Is your business losing money? If sales are steady, but your business is struggling to stay in the black, look at where you are suffering losses. One of the most common culprits is a failure to properly track and manage assets and inventory. Losing company assets is a serious concern and potential financial drain for businesses of any size.
Company-issued devices, such as tablets or laptops, can result in major costs if mismanaged. In fact, the costs associated with losing a single company laptop can exceed the cost of the laptop itself — sometimes approaching $50,000 in damages, according to MCAA. Not only does a situation like this call for a new device, it can create data security concerns — particularly if it was used to access or store sensitive client information.
Another asset that needs to be protected? Inventory. Whether you are in wholesale or retail, a loss of inventory will obviously lead to lost profits, according to Mile IQ. Poor inventory management is a major cause of inventory shrinkage. What can businesses do to prevent such hardships?
If you’re looking to maintain your bottom line, asset tracking is a must. Here are some tips for those looking to track company assets — and protect the financial future of their company. (more…)
Bio: Avery T. Phillips is a freelance human being with too much to say. She loves nature and examining human interactions with the world, especially when it comes to business, tech, and workplace safety. Comment or reach out @A_Taylorian with any questions or suggestions.