is responsible for each asset. This helps reduce the chances of a ghost asset occurring.

What issues can ghost assets cause a business?

As we've mentioned, ghost assets are lost or unaccounted for due to inadequate inventory management, outdated equipment not disposed of properly, or equipment stolen or gone missing. In the worst cases, ghosts can lead to financial losses due to theft or lack of maintenance. They can also lead to compliance and safety issues, as the equipment may not be current or meet safety standards. Additionally, this type of asset can create inefficiencies in the workplace, as teams may not be able to find the equipment they need, or they may be using outdated technology.

How can you prevent ghost assets?

Businesses need to prioritize having a reliable asset management system to avoid ghosts. Cheqroom's asset tracking software is a great solution for companies looking to streamline their inventory management processes.

With Cheqroom, businesses can easily track the location and condition of their assets and equipment and maintain accurate records of maintenance and disposal. Furthermore, Cheqroom's asset management software makes keeping an audit trail for assets easier, ensuring any changes or updates made to equipment are recorded and accounted for.

Moreover, implementing an efficient inventory tracking solution and conducting regular inventory reviews can also help prevent ghosts. By disposing of outdated equipment properly and securing all assets, companies can avoid this costly problem. Cheqroom's platform streamlines the process and makes it easy for businesses of all sizes.

Taking a proactive approach to asset management with Cheqroom can prevent ghost asset occurrences and ultimately save businesses time, money, and headaches.

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Always have a clear overview of what’s going on

Know what equipment you have. No more scribbled notes, hasty emails, or double bookings. Organize all your gear and find the right equipment and its information in no time.

Feature - tracking

Track your assets' locations

Always know where your assets are, who is using them and when they are due back. Keep all your asset information and attachments (receipts, warranty) in one place.

Feature - user roles

Give access to the gear cage

Grant system access to users (use SSO for maximum security) to book and check-out equipment from the gear cage and let them sign a digital agreement at pickup. Save time by automating the process, and they’ll be accountable for the assets they use.

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Equipment usage reports

Understand the performance and usage of your assets with reports. Generate custom or predefined reports to stay on top of past and current equipment activity.

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Stay in control of your gear cage

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