Blog Post

How Covid-19 highlighted the importance of asset management and monitoring for the successful operation of businesses

Adapt Ideations • July 27, 2020

Ensuring quality and delivery of goods for companies that aim to rise up after the effects of the pandemic will require continued asset management.

Asset management has always been of high priority for businesses as it allows them to monitor and track their valuables. The need for stringent asset management has only grown during the Covid-19 era and will remain so after the pandemic has slowed down. Ensuring quality and delivery of goods for companies that aim to rise up after the effects of the pandemic will require continued asset management. Effectively managed assets can reap many benefits for companies including increased supply chain efficiency and greater consumer satisfaction.

Damaged, lost and stolen assets undoubtedly cause great monetary losses to businesses if mismanaged, however damaged reputation also carries great losses. A study conducted by Kaspersky Labs found that a bad reputation can cost larger enterprises up to $200,000 in losses, and $8000 for SME’s. Customer satisfaction should always be a priority for businesses, but more so for those that want to flourish after the effects of the pandemic. Companies should endeavour to implement IoT enabled asset tracking solutions that can monitor their valuable assets, in order to effectively manage their consignments.

Covid-19 has increased online deliveries and online shopping, with retailers that provide e-commerce options seeing a 20% increase in their sales as found by Contevo in 2020. The same study also found that that 54% of Australian retailers have experienced issues with their supply chains, undoubtedly due to the bottlenecks occurring in their supply and delivery. As consumer habits evolve due to the pandemic, these behavioural changes are projected to stick around long after Covid-19. This means that businesses need to implement long term solutions to meet changing demands. IoT enabled asset tracking solutions can relay valuable data back to businesses that enables them to take proactive measures if issues arise. This increased business to client relationship will increase the trust between two parties and encourage greater customer loyalty.

With increased demand for contactless delivery, customers are not receiving the previous physical demonstration of quality customer service that comes with their purchases. Therefore, businesses must ensure that goods in transit are delivered to customers with high quality and minimal damages. A study by Statista in 2020 estimates that the return of deliveries for reasons of damage, change of mind or poor quality will cost the retail industry $550 billion just in the United States alone. This can be especially alarming for new and upcoming business or smaller enterprises that were affected during Covid-19. With rent, employee and operational costs already being so high businesses cannot afford to be losing any sales. The importance of implementing IoT enabled asset tracking solutions is growing as the demand for e-commerce and quality deliveries also increases.

Adapt Ideations IoT enabled asset tracking solution KELVIN Pro can be utilised by businesses that endeavour to accurately track and monitor their valuable assets. The IoT enabled asset tracking solution utilises geo-fencing capabilities that provide businesses with near real-time updates when assets leave or enter certain areas. This encourages businesses to proactively take actions if they see issues arising, to reduce the occurrences of damages and theft. Adapt Ideations' IoT enabled asset tracking solution is also fitted with light, location, shock and temperature sensors that relay near real-time data back to the business of deviations occur. The data from the asset tracking solution enables businesses to critically monitor their valuable assets. The IoT enabled asset tracking solution enhances the operational excellence of businesses that aim to rise up again after Covid-19 as it helps them maintain complete control of their assets, and in turn provide quality goods to consumers. Adapt Ideations' asset tracking solution is a revolutionary device for the management of business assets and encourages adaptability in the face of changing consumer behaviours.

Enquire today at  enquiries@adaptideations.com  to find out how our asset tracking solutions can empower the operations of your business.

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