Asset tracking is a vital process that helps businesses monitor and manage their valuable resources effectively. With advancements in technology, asset tracking has become more efficient, enabling real-time monitoring, reduced losses, and improved operational efficiency. Whether through GPS, RFID, or IoT-enabled solutions, asset tracking plays a crucial role in modern business operations.
Asset tracking is the process by which you document all the items that your business owns. Assets can include equipment, buildings you own or lease, IT systems, and sometimes raw materials or products. You should document and keep records of your assets. You can also track them by giving each one a unique marker.
Types of Asset Tracking
RFID Asset Tracking
RFID (Radio Frequency Identification) technology allows businesses to track assets wirelessly using RFID tags and readers. It provides real-time visibility without manual scanning.
GPS Asset Tracking
GPS-based asset tracking helps businesses monitor mobile assets, such as fleet vehicles or construction equipment, providing real-time location updates.
Barcode-Based Asset Tracking
Barcode tracking is one of the most cost-effective methods, allowing businesses to scan barcodes with mobile devices or scanners to update asset records.
IoT-Enabled Asset Tracking
The Internet of Things (IoT) revolutionizes asset tracking by embedding smart sensors into assets, providing real-time insights into asset performance and condition.
Keeping All Information in One Easily-Accessible System
You can use asset tracking software to keep all the information in one place. In some industries, asset management means keeping detailed records of property and equipment. It involves tracking lifecycles and ensuring that every asset gets proper maintenance. You should also replace assets on time when needed.
A good asset tracking system can be part of a larger asset management software. It does more than just keep a detailed record of your equipment and inventory.
It can use barcode data to provide updates about the location and usage of assets. Modern asset tracking systems use RFID tags. These tags provide detailed information about the location of an asset. In factories, like auto plants, RFID tags help managers see how a vehicle moves on the assembly line.
Asset Tracking Tools Can Do Even More
You can use them to store information about each piece of property that your company owns. For example, in an office setting, your asset tracking system may include information about a desktop computer. It can consist of the price, age, lifecycle information, and schedule of security and software updates.
You can use the asset tracking system to find warranty information. You can also get contact details for tech support.
It helps you learn about the vendor who sold your company the computer. You could also include product manuals and other relevant resources. In short, you can find all the information you need about that computer in your asset tracking software.
Taking Asset Tracking Out of the Office
These systems are very helpful for property managers, office managers, procurement specialists, and others in administrative or inventory roles. Modern asset tracking software systems are not just for office personnel. Employees, managers, and decision-makers can access quality asset tracking systems via mobile apps no matter where they are.
Since these systems can be cloud-based, you can get access to all the relevant information that you need through a mobile app. You can access information like manuals, use history, and lifecycle data. Just scan a barcode or QR code on the asset.
These Software Systems Can Reduce Administrative Costs
With all this data at your fingertips, you can easily create a custom report, spreadsheet, or work order. Just a few clicks, swipes, or keystrokes will do the job.
You will not have to spend time or hire employees to handle tedious data-entry and typing tasks. Automated tools like barcode scanning, RFID tags, and financial data will reduce human error. These errors often happen with manual data entry, filing, and creating spreadsheets.
Asset Tracking Data Can Lead to Significant Cost Savings
Another critical aspect of asset tracking involves recording usage information. This type of data can be beneficial for streamlining operating budgets.
An example can best illustrate this particular benefit. Let’s say a warehouse has five forklifts, but the data shows that only three of them are in use at any one time. You could sell two of the forklifts without changing your operational efficiency.
You would earn money from the sale of the unused forklifts. You would also save on maintenance, insurance, and storage for the two extra forklifts. An ideal asset tracking system would include maintenance cost information. This way, you could see how much you would save.
Asset Tracking Systems Are Scalable
Many companies manage assets on a much larger scale. Software that provides real-time usage data is very useful for companies.
This is especially true for those with many vehicles. It also helps companies with several leased or owned properties. Additionally, it benefits businesses with offices in different locations, both in the country and around the world.
At the same time, good asset tracking software can help small businesses and smaller organizations too. Because it limits administrative costs, these tools can help small to medium sized businesses save money.
They can work more independently. They have all the information they need to make daily decisions about business operations. Furthermore, you can set up your asset tracking software to interface with accounting systems and other record-keeping systems.
Getting quality asset management software can make sense for businesses of all sizes.
Automation Can Make Your Job Much More Straightforward
There are two different types of automated asset tracking systems. As we have already discussed, one method for tracking assets uses barcodes. Usually, you use barcodes for fixed assets. For example, if you have desktop computers in an office setting, they are fixed assets.
The same applies to other types of office equipment. Fixed assets can include equipment in a warehouse or factory. They can also be rooftop HVAC systems on office buildings, campus buildings, or hospitals. Anything that will remain in one location for its lifecycle is a fixed asset.
Movable assets are vehicles, furniture, outdoor equipment, or other assets that are not going to remain in one place. If the asset remains within a specified area, you may be able to use an RFID tag to track its location and progress. For fleet vehicles or construction equipment, you need a GPS tracking device. This device sends exact location data to a central computer system using satellites.
Become Data Driven with Asset Tracking
The biggest benefit of this software is that it removes guesswork from budget, operations, and purchasing decisions. Up-to-date data will drive your operational and strategic decisions. If you want to lower operating expenses and administrative costs, consider investing in a good asset tracking system.
Industries That Benefit from Asset Tracking
Manufacturing
Manufacturers track machinery and inventory to prevent loss and improve supply chain efficiency.
Healthcare
Hospitals use asset tracking to monitor medical equipment, ensuring availability and compliance.
Transportation and Logistics
Asset tracking enhances fleet management and cargo tracking, reducing delays and losses.
Retail and E-Commerce
Retailers track inventory levels in real-time to prevent stock shortages and improve customer satisfaction.
Essential Features in Asset Tracking Software
Real-Time Monitoring
Live tracking capabilities allow businesses to locate assets instantly, improving response times.
Automated Alerts and Notifications
Automated systems send alerts for asset movement, maintenance schedules, or unauthorized access.
Cloud Integration
Cloud-based asset tracking enables businesses to access asset data from anywhere, improving flexibility.
Predictive Maintenance
AI-driven predictive maintenance helps prevent equipment failure by analyzing asset performance data.
The Future of Asset Tracking
Emerging Technologies in Asset Tracking
Advancements such as AI, blockchain, and 5G are enhancing asset tracking capabilities.
The Role of AI and Machine Learning
AI-driven analytics provide predictive insights, optimizing asset utilization and maintenance.
Predictions for the Next Decade
- Increased adoption of IoT-based tracking.
- Enhanced cybersecurity for digital tracking.
- AI-powered asset management solutions.
FAQs
What industries use asset tracking the most?
Industries such as healthcare, manufacturing, logistics, and retail benefit the most from asset tracking.
How does GPS asset tracking work?
GPS asset tracking uses satellites to determine the real-time location of assets, providing visibility and security.
How can small businesses implement asset tracking?
Small businesses can start with barcode-based tracking systems and scale up to RFID or IoT-based solutions as needed.
What is the difference between passive and active RFID?
Passive RFID tags do not have a power source and are activated by a reader, while active RFID tags have built-in batteries for continuous transmission.
How does asset tracking improve ROI?
By reducing losses, improving efficiency, and optimizing maintenance, asset tracking delivers a high return on investment.
Conclusion
Asset tracking is a game-changer for businesses looking to enhance security, efficiency, and asset utilization. With technologies like RFID, GPS, and IoT, companies can gain real-time insights and improve decision-making. As asset tracking continues to evolve, adopting the right solution will ensure long-term success.
