What is Asset Tracking?
What is Asset Tracking? Asset tracking is tracking your organizations’ assets usage and provides valuable information about your company’s assets like – who is using it, where and when, maintenance and calibration schedules, and need for new equipment.
Now a day’s Asset tracking is becoming a mature industry with many well-established players, but technology is rapidly changing the ways in which assets can be tracked, expanding the use cases beyond merely knowing where an asset is located, and bringing down costs. So it is no longer limited to high-value items or indeed, larger companies.
Properly implemented asset tracking techniques lower your administrative costs, streamline your business services, improve your customer service and save your time and money.
Why Asset Tracking?
It’s a lot of moving parts that require a degree of management—especially if something goes amiss. Asset tracking is a centralized management solution that provides businesses with the location, space or ownership, contract, and maintenance information for all assets in real time. In other words, it takes the manual labor out of asset management.
And as we all know, eliminating manual labor can significantly reduce wasted time, energy and expenses. In Asset management, you scan barcode labels attached to your assets or you use GPS or RFID tags that broadcast your assets location and track your physical assets.
Why Your Business Needs Asset Tracking?
Before you can understand the numerous benefits of using an asset tracking solution for your business, you first need to understand its core features and how they impact day-to-day operations. Here are the top three features.
- Track Everything:
To begin with; businesses can track any number of assets in one place. Each asset contains a detailed profile that illustrates everything you need to know about that asset, including pictures, product guides and key contacts (among many other things).
- Mobile Access:
Asset tracking solutions come equipped with a mobile app that allows managers to validate asset information on the go or when away from the office. Search by owner, location, type or serial number, edit files to correct owner or location information if needed, take pictures of an asset, and scan asset information via a barcode scanner and more— all from the convenience of a mobile device.
- Create Customized Reports:
Quickly and easily generate reports, including asset location, utilization and cost reports. Managers can also include contract terms, lease or maintenance information in the reports, and set contract expiration notifications.
How Asset Tracking Benefits Your Business?
- Reduce your administrative costs: Asset tracking eliminates human error that could lead to asset loss. Moreover, it frees these individuals to focus on other potentially revenue-generating responsibilities to track down assets manually.
- Increased accountability: Without tracking your assets, you could be experiencing costly losses without even realizing. If eyes are on the situation, not only will you prevent assets from getting lost in the system, you’ll also prevent misuse of assets by employees.
- Improve customer service: Any time you improve the function of your business, it becomes immediately evident to customers. Whether it’s a well-stocked inventory, better-informed employees or an overall more efficient operation—the customer experience will undoubtedly benefit from your internal improvements.
- Scale your business for growth: It’s difficult (energy-, time- and cost-consuming) to scale your business for growth with manual asset tracking. An asset tracking solution will make managing all the moving parts easy and will identify demand and waste trends to help businesses pare down and prepare for growth and future goals.
- Maintain certifications: Certain regulatory compliance and certifications, like AIB certification, can be fulfilled by properly tracking assets. Businesses can track and manage more than manual tracking by using an asset tracking software.
- Bolster organization and efficiency: Data tracking provides valuable, high-level insight into the performance of your business’s physical spaces, including office, warehouse, and storage. This is important because it enables managers to identify important links in the way these sectors utilize assets so they can streamline business operations. Furthermore, data tracking helps business owners anticipate asset needs before its necessary, like equipment maintenance.
- Improve accuracy: Naturally, this level of insight helps managers understand where assets are, how they are being utilized, and what actions need to be taken to keep assets in play at all times. There’s no guessing game or estimates anymore. With asset tracking reports, hard facts dictate business decisions.
Barcode scanning has given way to the use of tags which broadcast their location. GPRS has been superseded as a communications bearer by 3G, 4G and, more recently, LPWAN (low-power wide area network) so that assets can be effectively tracked in discrete areas.
A successful and functional office space is much more than brick, mortar, and talent. It’s filled with the property—including those critical to your comfort and protection (life-safety equipment, air conditioning units, proper lighting), those pertinent to the performance of the business (printers, computers, phone systems) and those that round out the inter-office experience (coffee maker, furniture, decor). We call all of these elements “assets,” and every office has its own unique inventory.
It’s important to track your investments and understand how they’re being used. Integrate an asset tracking solution into your business operation and take the guesswork out of running your business.
The right solution is easy to integrate and implement and will save your business time and energy otherwise spent trying to manually track assets. More importantly, it will provide you with the foresight necessary to replace or renew assets and contracts before they deplete or expire, and will reduce the risk of losing assets or experiencing downtime.
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