What Is Asset Tracking Software?
Asset Tracking Software enables businesses to easily tag, manage, identify and locate physical assets. That includes high-value fixed assets, equipment, tools, inventory, IT assets, and vehicles.
With capabilities for smartphone-enabled scanning, real-time mapping, mobile management, and producing status or location-driven workflows, Asset Tracking Software enables businesses to:
- Provide accurate locations for high-value assets
- Increase asset visibility by creating equipment lists (asset registers) for items in stores, warehouses, facilities, sites, and more
- Offer bespoke tracking systems with third-party integrations
- Make it simple and easy to undertake digital audits and inspections
- Simplify equipment check-in and check-out processes
- Create customisable reports and dashboards
Our expert’s view on Asset Tracking Software
“You need a digital system to plan and to make your life easier…We had about 40,000 assets on site in PDFs and spreadsheets. I could work with it, but it was limited. I couldn’t take it to the next level. Directors don’t want to read pages and pages, they need something a little bit more concise and refined.”
Warren Duffy, Head of Operations at Leeds & York NHS FT |
What Are the Benefits of Asset Tracking Software?
Replace Outdated Spreadsheets
Spreadsheets are a good tool when first starting to track your asset data. But, as your business grows, so does the number of your fixed and movable assets, making spreadsheets unmanageable when it comes to recording accurate asset data. They’re also tough to share between team members, lack advanced features, and are susceptible to errors.
This is where cloud-based Asset Tracking Software surpasses spreadsheets (and why 90% of software buyers prefer it). A dedicated asset tracking system provides features that take asset tracking capabilities beyond the use of spreadsheets.
Features include customisable fields, real-time updates to inventory levels, attachments for images, manuals and warranties, as well as an organised trail of historical data.
Creating Detailed Asset Workflows
An asset tracking systems ability to draw on real-time data contributes to two key workflows; asset status-driven and asset location-driven.
- Asset status-driven workflows: Asset status data initiates workflows such as determining the availability of leasing/rental equipment and asset management data like lifecycle management or asset maintenance activities.
- Asset location-driven workflows: Location data prompts workflows such as tracking down missing assets and locating the right equipment needed for projects.
Understand Asset Relationships
Having your asset tracking data in one centralised dashboard gives an opportunity to identify and better understand asset relationships. These relationships can be between items and users, assets and locations, users and locations, and more.
Without an asset tracking system, data would be spread across multiple resources (or not tracked at all), meaning these relationships would go unnoticed. Whereas with an asset management solution, assets are mapped and displayed for all users to see.
Create Bespoke Systems Tailored to Your Tracking Needs
Most Asset Tracking Software tools are built with customisation in mind, allowing for bespoke systems that suit the requirements of different companies. This is handy as, for example, a brick-and-mortar retail store would have different tracking requirements from that of a healthcare facility.
Tailored features and capabilities include:
- Third-party integrations
- Combinations of asset tags and scanners
- Custom system dashboards and analytics views
- Custom data reporting options
View, Update, and Export Asset Data From Anywhere With a Mobile App
With modern asset tracking tools, businesses can access asset data from anywhere at any time on a mobile device – something that is limited when using spreadsheets or pen and paper.
Mobile asset tracking capabilities allow off-site users to access an asset register instantly. All through the use of a dedicated cloud-based asset-tracking mobile app. Mobile devices with built-in scanners for QR codes and Barcodes can also update data on the go. Eliminating the need to carry around expensive hardware such as scanners.
Run Inventory Checks and Digital Audits When Away From the Office
Mobile capabilities enable users to run audits and forecast spending when they’re away from the office. This is particularly handy when understanding the equipment budget for projects when on-site.
The searchability of asset tracking systems also makes them useful when finding information for audit purposes. For example, a site manager can see what tools and equipment are readily available for a project before arriving at the site.
Receive and Set Inventory Alerts and Stock Level Triggers
By combining tagging tools with an asset register, businesses can set custom triggers for inventory levels. These can be notifications or alerts that are sent to a mobile device with the most productive use of this being for stock control.
Asset Tracking Software also helps to quickly eliminate ghost assets, which prove harmful to costs and productivity. This is done by reviewing the current list of assets you have and then performing a physical audit to compare the two sets of data. Once identified, the ghost asset’s data can be edited to match its current state. And, as a bonus, this process can be instantaneous if using a mobile or handheld device.
Asset tracking systems can also be set up to alert inventory managers when stock is running low. As well as providing instant access to supplier details when it comes time to replenish stock. In terms of inventory management, Asset Tracking Software has the capabilities to:
- Reduce the time it takes to look for assets with real-time tracking
- Reduce the cost of replacing lost, stolen, or misplaced inventory
- Prevent spare part shortages
- Access inventory data on mobile devices
- Track stock as it moves between warehouses and stores
- Access stock from point-of-sale (POS) tools
Use Alongside Third-Party Integrations
Through the use of APIs, most Asset Tracking Software systems can be integrated with various tech stacks and third-party tools, including ERP and CRM systems. Integration capabilities enable organisations to have a seamless flow of data and information. Meaning, that instead of switching between tools to find certain data, it is all consolidated in one single source of truth.
How Does Asset Tracking Work?
Asset tracking workflows can vary depending on the hardware and software used as well as the intended purpose. Typically there are five stages to a successful asset tracking process:
- Choose the right set-up: Find a combination of hardware (tags, labels, and sensors) and software that best matches your requirements.
- Assign tags with asset data: Match your asset data with your asset tags using fields like unique ID, location, quantity, condition, and user.
- Affix tags: Attach your asset tags to the corresponding fixed or moveable assets.
- Scan and transmit data: By using a scanner or reader on a tag or label, that asset data is transmitted into your centralised asset tracking system.
- Track and manage asset data: View, update, monitor, and report on your asset data.
The image above shows an example of how active and passive RFID tags work during the asset tracking process.
The foundation of a successful asset tracking system is built on the collection of data (and it is only as good as the data you put in). This data is collected using asset tags and labels like barcodes, QR codes, RFID tracking, NFC tracking, WiFI, Bluetooth, and GPS trackers.
Digitising your asset tracking process ensures two things; reducing costs associated with replacing lost or stolen assets, and reducing time searching for assets by improving the accuracy of asset location data.
This removes most risks involved when using spreadsheets, which limit real-time access and the ability to understand asset-location-user workflows – while being susceptible to errors (88% of spreadsheets contain at least one error).
Types of Tags, Labels & Sensors Used With Asset Tracking Software
- Barcodes: A cost-effective solution that requires barcodes to be physically scanned by a reader.
- QR codes: Like barcodes quick-response (QR) codes are manually scanned but hold more data and respond quicker.
- GPS Trackers: Global position systems triangulate the position of a GPS tracker to display the exact coordinates of an asset (most commonly used for vehicle fleet tracking).
- WiFi Positioning: Scans local WiFi access points to locate assets based on signal strength.
- RFID: Radio-frequency identification tags (passive, active, or semi-passive) transmit data between tags and receivers.
- NFC Tracking: NFC tags are a sub-set of RFID, but unlike RFID tags they offer the option of two-way communication.
- Bluetooth Low Evergy (BLE): Low energy beacons and tags are used for short-range tracking.
The variety of asset tags and scanner combinations means there’s a solution for almost any asset-tracking requirement. Each tag has different capabilities, which are defined by range, speed, durability, data storage, and pricing.
Below is a comparison table of the most common asset-tracking tags and labels:
Tag | Range | Speed | Durability | Storage | Cost |
---|---|---|---|---|---|
RFID | Up to 250 feet | Multiple tags at a time | Tough, difficult to damage | Up to 4 million characters | From 10p (passive), from £15 (active) |
NFC | Up to 4 inches | One tag at a time | Tough, difficult to damage | Up to 4KB of data | From 10p |
Barcodes | 10 inches of line of sight | One label at a time | Easily damaged | Up to 200 characters (2D) | From 5p |
QR Codes | From 2 feet of line of sight | One label at a time | More durable than barcode (only 30% of the label to be scanned) | Up to 2500 numerical characters | From 5p |
GPS Trackers | No limitations | Multiple trackers at once | Tough, difficult to damage | N/A | From £30 |
Core Features and Functions of Asset Tracking Software
Real-time Location Tracking
The basis of Asset Tracking Software is to provide accurate, up-to-date location data. By attaching asset tags or labels to an item, an asset tracking system displays the whereabouts of an asset in real time.
Location tracking data can be displayed on a map or a floor plan and shows the tracking of moveable assets (like vehicles equipped with GPS trackers) and static assets (like warehouse stock equipped with Barcodes). This can also work with third-party mapping and GIS integrations.
Accurate, Detailed Equipment & Inventory Lists
Asset Tracking Software enables businesses to create equipment and inventory lists from one central resource, instead of searching multiple spreadsheets to see the location or quantity of available assets.
The foundations for a detailed asset register are built by importing existing asset data and inputting new data from scanned tags and labels.
Organise Items Based on Category, Location, Quantity, and Condition
Within an asset tracking system, each asset has its unique data profile. That includes name, serial number, location, user, quantity, type, condition, and more.
This data can be easily organised at the click of a button, allowing users to see what assets are available at certain locations and the quantity of a certain asset type. There’s also the option of attaching media to an asset’s profile (like images and videos) to show an asset’s condition.
Streamlined Check-in Check-out
Asset Tracking Software allows users to easily reserve, book, and check out equipment. As well as see availability and receive alerts when equipment is ready. Checkout systems are run seamlessly with smartphone scanners and barcodes or QR codes.
Users can book equipment out in advance, reducing the risks of double booking for projects. It also makes it easier for businesses to follow up on overdue returns and display what items are available.
Tailored Hardware & Software Combinations
Depending on your asset tracking requirements, software vendors can tailor a system that works for you. Combinations consist of asset tags (barcodes, NFC tags, RFID tags, GPS trackers, and more) and scanners (fixed, embedded, separate, smartphone, etc.).
Some vendors supply scanners and tags at no extra cost with the option of custom-designed tags and labels.
Build Basic Asset Management Profiles
Some Asset Tracking Software solutions allow businesses to go beyond tracking capabilities and encourage asset management features. These help to build out an asset’s profile by capturing data on purchase value, depreciation, maintenance schedules, warranty information, and life cycle management.
Mobile Management Apps With Offline-Access
A cloud-based asset tracking system provides offline capabilities, meaning when data is input or updated on one device (like a desktop at the office) it syncs automatically on other devices (like a smartphone when in the field).
Offline capabilities empower mobile management through a dedicated app and log in, allowing users to see asset locations, quantity, and other data from anywhere at any time.
Customised Push Notifications & Alerts
Asset tracking systems can be set up to notify staff when certain thresholds are reached. Notifications regarding stock levels, changes in location, expired warranties, or planned maintenance are sent to mobile devices and desktops. This feature helps reduce unexpected stock shortages and overstocking.
Find the Best Asset Tracking Software That matches Your Business Requirements
Industries & Businesses That Utilise Asset Tracking Software
Healthcare & Hospitals
Medical equipment – such as machinery, medication, medical waste, PPE, and documents – has significant value. This is why implementing an asset tracking system in a healthcare environment is vital. Healthcare Asset Tracking Software reduces spending on missing or stolen equipment. As well as helping to reduce patient wait time and improve the efficiency of patient care.
Schools & Education
Primary schools, secondary schools, colleges and universities all consist of thousands of assets. From expensive IT assets like computers to small assets such as library books. But, having to work within a limited budget means the replacement of lost or stolen assets can be costly. This is where a school asset tracking system can offer a solution.
Construction Sites
Tracking assets across multiple sites can be near impossible without the use of an asset tracking tool. Asset Tracking Software enables site managers to gain visibility of assets both on-site and off-site. As well as reducing equipment delays to speed up crucial projects. Tracking construction assets also helps to reduce equipment theft and loss.
Churches & Religious Sites
Churches consist of assets that are essential to ensuring ceremonies go ahead without delay. Access to equipment booking features allow church assets to be rented out to the community. As well as providing visibility as to when an asset was checked out and when it is due back.
Brick & Mortar Retailers
Enhancing the overall customer and POS experience is vital for businesses in the retail industry. One main advantage of implementing retail asset tracking is to take control of your inventory. By storing inventory procurement, disposals and sales in one central system you’re able to gain insight and accuracy into your stock levels. This is achieved most effectively by using IoT devices such as RFID tags and QR or Barcode scanners.
8 Best Asset Tracking Systems On Comparesoft
Lime
The Product
A specialised solution for tracking high value, high volume, highly mobile assets.
Ideal For
Organisations looking to capture and convert real-world asset data and distribute it to digital systems
Industry Fit
Manufacturing, Healthcare, Rental & Leasing, Automotive, and Aerospace
Pricing
From £102 per month
Vision Pro
The Product
An integrated asset, audit and risk compliance management solution that supports site- and portfolio-level processes.
Ideal For
Organisations looking to enhance operations with live asset, audit and risk compliance data
Industry Fit
Manufacturing, Education, Retail, and Energy
Pricing
From £295 per month
EZOfficeInventory
The Product
An Asset Tracking Software solution that streamlines asset check-in/check-out and provides ready-made, self-service reporting.
Ideal For
Organisations with 250+ assets or items allocated internally to different user groups and locations
Industry Fit
Manufacturing, Healthcare, Education, IT, Engineering, and Entertainment
Pricing
From £31 per month for 250 assets or items
itemit
The Product
A simple Asset Tracking Software solution for tagging and tracking any asset.
Ideal For
Individuals, teams and departments looking for a self-service asset tracking and management solution
Industry Fit
Engineering, Entertainment, Healthcare, Charities, and Domestic Services
Pricing
From £21 per month
TracLogik
The Product
A tailored solution for real-time tracking of movable assets and personnel across any location.
Ideal For
Organisations looking to track movable assets in real-time
Industry Fit
Manufacturing, Engineering, Healthcare, Retail, Aerospace, Marine, and Storage
Pricing
From £100 per month, plus initial hardware costs
Nanolink
The Product
Real-time/live Bluetooth asset tracking with self-service implementation.
Ideal For
Organisations with real-time asset tracking requirements
Industry Fit
Manufacturing, Engineering, Buildings & Facilities, and Industrial Machinery
Pricing
From £4 per user, per month
Assettrac
The Product
Tailored Asset Tracking Software with full service implementation and ticketless support.
Ideal For
Organisations with asset location- and status-driven workflows
Industry Fit
Healthcare, Education, IT, Government, and Industrial Machinery
Pricing
From £2,500 per annum
AssetCloud by Wasp Barcode
The Product
A complete asset tracking solution designed to adapt, extend and integrate.
Ideal For
Organisations looking for a proven, flexible asset tracking solution that is easy to use and adapt
Industry Fit
Manufacturing, Education, Emergency Services, Food and Beverages, and Entertainment
Pricing
From £765