A lost or stolen laptop can cost a business almost $50,000 on average, a study by the Ponemon Institute found. For businesses, laptops, smartphones, and tablets are crucial, and if one disappears, it can cause expensive disruptions. Beyond just upfront replacement costs, you may have to pay associated data breach expenses, and your productivity will also take a hit. What’s more, devices can even go missing without anyone realizing, and they become “ghost” assets. But, even though the device is gone, you may still be paying for maintenance or licensing fees as if it were still in use. The solution to all this is surprisingly simple: asset management. It’s a cost-effective way to track your devices and recover them fast if they do go missing.
Prevent lost assets without breaking the bank
The good news is you don’t need an overly expensive or complex asset management system to track and locate missing IT devices. Barcode asset tags are a simple yet affordable solution that can help reduce asset losses by 25-30%. To get started with this, all you need are metal labels, a scanner (which can be a smartphone), and asset management software. Each tag is then assigned a unique barcode. When you scan it, the software instantly shows you details about the device, including who it’s been assigned to and its last recorded location. Metal tags are durable and easy to use, as well as surprisingly affordable. In fact, they cost between $0.50–$2.00 per tag.
Regular scans and alerts to track and recover devices
Make it a routine to scan IT assets whenever they’re assigned to a new employee or switch from one employee to another. This helps the software keep track of where the devices are, which, in turn, makes them harder to misplace. You can also set up alerts, so you’re notified if an asset hasn’t been scanned in a while. If that happens, it can be relatively easy to track down the device. Just get in touch with the person responsible for it, or do a quick spot check in-person to see if it’s still at its last known location. This helps you stay on top of things and prevent losses. Also, make it a habit to regularly review your asset data. If you notice, for instance, that a particular employee consistently forgets to scan their devices, it might be time to tweak your policies, or give them a refresher on the importance of good asset management.
Avoid expensive “ghost” assets
Companies also often have devices that are still officially listed as active, but no one actually knows where they are. These are known as “ghost” assets, and they account for up to 25% of wasted IT spending. Remote work is a common cause of this problem. When employees are sent corporate laptops to use at home, it’s easy for them to fall off the radar. In fact, the Ponemon Institute found that 42% of lost devices went missing when employees were working from home, while 32% were lost during the commute. To avoid this, employees should scan devices as soon as they receive them at home using the mobile app. And when it’s time to off-board, managers should double-check all devices are returned and accounted for. This includes a physical check of the device, and then scanning it back into the system.
Missing IT assets are bad for your bottom line, but smart asset management can help. Even a simple tracking system can effectively keep tabs on devices and prevent expensive losses before they have a chance to happen.
