ghost assent tracking

Ghost Assets: What Are They & How to Remove Them

According to research by asset management resources, ghost assets can kill a business and have a scary impact on your productivity. It is really unfortunate that many organizations still do not know what a ghost asset is and how dreadful they are for their business. Ghost assets are present in all types of businesses and they are the reasons for causing potential costs within your business. 

So, 

  • What is a ghost asset?
  • How to identify them?
  • How to eliminate them?

If these questions are coming to your mind, then this article will give all your answers and help you to better understand the effects of the ghost assets on your business. Let’s get started.

Ghost Assets Definition 

Every company invests in certain pieces of assets to run their business operations. They enlist the assets in their physical inventory to keep asset records. When any of the assets or groups of assets are unavailable in the workplace and there is no track of missing assets then these assets are known as the ghost assets.

When assets are stolen or lost or missing but they are still shown active in a company’s asset registry is commonly known as ghost assets. This usually happens due to the lack of attention and poor asset management of the businesses.

Another reason for this problem is using an outdated manual asset management system. It creases the number of errors as well as impact your business productivity and operations.

How to Eliminate Ghost Assets 

Fixed asset management software is an all in one solution that helps businesses to manage their business assets more efficiently and protect their businesses from the dangerous effects of ghost assets. This system helps you to get rid of your old manual processes such as using spreadsheets and reduces the chances of human errors. Today’s modern asset management system comes with advanced features that allow you to identify the problems in your business and resolve them more easily. Here are some benefits of using a fixed asset management tool for your business.

Track Your Fixed Assets

An asset management tool allows you to track, monitor each stage of your business assets throughout their lifecycle-from planning to disposal.

Accurate Inventory Tracking

With the help of this software, you can gain a real-time picture of your asset inventory and keep on track of asset movement, their location, and update asset records automatically.

Maintenance & Scheduling

This system allows you to set reminders for asset maintenance and help you to improve their efficiency to get long-term benefits.

Generating Reports

You can generate as many asset reports as you want for auditing, checking assets performance, and improving your decision-making processes.

Security

This is a cloud-based software. It means you can access your data from any place and at any time as well as keep your valuable data secure by using security protocols.

Wrapping Up

Now that you know how a fixed asset tracking system can benefit your business as well as help you in removing ghost assets, it’s your time to implement this software and take your business to the next level. So, find the right software that suits your business needs and make your business more effective and efficient.