Australian firms urged to tackle asset losses this Christmas

Australian businesses are advised to mitigate the risk of missing stock during the Christmas period, as reported shortages and supply chain issues present significant challenges.

With the festive season at its peak, Digital Matter, an Australian manufacturer of tracking technology, has highlighted the high incidence of missing assets due to the increased movement of goods across the nation.

Cameron Everett of Digital Matter remarked on the disruption caused during this busy period, stating, "Shipping delays, supply chain issues, and seasonal demand can all cause havoc with business owners at this time of the year."

Estimates indicate that Australian businesses lose an average of 6% of their assets annually. These assets include vehicles, laboratory equipment, and IT hardware. Everett explained, "The main reason businesses lose assets is that employees misplace them or they aren't properly brought in and out of stock."

Companies are increasingly utilising tracking technology to manage these losses more effectively. Everett noted, "We've seen a big increase in businesses across a range of industries utilising tracking technology to gain better visibility over their assets." He added, "Digital tracking has become an essential tool for businesses who want to reduce the financial impact that lost assets have on their bottom line."

According to Digital Matter, the technology tracks items ranging from everyday objects like keys and pallets to more significant items like heavy machinery and medical equipment. Everett stated, "One of the biggest challenges with improving business operations is a lack of visibility of the issues. If you can't measure it, you can't improve it. By automatically tracking the location of assets and stock, businesses can rectify problems as they occur and before they become too large to fix."

Digital Matter's tracking systems also facilitate monitoring the condition and performance of assets. Using sensors, businesses can access data on various factors such as temperature, vibration, and impacts, which is particularly crucial for cold chain logistics and transporting fragile goods. Many businesses are harnessing this technology, especially for items that constantly move through supply chains, such as bins, containers, and pallets, during heightened periods like Christmas.