Unlike inventory, business assets contribute significantly to a business’s valuation. That’s because they offer many critical benefits that help you run your business efficiently. Your assets also drive confidence in shareholders and attract investors to your business.
Tracking these assets is essential to understanding the contribution (whether positive or negative) each asset has to your business. This measurement is part of what an asset tracking solution does – it comprises the profile of each asset, records it in a centralized system, and monitors its movement and users while recording the data.
The process helps optimize a business’ asset-tracking operations, thus, saving time and resources for the company.
Generally, asset tracking is the process of monitoring the location, name, lifecycle, and user of a business asset. Historically, businesses would track and record this asset information manually.
But asset tracking software combats error-prone manual processes by integrating every element of asset tracking into a centralized system and providing this information in real-time.
As a result, identifying an asset’s location and movements, its maintenance and repair schedules, or the employees assigned to specific assets are constantly updated and readily accessible.
With asset tracking software, you can track anything you desire regarding your assets, whether they are fixed assets (like a warehouse) or movable assets (such as computers and vehicles). You can also track all your assets on the go regardless and in between locations.
Asset tracking software makes it easier to access your asset information from anywhere through tools like mobile apps. You can search for this information using the serial number, name, owner, location, or type of asset.
Managing your assets with the software is simplified as well. When equipment needs repair offsite, the operator can notify the team immediately through the software and get a replacement or technical help.
Asset tracking software increases the visibility into your asset costs, utilization, and maintenance. And knowing exactly what the cost of your assets is and how they are used and maintained helps to minimize your administrative and labor costs and improve your customer service.
The asset tracking software uses three primary methods to track your assets:
Barcodes are a passive asset tracking method because staff must manually scan the assets before logging into the software. A barcode with the asset information is usually attached to the asset to aid tracking and monitoring.
In this case, the asset tracking software is connected to the barcode and starts recording the asset’s movements. You can use QR codes as barcode labels here and use your tablet or smartphone to scan your assets.
GPS trackers are active methods of tracking assets. Hence, they provide asset information in real-time. The assets are imbued with GPS systems and the asset tracking software, in this case, transmits information about the assets through satellites and cellular networks.
RFID tags are also passive methods of tracking the location of your assets properly. However, you need RFID scanners and receivers (for each storage location), meaning you can only track assets within a specified region. RFID tags powered by batteries extend the tracking region even further.
The advantage of using GPS over RFID and Barcodes is that it can send information across long distances. It can also provide accurate and updated logs of every asset. Specific GPS asset tracking devices also have a geofence for setting alerts that notify you when your business assets move to a location outside its dedicated scope.
You can centralize your asset data on one dashboard that employees can use quickly and easily. GPS is, therefore, perfect for large and high-value equipment, especially those that use a power source like fuel or electricity. However, GPS trackers are expensive.
On the other hand, RFID tags are perfect for fixed assets like in-warehouse products for sale or shipment.
The most common asset tracking software includes:
Asset tracking software will boost your efficiency, productivity, and bottom line. You don’t know maintenance schedules or costs when you don’t know what you own (and lease). With asset tracking software, your staff can use proactive maintenance methods and make savvier purchasing decisions.
Asset tracking systems put your equipment data at your fingertips from an all-in-one solution. That’s why modern companies invest in asset tracking and management.
Don’t let poor, manual asset tracking result in significant losses for your company, from wasted labor, missed deadlines, or unsatisfactory customer service. Learn more about how asset tracking software can help you manage your assets properly.
Asset tracking is tracking fixed and movable business assets based on pre-determined factors like asset location.
This software solution makes it possible for businesses to track their assets based on location, name, type, lifecycle, etc.
The most common ones include asset performance management, computerized maintenance management, and enterprise asset management software.