It’s the middle of the night, and you can’t sleep. You’re tossing and turning, your mind racing as you try to figure out a way to solve a problem at work. Suddenly, an idea pops into your head and you get out of bed to write it down before you forget.
You’re relieved – finally, you’ve got a solution! But when you wake up the next morning and look at your notes, you realize that your brilliant solution was actually just a result of human error. Oops.
If this has ever happened to you, don’t feel bad – it’s something that all business leaders have experienced at one time or another.
In fact, human error is one of the costliest challenges faced by businesses today. And when it comes to asset tracking, this can be especially dangerous. A single mistake in a spreadsheet can lead to thousands – or even millions – of dollars in lost assets.
So how can business leaders minimize the risk of human-based errors and ensure that their assets are properly tracked? Read on for our tips.
What Is Asset Tracking?
Asset tracking is the process of keeping track of physical assets, often using some form of identification system. This can be as simple as keeping a list of assets and their locations, or it can involve more sophisticated methods such as RFID tags and BLE tracking.
Regardless of the technology involved, the goal of asset tracking is to maintain accurate records of where assets are located and who is responsible for them. This information can be used for a variety of purposes, such as maintaining inventory levels, preventing theft, and managing asset maintenance and repairs.
In short, asset tracking helps organizations keep track of their most important assets and ensure that they are being used effectively.
What Is An Asset Tracking Spreadsheet?
An asset tracking spreadsheet is a tool used to track and manage assets manually, usually in a corporate or business setting.
The spreadsheet typically contains a list of all the company’s assets, including their purchase date, value, and location. It may also include information on who is responsible for each asset and how it is being used.
Asset tracking spreadsheets can be used to help companies keep track of their assets and ensure that they are being used efficiently. They can also help companies avoid loss or theft by keeping track of where their assets are located.
When used properly, asset tracking spreadsheets can be a valuable tool for any business.
When Should You Use An Asset Tracking Spreadsheet?
If you’re not using any form of fixed asset management software, an asset tracking spreadsheet can be a helpful way to keep track of your company’s assets.
However, it’s important to note that this approach is prone to human error and is generally less efficient than using asset management software.
If possible, you should only use an asset tracking spreadsheet in the absence of any other form of asset management. For example, if you have a small number of assets and a limited budget, a spreadsheet may be the best option.
However, as your business grows and your asset base increases, you’ll likely need to switch to a more sophisticated form of asset management to avoid these common types of errors.
What Are The Disadvantages Of Using An Asset Tracking Spreadsheet?
Although an asset tracking spreadsheet may seem like a simple and straightforward way to keep track of your company’s assets, there are several disadvantages associated with this method.
One of the biggest problems is that human factors can easily lead to inaccuracies in the data.
For example, if an employee forgets to update the spreadsheet after moving an asset, it will no longer be accurate because of these slips and lapses. These types of human performance errors can lead to assets being misplaced or lost entirely.
In addition, if multiple employees are responsible for updating the spreadsheet, it can be difficult to keep track of changes and ensure that everyone is on the same page.
As a result, using an asset tracking spreadsheet can be more trouble than it’s worth for many companies.
The Horrifying Consequences Of Human Error In An Asset Tracking Spreadsheet
One of the most significant consequences of human error in an asset tracking spreadsheet is incorrect data.
This data inconsistency can lead to a number of problems, such as inaccurate tracking of inventory levels, misplaced assets, and double bookkeeping. In some cases, human behavior can even result in the loss of valuable assets.
Human error is also one of the leading causes of lost productivity in the workplace. When it comes to tracking assets, even a small mistake can have a big impact.
For example, if an asset is misplaced, it can take hours or even days to track it down. This can lead to lost time and money as employees search for the missing asset.
Another common consequence of human error is incorrect asset classification. This can impede the efficiency of your asset management system and make it difficult to generate accurate reports.
Lastly, human error can also cause delays in your inventory management process. For example, if an asset is incorrectly listed as “in stock,” it may not be promptly dispatched to where it’s needed.
An asset management solution can help to overcome some of the consequences caused by human error by automating the tracking process and providing accurate data that is easy to access and understand.
With a good asset tracking solution in place, businesses can reduce the amount of time and money lost to human error, and improve their overall productivity.
What Are The Benefits Of Implementing An Asset Management Solution?
There are a number of benefits to implementing an asset management solution as opposed to using an asset tracking spreadsheet.
Asset tracking spreadsheets are static; once you input the data, it can be very difficult and time-consuming to make changes. An asset tracking solution, on the other hand, is dynamic and can easily be updated as your needs change.
In addition, asset management solutions provide real-time visibility into your assets. You can see where they are, who is using them, and when they need to be serviced. This information can be invaluable in making decisions about how to best use your assets.
Finally, an asset management solution can automate many of the tasks associated with asset tracking, such as generating reports and sending alerts. This can free up time for you and your staff so that you can focus on more important tasks.
An asset management solution offers a number of advantages over an asset tracking spreadsheet. If you are looking for a way to better track your assets, an asset management solution is the way to go.
Get Started With Radiant’s Asset Management Solution
No one wants to see their business suffer because of human error, but it can happen to even the most diligent companies.
Asset tracking spreadsheets are fallible and if you’re relying on them to manage your assets, you could be facing some terrifying consequences.
Implementing an asset management solution is the best way to protect your business and maintain control over your assets.
Radiant’s asset tracking solution is designed to streamline your processes and make tracking your assets easy. Request a demo below and see how Radiant can help you take control of your assets.
Last Updated on October 24, 2022 by Radiant