Easily Shortlist Asset Tracking Software That Meets Your Equipment, Tools, Inventory & Vehicle Tracking Needs

What Is Asset Tracking Software?

Asset Tracking Software is a digital system that enables businesses to easily tag, manage, identify and locate physical assets. That includes high-value fixed assets, equipment, tools, inventory, IT assets, and vehicles.

An asset tracking system is a form of asset control primarily used for tracking equipment, tool tracking, asset monitoring, creating asset logs, and maintenance planning. 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

How Much Does Asset Tracking Software Cost?

• Free starter plan: Free up to a certain amount of assets (typically upto 200 assets)
• Entry-level/Starter plan: From £15 to £50 per month per user
• Mid-market/Professional plan: From £50 to £150 per month per user
• Enterprise plan: From £150 to £300 per user per month

Asset tracking vendors will typically offer a product on a monthly subscription plan with upfront costs included. The most common price range for Asset Tracking Software is between £15 to £100 per user per month. With premium services costing up to £300 per month per user.

Prices can vary depending on:

• Number of assets: Vendors can charge a limit on assets, such as up to 1000 items
• Number of users: Vendors will charge you for how many users can access the system at once
• Desired features: Some cheaper products will only include basic features, whereas features such as mobile apps and extra hardware can incur higher prices
• Hardware (tags) required: The use of scanners and more advanced atgging systems (like RFID and GPS) can incur further costs from vendors.
• Level of support: Support ranges from free online resources for cheaper plans to 24/7 support for more premium services
• Third-party integrations: Although most integrations will be possible, some tech stacks and third-party tools may require further assistance to set up.

UK’s Best Asset Tracking Software Tools

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:

1. Choose the right set-up: Find a combination of hardware (tags, labels, and sensors) and software that best matches your requirements.
2. Assign tags with asset data: Match your asset data with your asset tags using fields like unique ID, location, quantity, condition, and user.
3. Affix tags: Attach your asset tags to the corresponding fixed or moveable assets.
4. 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.
5. Track and manage asset data: View, update, monitor, and report on your asset data.

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).

What Are the Benefits of Asset Tracking Software?

Reduce Theft and Loss With Real-time Location Tracking

Through the use of beacons, tags, and labels, businesses can take advantage of real-time asset location monitoring to reduce the loss of expensive assets. The most common physical asset loss is due to theft and misplacement. Due to a lack of real-time equipment visibility, job site theft costs the construction industry $1 billion each year.

Improve Asset Visibility With Accurate Asset Register and Detailed Inventory Lists

An asset register is a detailed list of all equipment, tools, vehicles, and inventory that a business owns. It is compiled of data about each individual asset including purchase date, price, condition, and location. An asset register features a search function that allows users to quickly and easily search for particular assets or locations. For example, a site manager can see what tools and equipment are readily available for a project before arriving at the site.

In terms of greater asset visibility, Asset Tracking Software also 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.

Organise Assets Based on Category, Location, Quantity, and Condition

Within an asset tracking system, each asset has a unique data profile. That includes name, serial number, location, user, quantity, type, condition, and more. This data is 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 in real-time.

Tailor Hardware & Software Combinations To Your Needs

Depending on your asset tracking requirements, software vendors can tailor a system that works for you. Combinations include tags (barcodes, NFC tags, RFID tags, GPS trackers, and more), scanners (fixed, embedded, separate, smartphone, etc.), and third-party integrations. Some vendors supply scanners and tags at no extra cost with the option of custom-designed tags and labels.

Replace Spreadsheets and Reduce Human Error

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.

Create Asset Workflows and Understand Asset Relationships

An asset tracking system’s 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.

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. Meanwhile, with an asset management solution, assets are mapped and displayed for all users to see.

Set Customised Alerts for Stock and Inventory

By combining asset 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

11 Stand-out Features of Asset Tracking Software

1. Accurate Location & Status Tracking

Asset tracking systems provide the capability to track and monitor the status and locations of assets in real-time. Using asset tags, users can identify the whereabouts of equipment at any given 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 or QR codes). This can also work with third-party mapping and GIS integrations.

2. Real-time and Historical Data Access

Cloud-based Asset Tracking Software tools enable users to view, update, and export data at any time. That means when equipment information is updated on one device, it is instantly updated and readily available across the entire system – something that is limited when using spreadsheets or pen and paper.

Alongside access to instant data, is the ability to access an asset’s historical data profile. That includes original purchase dates, depreciation values, maintenance history, user history, location history, and more.

3. Barcode and QR Code Asset Tagging

The use of barcodes and QR codes to tag equipment is the cornerstone of successful asset-tracking workflows. These tags are printed—either at the workplace or with a provider—and attached to assets such as inventory and tools. They are then scanned with handheld or mobile devices, and an asset’s metadata is sent back to the asset tracking system.

4. RFID/NFC Integration

RFID tags (passive, semi-passive, or active) are attached to assets and used in environments with large amounts of equipment or inventory, like warehouses. These tags work by sending and receiving radio waves to transmit asset data to an Asset Tracking Software system. RFID asset tracking integration has seen huge success, with businesses reporting a jump in inventory accuracy from 63% to 95%.

5. GPS Geofencing

GPS trackers and geofencing tools enable alert systems to be put in place when assets cross set boundaries or zones. This can be used to great success with vehicles and off-site operations in industries such as construction or logistics.

6. Push Notifications

Asset tracking systems can be set up to notify users 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.

7. Third-party Integration

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.

8. Mobile App

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.

9. Check-in Check-out Equipment Booking

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 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.

10. Asset Management Profiling

Asset Tracking Software enables 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.

11. Bespoke Systems

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

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:

What Is Asset Tagging?

Asset tagging is the process of affixing tags – whether barcode, RFID, GPS, or NFC – to a corresponding asset (equipment, tools, inventory, vehicles, people, etc.). Each tag is assigned a unique identifier that matches that of an asset and provides data such as last-known location, quantity, and user history by linking with an asset tracking system.

Industries & Businesses That Utilise Asset Tracking Software

Asset Tracking In Healthcare & Hospitals

Medical equipment (machinery, medication, medical waste, PPE, and documents) has significant value. Installing Healthcare Asset Tracking Software helps healthcare professionals keep track of important assets, reducing the chances of equipment going missing or being stolen.

Tracking medical assets also has a direct impact on reducing patient wait time and improving patient care by enabling Medical Equipment Managers to:

• Tag and track assets such as medical devices, beds, wheelchairs, and IT equipment
• Improve inventory management and theatre kitting
• Know what equipment is located in which hospital room
• Reduce time spent looking for equipment (nurses spend more than one hour a day locating equipment)

Tracking Equipment In Schools & Education

Nurserys, primary schools, secondary schools, colleges, and universities have thousands of assets. These include sports equipment, teaching resources, computers, furniture, books, and more. To ensure assets are monitored and readily available for use, a school asset tracking system can be installed.

Although budget restrictions dictate a school’s ability to implement Asset Tracking Software, the trade-off in terms of replacing lost or stolen equipment can yield a greater ROI. Alternatively, department heads and admins use spreadsheets or pen and paper, which can be ineffective and susceptible to errors.

Tracking Assets Across Construction Sites

Tracking assets across multiple construction sites can be near impossible without the use of an asset tracking system. Asset Tracking Software enables site managers to gain visibility of assets both on-site and off-site, helping to reduce equipment delays to speed up crucial projects (10 to 30% of construction projects go over schedule).

Keeping track of construction assets – heavy equipment, tools, building materials, etc. – is the most effective way to reduce equipment theft and loss, something that costs UK constructions sites £800 million a year.

Asset Tracking For Churches & Nonprofits

Churches and nonprofit organsations invest the majority of their funding into fixed assets such as property and land, computers, religious teaching equipment, vehicles, and furniture. An asset tracking system esnures these assets are continuously tracked, allowing:

• Ceremonies to go ahead without delay
• Access to equipment booking features for church assets to be rented out to the community
• Visibility to when an asset was checked out and when it is due back

Tracking Retail Assets In Brick & Mortar Stores

Enhancing the overall customer and POS experience is vital for retailers. One main advantage of implementing a retail asset tracking system is to take control of inventory management. By storing inventory procurement, disposals, and sales data in a centralised system, retailers gain insight and accuracy into stock levels. This is achieved most effectively by using IoT devices such as RFID tags and QR or Barcode scanners.

Helpful Guides For Asset Tracking Software Buyers

Asset Tracking Software FAQs

Who Is Asset Tracking Software Used By?

Asset Tracking Software is accessed by multiple users throughout an organisation, such as:

• Admins (asset managers, small business owners, IT admin): Admins require a complete overview of a business’s asset profile. These roles can add, edit, update, and delete asset data from the main system.
• Department heads (accounting and finance, marketing and advertising, IT): Managers need access to operations, maintenance, and procurement asset data to understand better areas like lifecycle management, depreciation values, TCO, and more.
• Concurrent users (inventory managers, office-based employees, warehouse teams): Concurrent users include employers who need daily access to a system’s asset data to generate reports, view asset conditions, and maintain inventory levels.
• Mobile/Field staff (engineers, technicians, warehouse employees, couriers): Mobile asset tracking apps used on iOS and Android devices enable field staff to check real-time inventory levels, update asset availability and more using features such as in-phone barcode scanners.

Every Asset Tracking Software Looks the Same – What Is the Best Way to Compare Them?

When searching for Asset Tracking Software, there are multiple factors of products that you can compare. Like:

• Cost
• Features offered
• Deployment type (mobile, web-based, cloud, etc.)
• Implementation time
• Industry-focus
• Customer support options

If, after days, weeks or even months of searching for the right asset tracking system, you haven’t found a solution that matches your requirements, you may feel like giving up. But, that’s where our software comparison tool can help.

By answering a few questions, we can gauge exactly what you need. This short questionnaire asks what assets you need to track, what operations you want to track, how many assets need to be tracked and what industry your business is in.

We then provide a list of the UK’s best software vendors and systems that match your questions and meet your tracking requirements.

As well as this, you are then able to shortlist your favoured choices and compare features, reviews and prices of each one.

To ensure that the products we recommend feature the best quality standards, we ask every software vendor to demo their product to us. This allows you to see all the strengths and differentiators of each product. We also rank and recommend each product based on verifiable data and feedback from past customers who have used the product.

What Is Real-Time Location System (RTLS) and Can It Improve My Asset Tracking?

Mostly associated with location tracking, an RTLS provides much more key data regarding physical assets. It lets you know when an asset was last used, and how frequent, and how long it was active during a working day. Effectively letting you build a complete lifecycle from acquisition to disposal.

An RTLS is embedded into a device that emits a signal. This signal, along with all the data attached to it, is then received by a reader. By implementing this type of system, businesses are then able to track all assets operating in the workplace. As well as stationary assets, like inventory, to locate them throughout the day.

Modern RTLS solutions can be found in wireless technologies such as RFID and Bluetooth, in the form of asset tags. They are also used in GPS trackers, which can be handy for a business managing its own vehicle fleet.

The ultimate purpose of tracking assets is to know an asset’s exact location and to understand how each one is being utilised. By using a Real-Time Location System, businesses can improve their overall asset management. As well as calculating a more accurate return on investment (ROI) for each asset.

As a result, you’ll be able to manage assets with greater accuracy. Other benefits of implementing an RTLS include a reduction in lost and stolen assets. As well as being able to produce a more time-effective maintenance and repair schedule.

An Asset Tracking Software Vendor Doesn’t Offer a Free Trial – Is That a Red Flag?

As you embark on your journey of finding the right asset tracking system for your business, there are many factors to consider while evaluating and comparing vendors and products. For example, do you require an open-source and cloud-based system? If so, then a product enabling open source programming and a vendor offering cloud-based access will be a part of your core requirements.

Another consideration, which is often overlooked, is if the vendor offers a free trial or live demonstration.

By being able to access a free trial of a vendor’s software, you can gauge if it is the right solution for your operations. Although you may not be able to find a link to a free trial on their website, it’s always worth emailing their support and asking for one.

There are many reasons as to why you should actively seek a free trial when searching for the right asset tracking software, such as:

• It’s the first chance for you to interact with the product
• You can see how easy the UI is to navigate for you and your team
• To understand if it can be integrated with your existing programs
• It’s a great chance to test out a common scenario to see if it reacts how you need it to

If you can’t find an option for a free trial, and the salesperson can’t provide you with one, it may not be worth taking the risk to purchase the product.

What Are the Key Questions to Ask an Asset Tracking Software Vendor?

1. Is it Easy to Use?

Ideally, you’ll want all of your employees to adopt this new system as quickly as possible. The easier it is to use, the faster your team will get on board with it. Does the software has a user-friendly interface across desktop and mobile devices? Well, the easiest way to find out is by asking the vendor for a demo.

By having access to a demo, you can make sure the software is easy to navigate. You can also see if the menus and buttons are logically laid out, and functionality on mobile devices works as you’d expect. Also, ask about the software training process to determine whether this is likely to be rigorous or straightforward.

2. What Features are Included?

This is a great chance to check whether the asset tracking software is customisable, so you can make changes or purchase add-ons if needed. A flexible system may include features such as asset lifecycle management, asset auditing and APIs for integration with other applications.

Also, see if the system supports barcode scanning, RFID tags, and QR codes. Although you may want to start with just barcode scanning, your requirements may differ in the future.

3. Will It Suit Your Business?

One of the most crucial asset tracking questions is whether the solution is a good fit for your business. To find this out, you can gather as much information about your tracking requirements as possible. Ask yourself, do you need to:

• Geolocate assets that move between different destinations?
• Track static and connected assets across multiple sites?
• Check-in/check-out assets such as IT devices for employees?
• Track stock levels in your warehouse?
• Track deliveries for customers?
• Depending on your business type, you may also need specific cloud-based tracking technologies. GPS tracking, for example, is ideal for businesses that manage a fleet of vehicles.

4. Is the System Scalable?

To make sure you purchase a futureproof solution, you should consider scalability. As your company expands, your asset register will also grow. So, will the software be able to cope with tracking thousands of assets across multiple locations in the future?

A scalable asset tracking system should be able to grow with your business. It should also provide robust tracking functionality with the option to add modules. For example, imagine that a fitness company loans top-quality treadmills to running enthusiasts that don’t want to invest in one upfront.

Initially, the fitness company begins to track the treadmills to know which customer has access to which treadmill. As the fitness company grows, these treadmills will need to undergo reactive and preventive maintenance so they can carry on being rented out to customers. In this case, the fitness company may decide they also need an asset maintenance module as well as asset tracking. That way, effective maintenance and repair can be scheduled and budgeted for.

5. Is the Vendor Well-Established?

Another essential asset tracking question to consider is the software provider’s reputation. In a recent survey from fibre2fashion.com, over 19000 customers identified company strength as the most important factor when choosing software. By researching the vendor’s history you can learn how long they’ve been in business, how many customers they have and what experience others have had with them.

It’s also worth speaking to different vendors to learn what plans they have for the future and to understand what new features they’re working on.

6. What Level of Support is Offered?

If you run into problems with your asset tracking system, you’ll want to know there is comprehensive support available.

So, make sure your preferred software provider has several different options for contacting a support representative. For example, on email, live chat, by phone or via a dedicated Facebook group.

7. Does the Tool Match Your budget?

As far as asset tracking questions go, this one can be the deal clincher – or the deal-breaker. And crucially, budgets can vary depending on the size of your business.

Think about whether you want to pay upfront or would prefer to pay a monthly service fee. And, don’t forget to include the price of add-on features in case you need these in the future.

What Assets Can Be Tracked With Asset Tracking Software?

An asset tracking system is implemented to track physical, fixed assets and combine that data in a detailed fixed asset register. These assets include:

• IT Assets: Any IT hardware assets such as computers, servers, keyboards, printers, tablets, and mobiles. (software assets can also be tracked but are better utilised with IT Asset Management Software or Software Asset Management Software tools.)
• Tools: Suitable for tradespeople, construction sites, and field service businesses. A barcode tool tracking system is best as each tool can be affixed with its own tracking label.
• Heavy Equipment: Moveable heavy-duty equipment and machines (such as cranes, bulldozers, loaders, and agricultural equipment) can be tracked as the travel between locations using GPS trackers.
• Vehicles: Using GPS trackers, vehicles (cars, vans, buses, etc.) can be tacked during journeys. Data can also be collected on the speed of travel and other factors with the right GPS tracker installed.
• Furniture: Office furniture is commonly tracked and accounted for using barcodes and QR codes.

What Is Asset Control?

Asset control is a term for tracking and managing a business’s assets. It refers to the processes put in place – typically with an asset management system or an asset tracking system – that enable businesses to have full control of their asset ownership.

That includes tracking assets, organising them in asset logs/registers, recording purchasing and financial data, managing asset lifecycles, forecasting depreciation values, and more.

Can Asset Tracking Software Be Used to Schedule Preventive Maintenance?

Yes, the features and capabilities of Asset Tracking Software make it an ideal tool for identifying and scheduling preventive maintenance.

By analysing the purchase date of an asset along with how many times it has been used and how integral it is to operations, maintenance teams can set up a predetermined maintenance schedule that ensures the asset is readily available and in good working condition for longer.

Maintenance is an integral part of the asset lifecycle. Without it, maintenance, replacement costs, and downtime can spiral. An asset tracking system makes it possible to set up triggers and alerts when certain thresholds are hit like time, usage, and other parameters.

Asset Tracking vs. Inventory Tracking: What’s the Difference?

The difference between asset tracking and inventory tracking lies in the definition of an asset and inventory:

Asset tracking is the tracking, managing, and organisation of the assets that you own (equipment, machines, vehicles, tools, etc.). Inventory tracking is the same, but for items that you are planning to sell or consume (stock of finished goods, raw materials, etc.).

In terms of tracking systems, an inventory tracking system will focus on real-time location, distribution and manufacturing details, stock levels, and purchasing information.