Know Your Supplier (KYS): Your Essential Guide to Compliance & Fraud Prevention
March 10, 2025
Does your company have expensive machinery, equipment, vehicles, tools, computers, and inventory goods? If yes, then you need to resort to asset tracking. It’s a part of the inventory management process. You have to monitor and manage assets throughout their lifecycle systematically. With correct asset tracking, you can get real-time information about the location, condition, and use of different assets.
Different industries, such as IT, healthcare, manufacturing, retail, education, and hospitality, frequently use asset-tracking services to optimize resource allocation, streamline their everyday business operations in different locations, and prevent the theft of the organization’s assets. Let’s learn more about it.
What is Asset Tracking?
Asset tracking is the process of analyzing the location, status, and usage of the company’s resources and making informed decisions. It doesn’t matter whether you operate a small or large business entity. Tracking your organization’s assets will help prevent the wastage of valuable resources, optimize business activities, and maintain efficiency.
What Assets Should You Track Continuously?
What Are the Benefits of Asset Tracking For A Company?
Regular asset tracking can benefit a business organization in multiple ways:
- Company owners can easily identify the most utilized or idle assets and make appropriate decisions. For instance, if a particular asset is no longer useful, they can sell it to generate additional revenue.
- They can easily track the movement of assets and get instant alerts in case of unauthorized access. This allows them to prevent the theft of important assets.
- Asset tracking is quite helpful in inventory management. Managers can easily find the exact location and conditions of different assets. This allows them to optimize inventory levels as required, prevent overstocking or shortages, and eliminate unnecessary purchases.
- With correct IT asset tracking, a company can easily comply with regulations and make itself ready for audits. This allows them to operate their business legally and avoid legal repercussions.
- Regular asset tracking allows companies to make the best use of their resources. It can help them meet customers’ expectations and improve business volumes in the long run.
Is Asset Tracking a Challenge for Companies?
Yes, it is. Contrary to your expectations, asset tracking is not an easy job at all. Companies face a lot of problems in this process. Here are some of them:
No Transparency & AccuracyProviding accurate information about the location and the actual condition of expensive resources is one of the main goals of asset tracking. But if you accidentally choose an outdated asset-tracking system, it's challenging to get real-time information about different assets. Don't rely on manual data collection to track your company's resources. Invest in a good quality asset tracking system with GPS, cellular, or satellite technology. It will enable you to track your assets remotely and ensure their optimal use.
Asset Tracking is ExpensiveCompanies need to spend a lot of money on purchasing hardware, software, licenses, and subscriptions for access tracking. Moreover, they need to train their staff on how to use IT products for intended purposes. Small and medium-scale companies often don’t have an ample budget to subscribe to expensive asset-tracking software. They can use a low-priced, cloud-based asset-tracking system to track assets.
Security IssuesRemember, asset tracking systems regularly collect and transmit important data, such as product location, users, performance, etc. While this helps companies make informed decisions and prevent theft, cybercriminals may access sensitive data online and steal valuables. You should implement the most stringent security and privacy measures (such as data encryption, 2-factor authentication, etc.). This will help prevent your data from falling into the wrong hands.
Should You Use Asset Tracking Services?
Of course, you should. Don’t be sad If you don't have a sufficient budget to develop and manage a dedicated asset-tracking ecosystem in your company. Choose a company that offers asset tracking services. The service provider will act on your behalf and track your company’s resources using modern technologies. It may include barcodes, the Internet of Things, GPS, Bluetooth, passive radio frequency identification, etc.
It will increase the overall safety of the important resources of your company. You will be able to focus your attention on core business activities and generate more revenues every month.
What Should You Do If An Online Fraud Occurs In Your Company?
As a company owner, you should not eliminate the possibility of scams in everyday business activities. Modern swindlers are knowledgeable enough to bypass technological supervision and commit financial crimes conveniently. If you come to know that someone has stolen your company's digital assets, contact us at Crystal Recoup. We provide online fraud recovery services to all in the United States of America.
Just inform us about the scam and share some shreds of evidence. We have a team of professional money recovery experts with several years of experience. They will examine the financial crime and explore the possibility of money recovery. We can go to any length while trying to retrieve your stolen assets. Our professional help will assist you in minimizing your damages and getting your money back.
Conclusion
Asset tracking allows you to ensure the best use of your company’s resources and prevent theft or wastage. It will help your organization remain efficient in today’s highly competitive business world and thrive. Choose the best asset-tracking service to safeguard your organization’s tangible or intangible assets efficiently. Contact us at Crystal Recoup if you encounter online financial fraud in your company. We will immediately respond to your call, commence a financial investigation on a high priority, and take all possible steps to recover lost digital assets ASAP.
