Facilities manager Brandon and financial analyst Kyle had a one-on-one meeting to review their company’s asset expenditure for the last quarter, and what they discovered baffled them. Unused assets were piling up, maintenance schedules were often overlooked, and asset replacement expenses were rising at an alarming rate. The meeting was an eye-opener for both Brandon and Kyle and they knew they needed to find a solution fast if they wanted their business to remain open.

Brandon and Kyle’s search for the solution began, and they discovered Tracket. Tracket is a powerful web-based tool that simplifies asset lifecycle management through real-time tracking, maintenance planning, and data-driven insights. This article sheds light on how Tracket optimizes asset lifecycle, from acquisition to disposal.

What is Asset Lifecycle Management?

Asset lifecycle management is a systematic asset management process, from acquisition to decommissioning. Any organization’s operational success depends on effective asset management, and overseeing an asset’s lifecycle from acquisition to disposal can be difficult. This becomes especially difficult for large businesses with several assets. With effective asset lifecycle management, business owners will notice a significant cut in asset expenditures and an increase in efficiency and regulatory compliance.

From initial registration to eventual decommissioning, Tracket offers businesses a sustainable and innovative way of enhancing assets, ensuring that they remain operational and at their full potential throughout their lifespan. 

Brandon and Kyle began navigating the platform and were amazed by its features. They realized that Tracket is an all-in-one asset management tool that streamlines asset tracking, maintenance scheduling, depreciation tracking, and more. With this, it was clear to Brandon and Kyle how Tracket could help keep the business back on track. 

Asset Registration and Tracking

One of Tracket’s key features is its real-time asset tracking which allows companies to centralize all asset data into a single system. Brandon and Kyle were able to register all their assets in the system with a breeze. With this, businesses won’t have a hard time tracking all their assets, tangible and intangible. Each asset can be easily monitored anytime and anywhere through Tracket, and its location, status, and condition can be easily identified.

Furthermore, Tracket also has customizable fields for organizations to modify asset information according to their requirements. This feature ensures that all relevant information is recorded and readily accessible, including asset type, purchase date, and warranty data. With the flexibility offered by Tracket, businesses can prevent underutilized or lost assets, resulting in minimized operational inefficiencies. 

Brandon and Kyle mainly struggled to keep track of all the company assets across several locations. But with Tracket’s real-time asset tracking, they can simply stay in their seat and monitor their assets in front of their screens. Since manually tracking assets takes too much time, Tracket helps promote efficiency in business operations.

Maintenance, Depreciation, Upgrade Planning, and Decommissioning

Maintenance is crucial for extending asset usage so businesses can reduce their frequency of replacing or purchasing new assets. There is a high possibility of assets being overlooked when maintenance scheduling is done manually. Tracket solves this problem with its maintenance activity tracking. This feature allows Brandon and Kyle to set up a schedule for certain assets so no maintenance checks are overlooked. Now that overlooked maintenance is out of the picture, Brandon and Kyle are reassured that the company’s assets will remain in good condition.

As a financial analyst, Kyle especially liked Tracket’s depreciation tracker, as it gives him an overview of the company’s asset value. With this feature, Kyle can make informed decisions and determine which assets need upgrading. As a result, inefficient equipment is replaced, reducing the possibility of financial drain.

Like any other waste, there is a proper way of disposing of old equipment. Tracket can also assist businesses in the proper disposal of old assets and meet regulatory standards. By doing so, potential risks, such as environmental, are minimized.

To learn more about incorporating sustainability in your business operations, read this article. 

After integrating Tracket into the company’s operations, Brandon and Kyle are now at ease as they can see how the business significantly improved. They’re confident that in the next quarter, reports will show a significant decrease in asset expenditures since Tracket assists them in optimizing asset usage. With the help of Tracket, they can make informed decisions and plan for the business’ further success.

Want to have the same experience as Brandon and Kyle? Don’t wait any longer and message us to schedule a demo!