One of the best tools for your company’s financial management is RFID equipment tracking for inventory control. It not only gives you real time reports about your assets, but also supports managing day to day operations and strategic planning. Your business decisions will be based on accurate, complete, and up to date information.
This tracking solution allows you to know exactly what is on hand, its location, and even a complete profile of who uses it and when, lifecycle information for replacement, and repair projections. You choose the options according to your business needs. No matter what tracking functions work best for your company, you can have confidence in the data provided.
An RFID solution for tracking equipment means it is easy for managers to know the exact location of equipment at any time. This is especially important when there are multiple locations and certain pieces of equipment or machinery are used at all of them at various times. Tracking can also let you know if the equipment is actually being used or just sitting them.
This means that the tracking system can help the manager increase productivity by analyzing all this information about location and use. For example, it might be more efficient if the manager moves a piece of equipment to another location where it can be used more often by the qualified employees who work there. He can schedule downtime for maintenance according to reports on when the equipment is used most. The RFID information is also useful if there is a crisis situation that means equipment and staff have to be redeployed as quickly as possible.
Profitability depends on sound business decisions that need to be based on complete and accurate financial information. An accountant can only work with the information he can collect. Although fixed assets are only part of the picture, they are still a significant factor in successful financial management.
A state of the art RFID equipment tracking system makes information available on demand and in regular, pre-determined reports. Both are useful for your financial manager, whether he is preparing annual budgets or determining the cost of a new project. This information could include the following.
- Value attached to current equipment.
- Budget needed for regular maintenance and expected repairs.
- Replacement costs over next 3-5 years.
- Integration with auxiliary costs; e.g. impact of increased electricity costs on operation of machinery; operator training on new equipment.
As a smart manager, you know how to use all available information to benefit the company’s bottom line. An RFID equipment tracking solution provides that kind of information for productive operations and business success.