Achieving Regulatory Compliance with Asset Tracking Software

Regulatory compliance is not an easy challenge. No matter the industry or the scale or complexity of business operations, companies throughout the world have to manage an ever increasing number of laws and rulings. This is especially true in the United States where an average of 2,500 to 4,500 new rules are passed each year.  Some receiving the most attention lately include the Food Safety Modernization Act (FSMA), the Pesticide Container and Containment rule and the Unique Device Identification rule.

While complying with regulatory requirements is a necessity, it is also burdensome and costly.  In fact, a National Association of Manufacturers report estimates that federal regulations cost an average of $10,000 per employee per year in 2012. Eighty-eight percent of those surveyed say that federal regulations are a top challenge for their firm.

Raising Accountability for Oilfield Equipment with Asset Tracking Software

According to the Association of Energy Service Companies (AESC), oilfield thefts amount to an estimated $1 billion USD annually. Stolen equipment ranges in value from $100 to $10,000 USD or more per item and includes laptops with proprietary information, control panels, pipes, valves, heavy equipment and anything else that isn’t bolted down, as well as some things that are.

Clearly, there’s a problem. What’s interesting is that many of the well service companies we’ve contacted deny ever having anything go missing, whether stolen or unknowingly misplaced. I suppose it’s not surprising really. We’ve seen this scenario before.

7 Questions to Ask Before Buying Asset Tracking Software

You’ve decided it’s time to invest in an asset tracking software solution to help manage your portable assets. Whether your company is smaller and seeking to replace a manual, paper-based asset tracking system, or is larger and is finding that your existing software no longer supports your business, you have similar concerns in selecting your new solution.

Making the right choice doesn’t have to be hard. The questions below will help you identify and evaluate the critical features that will provide the best return on investment now and in the future.  

Top Five Asset Tracking Best Practices

In today’s economic climate, it’s not enough to know where your assets are. You must also use them as efficiently as possible. Competition is fierce. Profit margins are shrinking. You need every advantage to protect the well-being of your company. Your existing business software does a good job of managing your overall organization, but how well does it manage your assets?

Modern asset tracking software can give you better control over your assets and greater visibility into your operations. Experience shows that through improved management, companies purchase fewer new assets, recover lost rent, fix billing mistakes, reduce theft, avoid customer disputes, deploy assets more effectively, improve safety, win new business and retain existing customers.

Simply implementing an asset tracking system doesn’t guarantee success. Following these asset tracking best practices can help.