The need to connect revenue-critical assets to data collection tools continues to grow because organizations in every industry want more control over their physical assets. But not every asset tracking solution in the market will fit your needs.
Business asset tracking solutions provide a comprehensive view of your assets so you can make better decisions about where to allocate your resources. These solutions make it easier to manage and monitor assets and help ensure that assets are in good shape, used efficiently, and not wasted or forgotten. Asset tracking technology also delivers real-time insight that significantly reduces the headache involved with manual asset tracking.
Here are the things to consider when choosing an asset tracking solution.
The primary purpose of an asset tracking solution is to ensure you manage your company assets properly, efficiently, and without a lot of fuss. This means automatically locating and managing your physical assets, thus, ensuring you can trace the location of all your assets from a centralized place and in real-time.
A good asset tracking solution will ultimately reduce human error, increase visibility and inventory accuracy, and reduce asset management costs. These asset management systems will also keep a history of extensive data about your property.
While most asset tracking solutions are built to fulfill the same purpose, some may fit your business better than others.
Be strategic about the type of solution you choose. For example, will you go with an RFID tracking solution? If so, should it be active or passive? Active RFID solutions track your assets in real-time and while moving but are more expensive than the passive ones that follow items with minimal movement.
If you plan on growing, you’ll need an asset tracking solution that grows with you. Choosing an established asset tracking provider that comes with support assistance makes it easier for you to tailor the solution to your business needs continuously.
Managing business costs is one of the reasons you’re looking at an asset management solution– but it’s also a business imperative. Implementing an asset tracking solution should not be complex. It’s simply adding your assets and connecting existing systems to get a whole new perspective.
Helpful Hint: No one size fits all. Look for an asset tracking system that fits the unique needs of your business.
You need a solution that will work seamlessly with your current business infrastructure, so consider how well the asset tracking solution integrates with your existing framework. The goal is to have a system that fits easily into your current business structure.
As your business grows, the number of assets will also increase, reinforcing the need for a system to track all your assets in real-time. Technology has improved what asset tracking can do and the visibility it offers. For instance, RFID makes the flow of assets visible through your business systems, increasing efficiency by reducing redundancy and manual processes.
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An RFID system will give you new levels of accuracy for accountability and visibility to identify bottlenecks. Assets used in outdoor and indoor environments can benefit from RFID technology for its accurate, real-time location capabilities. Whether your assets are out for calibration, in a manufacturing facility, on an open building site, or in the corner of your office, an RFID solution should give you total visibility and control of these whereabouts.
Business asset tracking solutions can help you improve your security posture by keeping track of who has access to your assets and when any user accessed them.
Find an asset tracking solution that allows you to track compliance and security issues within your system, generate reports for analysis or audits, and send alerts and notifications.
Adopting asset tracking technology positively impacts businesses in different industries and can be revolutionary for your business. An asset tracking solution provides excellent ROI and can help you reduce operating costs by identifying and eliminating unnecessary or redundant assets. Installing and maintaining your asset tracking solution should be easy and affordable during implementation, especially in the long term.
On the downside, there are numerous options in the market, meaning it can be challenging to choose one that suits the unique needs of your business.
Develop a clear understanding of your specific needs for an asset tracking solution. Evaluate the solution’s ease of use and consider its features, including location tracking, reporting, and alerts. Once you establish your hardware, software, or subscription requirements, ask yourself about the frequency you will need to track assets. Compare different solutions to find the best one for your needs and budget.
Speak to one of our asset management experts if you’re not sure what questions you need to be asking along the way.
This is a technology that automates and manages the process of tracking your business assets. Usually, an RFID tag is loaded with asset data like the condition and name of the asset and then attached to the said asset for the tracing process to begin.
In short, asset tracking offers visibility, security, affordability, and integration capabilities. Some of the other benefits include real-time data collection, reduced human error and manual processes, and increased system accuracy and efficiency.
First, identify the unique needs of your business, then determine the solution that best suits those needs. Also, ensure the solution gives you ample visibility, security, and seamless integration without breaking your bank.