How Asset Tracking Streamlines the Auditing Process

In any business, audits are important to guarantee the accuracy and efficiency of your practices. Audits can be performed monthly, quarterly, or yearly, depending on the size and type of business operation being run. These evaluations are important to perform regardless of the business you have due to the laundry list of benefits after they are completed. Some of these benefits include improvement of project performance, increasing customer and stakeholder satisfaction, an idea on how to save on future project costs, providing early problem diagnostics, clarify performance/cost/schedule relationships, and identifying future opportunities for improvement.

Audits are performed the same way across the board. A designated audit team is given a project to review and go over with a fine tooth comb. The audit team receives full and uninterrupted access to all required information, people and facilities during their audit. This will include the inventory and assets of a company both on and off site. In order for the audits to be completed quickly and accurately, the use of barcodes on the asset identification label and a handheld device to read those labels. This decreases the time it takes to audit each asset to mere seconds. Because all the transactions on the device are time-stamped, the data entry is automated and carries high integrity with it. Users have a great deal of faith in the accuracy of the final reports when they are put together.

Having an accurate inventory and asset tracking system is crucial for audits to be completed quickly and efficiently. The use of the barcode system allows for fewer errors to be made and allows those using handheld devices to quickly enter in the information required for the audit to be completed. Having accurate tracking software, like assetGEEK, allows a business to perform audits with more ease than those who track everything on a spreadsheet or with complex, less user friendly systems.  

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