Regardless of the industry your company operates in, theft by employees, contractors, and others is a very real possibility. The costs associated with asset theft include more than just replacement costs and the original investment in the asset itself. With stolen IT assets, for example, organisations could be dealing with costly business disruptions, data breaches, customer liability, regulatory fines and penalties, and reputational damage.
Given this, organisations need to effectively safeguard their assets, whether it be their IT equipment, medical devices, or other business-critical equipment. Using a formal asset tracking system will help you to do so, and below we explore the ways asset tracking systems can help you take proactive measures to prevent theft.
1. Location insight
A formalised asset tracking system can give you up-to-date locational information on your assets, regardless of if they’re used on-site or off-site. Specifically, if your system integrates GPS or other similar technologies, you can access real-time location details. With a consistent, accurate equipment identification system and up-to-date location information, you have more control over assets, and if assets are stolen you’ll have the necessary information to assist with rapid recovery.
Smart Asset’s asset tracking module allows you to assign assets to people or jobs to ensure accountability and transparency on asset location at all times. Find out more about the module or contact us to request a free demo and trial today.
Depending on your asset tracking system, you could set up geofencing, which establishes a virtual boundary and alerts you when an asset moves outside or into a given area. This can be used to identify instances of theft as soon as they occur, allowing you to respond quickly to prevent theft and recover your asset.
3. Visibility and accountability
When your employees and contractors are aware you have an asset tracking system in place, this can deter theft. Specifically, if you can monitor the current users and location of an asset at any time and your employees are aware of this, they’ll be discouraged from stealing assets. If your asset tracking system also integrates the check-in and check-out of assets, this further strengthens accountability by serving to remind employees, contractors, and other asset users your system is tracking their asset use.
Smart Asset offers a best-in-class asset management platform, and our asset tracking module facilitates real-time visibility and transparency for all your assets. Find out more or contact us for a free trial or demo now.
4. Tamper-evident labels
Anti-theft features like tamper-evident labels or tamper-proof materials can deter equipment and asset theft, and also make resolving an instance of theft much easier. These inexpensive features act as a visual warning that your organisation is tracking its assets, but they also ensure any attempts to remove or replace the label are immediately detectable.
5. Automated tracking and detection
Asset tracking can be set up to automate the detection of theft. For example, you might be able to set up a tracking system that alerts you to when a piece of equipment is moved outside a given area. Since tracking is integrated into the system, you’ll have documented evidence of the theft while eliminating the delays and potential human errors associated with manual tracking.
6. Simplified audits
An asset tracking system streamlines your audits by automating much of the process. Depending on your system, you could set up automatic reports at fixed intervals to keep track of asset users and asset locations. For formal audits, your asset tracking system minimises manual checks and provides current, accurate data on all your assets. All of this can simplify your auditing process and establish a comprehensive audit trail to ensure your assets are safe.
7. Facilitating quick responses to theft
Missing smaller assets often go unnoticed until your staff need to use it for a task, and this can lead to costly disruptions to your operations. A formal asset tracking system allows you to detect instances of theft quickly, rather than having to wait until you carry out a manual audit, so you can intervene and recover the asset as soon as possible. Quick responses to theft can make all the difference for reducing disruptions to operations and limiting your asset replacement costs.
Smart Asset’s asset tracking module offers intuitive, user-friendly features like an in-depth asset details screen and a trackable assets calendar to boost asset visibility. Find out more about the module or contact us now for a free demo or trial.
Asset tracking is essential for preventing asset theft
Asset theft is a genuine concern for organisations in any industry. The theft of assets can happen from deliberate stealing or careless use by assigned users. An asset tracking system safeguards your assets and helps you avoid the costs of replacement. In addition, you can reduce the risk of business interruptions due to loss of business-critical assets.
With greater visibility, transparency, and accountability, your organisation can deter instances of theft and act more quickly to stop them if they do occur. This means businesses should view their asset tracking system as essential for preventing asset theft.
At Smart Asset, we offer best-in-class asset management software, consulting, training, and customer support. Our asset tracking module incorporates essential theft-deterrent features like quick check-in and check-out, and an in-depth asset details screen to enhance visibility and accountability. Request a trial and free demo of our product to find out exactly how this functionality could save your business thousands of dollars.
Book a free trial now.