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4 Unexpected Ways Meridian Asset Management Can Improve Your Bottom Line

It’s no secret that we live in an interconnected world in which businesses must make split decisions if they want to remain profitable. As part of these time-sensitive decisions, customer-focused organizations can greatly benefit from leveraging a real-time locating system (RTLS) to not only locate assets but to also improve business efficiencies and increase productivity levels. Whether your organization is based in the health, retail or manufacturing sector, the Meridian asset management solution offers the financial advantages needed to improve your bottom line while simultaneously delivering an enhanced customer experience.

Meridian Asset Management Delivers a Higher ROI

The right RTLS offers the following four ROI-enhancing benefits to help you improve your organization’s profitability.

  • #1. Increased Productivity
    Electronically tracking assets gives organizations the ability to effectively streamline operational decisions. For example, real-time asset tracking automates inventory management, reduces the time spent searching for products and eliminates lost inventory. Additionally, when your team members know exactly where an asset is located, they are able to more readily complete their tasks. They can also provide an accurate answer to customer requests, which can lead to increased customer satisfaction levels and subsequent higher rates of customer referrals. Together, increased levels of productivity coupled with higher customer satisfaction ratings can lead to an increased bottom-line.
  • #2. Improved Asset Utilization
    Meridian asset management is uniquely designed to improve asset utilization. By providing immediate mobile support to staff, items can be found in seconds not minutes, which leads to an increase in asset utilization and efficiency. In fact, electronic asset tags remove the guesswork from inventory control for organizations across industries. By combining asset tags with the use of an asset management software application, organizations are able to create a centralized database, more accurately determine current and future asset use, manipulate data for analysis, and inevitably make informed business decisions.
  • #3. Simplified Inventory Management
    Asset tracking not only allows you to effectively pinpoint the location of any asset in a matter of seconds, it also provides pinpoint data for where the asset is. Not only that but asset tags can also provide valuable information, such as the status of the item. For example, the asset tag can tell you if the item is available, being repaired or otherwise unavailable for immediate use. Additionally, the asset tags can easily be moved to a new asset and relabeled via an asset tracking configuration app to simplify and streamline inventory management. Knowing where your assets are and what condition they are in can lead to better utilization rates, and create better inventory purchase planning so you aren’t waiting on assets to run your business.
  • #4. Decreased Theft
    With a visual map that’s easy to view and operate, Meridian asset management helps you to decrease theft. In fact, you can define zones with entry and exit alerts for each type of asset. If an asset is moved outside of the defined zone, then an alert can be sent so that PAR-level management teams can respond quickly. The latter security precautions, coupled with evidence-tampering features, helps asset tags to greatly reduce the theft of valuable items from on-site facilities and delivery trucks.

Industry Use Cases

Meridian asset management is uniquely designed to support BLE-based and other wireless infrastructure RTLS solutions. By decreasing theft, simplifying inventory management, improving asset utilization and increasing productivity levels, the Meridian asset management solution can be leveraged across industries, including the healthcare, retail and manufacturing sectors.

  1. Did you know that nurses often spend up to 40 hours per month tracking down lost equipment? These lost hours mean that time is taken away from patient care and providing vital medical services, which subsequently reduces productivity levels. Real-time tracking solutions provide location accuracy to within a three-meter radius so that nurses can more readily track down the necessary medical device. Whether a medical staff member is searching for a wheelchair, IV pump or gurney, asset tracking makes it easier for busy hospitals and medical facilities to keep track of high-value equipment. In short, by reducing the time it takes medical staff to track down items, healthcare organizations can generate better patient care, leading to potentially better HCAHPS scores.
  2. All too often, large retailers know that there is a palette of merchandise in their warehouse, which can lead to lost sales. Real-time asset tracking removes the necessary guesswork involved with locating merchandise. Knowing where your merchandise is and being able to quickly stack your shelves can directly increase sales and staff output by lowering the time spent searching for merchandise and getting your team out on the floor.
  3. The manufacturing sector is built around its valuable assets. Unfortunately, manufacturing companies often experience production and delivery delays due to a lack of real-time data. The Meridian asset management solution is designed to eliminate the latter challenges by allowing manufacturers to more easily locate assets and goods that are both on-site and in transit. In this vein, the electronic tags send the asset’s status and locational data to the central database so that managers know exactly where the asset is and when it will be available for use. The latter information enables manufacturers to create updated inventory lists, minimize project delays and streamline operational activities to the betterment of the bottom line.

The moral of the story is simple: Through electronic asset tags, organizations can more readily generate cost savings that improve productivity, making your company more efficient, and better yet, more lucrative. The Meridian asset management solution succinctly decreases theft, simplifies inventory management, improves asset utilization and increases productivity levels to deliver increased ROIs for organizations in a multitude of industries. To learn more about how the Meridian asset management solution can help your organization improve its bottom line, contact a member of our team today.

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