In the early years, our company encountered difficulties with tracking business assets as it required a lot of effort to locate them. We knew that the only solution for this problem was to manage them properly to protect our business’s profit. However, our company decided not to proceed with manual asset management since it can bring us inconvenience and gives wrong information and data.
Therefore, we chose to enlist the help of an asset management software to save time and focus on other necessary works. We recorded everything happening to our assets since it is crucial to know their status for better decision-making. If your business relates to the challenges we have experienced, this blog will eventually help you manage business assets effectively with BoxHero.
Look at some of the top challenges and ways to overcome them in a business.
Challenges in the Absence of Asset Management System
These are some of the challenges that we have experienced while managing assets without any system.
- Human Error 😤
Our company had difficulties finding and distinguishing similar assets, and these challenges sometimes lead to human errors. Errors like over/under counting, mis-identifying, and other discrepancies occurred quite often. It took us lots of time and effort to track them since there were no unique identifies like asset images in the record. Companies can encounter some mistakes in operations and calculations because of confusion in identifying assets. These mistakes may cause inaccurate data, which can complicated you in tracking business assets.
- Lack of Inventory Count 😥
Initially, due to how few assets were located in the office, we did not process any inventory counts. However, not performing inventory counts led to having an inaccurate quantity of current assets. Especially when the number of assets increased, it was difficult to manage them properly and we had no idea which assets were available or not. With this, our company experienced having ghost assets and low stock of assets. These two unfortunate situations directly impacted business through unrecorded stock out, asset rearrangement, and others. When we started to process inventory count without any system, the same problems occurred in the record.
- Inappropriate Tracking 😫
As the number of assets increases, tracking inventory without software became more difficult. With a long list of items and no categorical reference, trying to find a specific item was like a needle in a haystack. Tracking always took up a lot of time as our company had more than 100 papers involving listed assets. Moreover, searching for essential assets on that paper was challenging as we had to find out where it is, who is using them, etc. In this case, you have to keep in mind that if you track your assets inappropriately, you will be recording the wrong information with inaccurate data.
Manage business assets with BoxHero to avoid human errors, ghost assets, and inaccurate data.
Avoid Human Errors with BoxHero
No more mistakes in operations and calculations since BoxHero's various smart features will do it for you.
• Reduce inventory recording errors by registering your assets with their image and information in BoxHero. This will make it easier to find and distinguish similar business assets through the Item List.
• Upload a spreadsheet that lists your business assets to BoxHero for faster registration. No more wasting time. It is much easier to transfer all of your data by importing them all at once.
• Asset categories such as color, model, brand, and other detailed information in the Data Center. Using this feature helps your search for your business assets become more convenient and can identify similar assets quickly.
• Save time by scanning barcodes to identify and keep track of similar assets. This simple process helps quicken search results while keeping accurate data.
• Generate and print barcodes easily even if none was attached to your assets originally. In Label Print, this feature supports barcode customization to fit your company's needs. Also, you can include unique item information you wish to see in your label.
Start Inventory Count in BoxHero App
Ensure asset accuracy by performing inventory counts in the BoxHero App.
• Perform inventory counts in BoxHero App to have an accurate quantity of current assets. This software is perfect for first-time users with the easy-to-use platform. Start tracking business assets any where, any time.
• Set a notification to avoid having ghost assets and low stock of assets in the Low Stock Reminder menu. This feature allows you to check the overall quantity and receive push notifications when inventory hits a minimum limit.
• View desired data for better decision-making in purchases and operations. In Analysis, errorless asset analytics like turnover, cost, equity, and more can be researched straight on the platform.
Track Your Assets With Your Smartphone
Focus on other necessary works by saving time in tracking assets with BoxHero.
• Track your assets quickly by scanning a barcode with your mobile camera. Proper asset tracking allows you to check statuses such as location, current user, and updated quantity.
• Invite your team members to help control your business assets and edit current status together. In the Member & Role menu, it helps to permit each member's role to allow or restrict certain actions.
• View the transactions made by your team and check for any irregularities. Once your team member make a transaction, it will be recorded directly in the History function.
• Keep updated with real-time data from our cloud-based asset management solution, BoxHero. The mobile app and web version is perfectly optimized to manage business assets efficiently.
Want to manage your inventory well? Try BoxHero today.
😄BoxHero is an easy inventory management solution for everyone.
👀Use the latest features to keep track and maintain your inventory.
Start inventorying right now with BoxHero!