Should I use a free asset tracking software for my company?
Absolutely! Why wouldn’t you? Especially if you are the owner of a key team member of a small business! The ability to digitalise your inventory from potentially messy spreadsheets to a dedicated online platform offers several key benefits. It streamlines operations by creating a centralised, easily accessible database, reducing the risk of data loss or errors often associated with manual spreadsheets. Online asset tracking software also provides the flexibility to access and update inventory information from anywhere, promoting efficient tracking and management. Overall, it empowers your small businesses with improved accuracy, time savings, and ultimately, a more organised and professional approach to asset management.
As you grow, bear in mind that in today’s business landscape, efficient asset management is crucial. While free asset tracking software can seem like a cost-effective way to begin, it’s essential to understand their limitations, which can ultimately hinder growth and efficiency.
Limited Usage: A Ceiling on Your Growth
One of the most common limitations of free asset tracking software is restricted usage. This often manifests in the form of:
- Limited number of assets: Free versions typically impose a cap on the number of assets you can track. This might be sufficient for a very small business, but as your asset inventory grows, you’ll quickly hit that ceiling. This restriction can force you to either upgrade to a paid plan or resort to manual tracking methods, negating the initial benefits of the software.
- Limited number of users: Similarly, there’s often a limit on the number of users who can access and interact with the software. This can be a significant bottleneck for teams, especially those with distributed or remote members. Collaboration is crucial in asset management, and restricting user access stifles communication and coordination.
Limited Features and Customisation: A One-Size-Fits-All (That Doesn’t Quite Fit)
Free asset tracking software usually offers a stripped-down version of features compared to its paid counterparts. This can include:
- Basic tracking functionalities: You might get essential tracking, but advanced features like asset booking workflows, scheduled maintenance reminders, or in-depth analytics could be missing.
- Lack of customisation: Every organisation has their own policies about how company assets should be utilised and may have unique workflows too. Free software often lacks the customisation options to adapt to these specific requirements. Furthermore, If your asset management processes are complex – this may manifest in the way your assets are organised such as bundles of assets, deep hierarchies of asset types, it may be complex workflows with multiple validation steps or automated checklists requirements or granular roles and permissions requirements – soon you might find the software too inflexible.
- Integration constraints: Integrating with other essential business tools (e.g., accounting software, CRM systems) might be limited or unavailable in the free version. This lack of integration can create data silos and hinder overall efficiency.
Limited Support: Sailing Without a Safety Net
Support is another area where free software often falls short.
- Minimal or no support: You might only have access to online FAQs or community forums, without dedicated customer support. This can be frustrating, especially when you encounter technical issues or need help setting up the software.
- Delayed responses: Even if some support is available, responses might be slow, leading to prolonged downtime and disruption of your asset management processes. For companies with complex needs and require assistance to setup the software properly this lack of support may become a serious issue that can slow down your operations.
The True Cost of “Free”
While free asset tracking software seems appealing initially, these limitations can result in hidden costs:
- Lost productivity: Limited features and support can lead to inefficiencies, errors, and wasted time.
- Hindered growth: Restricted usage can prevent you from scaling your asset management as your business expands.
- Data migration headaches: If you eventually outgrow the free software, migrating your data to a paid solution can be a time-consuming and potentially risky process.
Other options to consider
“Free” isn’t always the best choice. When evaluating asset tracking software, consider your long-term needs and potential growth. While free options might be a good starting point for very small businesses, organisations with complex workflows, larger asset inventories, and growing teams should carefully weigh the limitations against the initial cost savings. Investing in an easy, affordable but scalable solution like Bulbthings Smart Asset Manager app, that allows you to start simple and handle more complexity as your business grows can pay off significantly in the long run.