Easily Compare Asset Tracking Software to Track Equipment, Machinery, Fleet, Employees, Facilities and Other Assets

Finding the best asset tracking software for your business depends entirely on how you want to track your assets throughout the workplace. The term ‘best asset tracking software’ is subjective, as what may be the best tracking tool for one company may not necessarily be the best solution for you.

There are a variety of different asset tracking systems available that provide a range of features and benefits. To determine which is right for you, you should consider:

• The type of business assets you want to track

• How many assets you want to track

• What type of asset tracking technology you need (GPS, RFID, Barcode, Bluetooth, NFC)

• What asset data you want to collect to build an accurate asset register

• The industry you’re operating in

• The type of software you require (Cloud-based, On-premise, Mobile, etc.)

• If you need additional tracking hardware (Barcode scanners, etc.)

Whether you’re a small business with a handful of physical assets or a much larger organisation with thousands of assets spread across multiple locations, the ability to track assets can be crucial for business operations.

Among other benefits, an asset tracking system allows you to create a comprehensive directory. This directory can include any data you wish to input about your assets, including current working conditions and real-time locations.

As well as having all data in one accessible directory, there are many other advantages to implementing an asset tracking system. Including lower admin costs, improved efficiency and accuracy, improved customer service, and better cost savings by reducing the rate of lost or stolen assets.

For a business that relies heavily on its assets, such as a coffee shop needing its coffee machines to operate at peak asset performance, asset tracking is essential. And there are many different ways a company can track its assets.

These include GPS tracking, Barcode labels, RFID hardware, Bluetooth receivers and WIFI. But, depending on how a business operates, some tracking solutions will be more beneficial than others.

For example, a van hire company would have more joy using a real-time GPS location system, as opposed to using barcode labels to track its fleet vehicles. Whereas the use of printed barcodes and a handheld tracking device can be more beneficial for a business wanting to track its stock inventory.

Barcodes can be found in many places, like retail industries, and are known for being able to store reference points to specific data via Morse code-style thin and thick bars.

When scanned, light reflects back off a barcode and into a light-detecting component that reads its binary digits. These digits are then forwarded to a computer, which detects the sequence and displays the code's stored data.

In terms of using barcodes to track assets, the process works by entering an asset’s data into a system. The system then generates a unique and printable barcode for that asset. So, when the barcode is scanned, the system will show a read-out of that asset’s data. This data can be current location, purchase date, and even maintenance schedules.

Barcodes can be effective for two reasons. Firstly, you can edit data without having to generate another barcode. Secondly, it can be a very cost-efficient way to track assets as opposed to RFID and Bluetooth. Especially with the use of durable and weather-proof barcode labels that can increase longevity.

As well as cost-efficiency, there are many other benefits of barcodes. Including the ability to instantly obtain asset data and simplify recorded-keeping.

But, somewhat seen as a major advantage of tracking assets with barcodes, is the reduction in data errors through manual input. Not only can errors produce false data, but they can prove costly to a business in the long term. The typical error rate for manual data entry is 1 per 300 characters. Whereas, the error rate of a barcode scanner can be as accurate as 1 error in 36 trillion characters.

The first use of Radio Frequency Identification (RFID) can be traced back to the second world war when radar was used to identify plans from a distance. Nowadays, RFID can be found in a marathon runner’s vest, a parking lot access fob, and a pet’s collar. And, most efficiently, it is also used in industries to track valuable assets and inventory.

RFID is a non-contact wireless technology that utilises radiofrequency waves to transfer data. This means RFID asset tags can be read from a distance without the tag being in view. Depending on the type of tag, this distance can be anything from a few centimetres to 1500 feet.

In terms of using RFID to track business assets, this range of distance is key. A system that uses Active RFID tags is able to identify and locate assets within seconds. Whereas other tracking systems, like barcodes, require each asset to be physically scanned.

Like barcodes, RFID asset tracking tags have a pre-generated code that references a unique asset. And, once identified by the receiver, the data from this asset is then accessible to read and update. Data can include location, condition, maintenance reports, purchase information and more.

There are three types of RFID tags; Active, Passive and Semi-passive. Active tags are battery-powered asset tags that send a continuous signal for a receiver to capture. Passive tags have no battery and only respond to a receiver once a signal has been sent out. And Semi-passive tags are a hybrid of the two; battery-powered and no continuous signal.

Although an RFID asset tracking system can be more expensive, it can also be more beneficial. For instance, Active RFID tags are tough, durable and weather-proof. This means they won’t need replacing as often as a paper barcode. This also makes them ideal for being used in different temperatures and for tracking larger assets such as vehicles and shipping containers.

As well as durable tags and accessing data over a distance, RFID asset tracking has many benefits. Including read and write capabilities and the ability to edit data of a pre-generated tag. You can also set up alerts with some RFID tags, which can alert you in real-time as an item moves location without authorisation.

An asset register is a detailed database of data that helps businesses to easily log, track, access, and update asset information. Particularly useful for businesses with a large number of assets, an asset register exists in digital form. Giving employees access to an asset’s location, date of purchase, procurement costs, maintenance history, and last known users.

Creating an asset register is key to improving the visibility of a business’s entire asset repository. An asset register’s main objective is to ensure data accuracy and to provide real-time information. This helps businesses to:

• Keep assets compliant

• Monitor depreciation value of assets

• Schedule and plan for maintenance

• Reduce costs associated with loss and theft of assets

The most time-efficient and accurate process of creating an asset register is with an asset tracking system. By utilising asset tagging technology, each asset can be assigned a unique identification number or code. This allows staff to access accurate asset data in an instant by using readers to scan inventory, equipment, and infrastructure. It also means that changes to asset data can be logged and updated through a dedicated asset register software in a time-efficient manner.

The process of creating an asset register with Asset Tracking Software can be broken down into just 4 steps:

1. Record all fixed assets into an Asset Tracking Software tool

2. Attach relevant data associated with assets

3. Tag assets with chosen asset tagging technology

4. Monitor and track assets in real-time

Although a business’s stock may be limited to just a few hundred assets, preserving and utilising each one is essential to generating revenue. This is why good inventory management is critical for all companies, whether large or small.

With an effective asset tracking system in place, businesses can benefit reap the many benefits of inventory management. Including:

• Reducing the time it takes to look for assets with real-time tracking

• Reducing the cost of replacing lost, stolen, or misplaced inventory

• Preventing spare part shortages

• Accessing inventory data on mobile devices

• Tracking stock as it moves between warehouses and stores

• Accessing stock from point-of-sale (POS) tools

Implementing an asset tracking tool to improve inventory management is important for all types of businesses that rely on their assets. But, choosing the right tracking solution depends on the size of a company and the resources available.

For instance, a large organisation needing to monitor hundreds-of-thousands of expensive assets may choose to opt for a top-of-the-line RFID asset tagging solution. Enabling them to track and monitor multiple assets at once. Whereas a small business may be better implementing a less-expensive barcode label system. As well as choosing a cloud-based Software-as-a-Service (SaaS) product with a low-cost monthly subscription payment model.

Factors to Consider When Choosing an Asset Tracking Solution

As well as costs, there are other factors for business owners to consider when choosing an asset tracking system. Such as:

• Ease-of-use for all employees

• Minimal system training requirements

• In-expensive tracking hardware and asset tags

• Access on multiple mobile devices

Once convinced that an asset tracking system is the best way for a business to improve its inventory management, they’ll then have to decide on the right asset tagging technology. Each form of tracking device has advantages and disadvantages depending on the business size. Different forms of asset tracking technology include:

• Barcodes

• QR codes

• RFID

• GPS

• Bluetooth LE

• NFC

Global Positioning System (GPS) technology is a popular tool that can be found in many common devices such as smartphones and satellite navigation systems.

In essence, GPS works by communicating with satellites that orbit the earth to triangulate an exact position. And, in terms of tracking physical assets, it can be an extremely efficient tool. Especially for companies who rely heavily on this technology, such as postal delivery services and fleet management organisations.

One main benefactor of using GPS technology to track assets is the ability to receive real-time location updates. This can usually be achieved with the use of a small tracking device. These devices are physically attached to an asset, usually a large piece of equipment, and emit a signal to a receiver - either a designated handheld device, smartphone or computer.

For example, a company that rents out cars may attach a tracking device to one of its vehicles before handing it over to a customer. This way, in case this car is lost or stolen, the company will have an exact live location of where the car is.

GPS asset tracking systems are usually adopted by organisations that have moving valuable assets, such as airports or local councils. Whereas other businesses, such as a clothes retail store or IT centre, would opt for alternative tracking options to manage its assets - like Barcode and RFID tracking.

Bluetooth is a relatively simple way for devices to link together over a short distance. Today, this technology can be found in a range of common devices such as wireless headphones and computer peripherals; mouses, keyboards and printers.

Installed inside a Bluetooth receiver and transmitter, are radio antennas. These antennas simultaneously send and receive signals between one another. This allows the two devices to talk to each other.

However, a receiver will only find the signal of a transmitter if it is within range. And, depending on the device, ranges can vary between an average of 30 ft to 1000 ft. The latter being capable with Bluetooth 5.0 Low Energy(LE).

This short distance means, in terms of tracking, Bluetooth lacks the range of technologies such as GPS. But, because of the shorter transmission signal, Bluetooth devices require only a small amount of power to operate. This, in turn, allows their batteries to last much longer.

The improvements in Bluetooth LE technology have been a key instigator for why so many businesses are using Bluetooth to track assets. With devices being able to survive long periods with relatively small batteries, they can operate for upwards of a year without the need for replacement. And, unlike GPS trackers, Bluetooth trackers can be a relatively cheap investment.

By strategically positioning receivers around the workplace, businesses are able to track all discoverable Bluetooth devices. These devices are then attached to assets, with their tracking data logged. For using Bluetooth in larger workspaces, more receivers may be required to work together and create a larger field of range.

When interacting with devices, receivers can record and send data back to a single device. This can be either a computer, smartphone or tracking device. The data may include real-time location, location history, and the identification of employees who have used the asset.

The capabilities of a modern smartphone can seem endless. Features include high-level security identification, huge banks of memory, and faster graphic processors than a Microsoft Xbox 360 games console. In fact, the smartphone in your pocket most likely has more computing power than Nasa’s Orion spaceship that launched in 2014.

With all of this power, it comes at no surprise that businesses incorporate smartphones into their operations. As of 2014, 60% of employees use mobile devices for work-related activity.

In terms of using a mobile device to track assets, this can be achieved in a few ways.

With built-in radio antennas, one possible tracking solution is Bluetooth. As seen in features like Apple’s “AirDrop”, mobile devices can generate a two-way connection between it and another device through Bluetooth. This means, for example, a phone can be configured to act as a receiver and track the signal of a transmitter.

Another example is GPS. With a GPS-enabled tracker, employees can locate trackers in real-time. This can be beneficial for managing a fleet of vehicles or for tracking a postal delivery. Mobile devices themselves can also be tracked via an already-implanted GPS chip.

Smartphones are also capable of using their cameras to scan codes. This makes them an extremely useful tool when using Barcodes. By scanning a code, employees can read and update the data that is associated with that unique code.

The benefits are vast for tracking assets with a smartphone. Including the ability to quickly build an accurate asset register. And, helping to reduce data errors with less need for manual input. But one main advantage is the ease of accessing data for employees in the field. By having instant access to a company's asset register, field employees can read and update data anywhere at any time.

It may come to a point when, after days or weeks of research, all asset management systems options look the same. But, with our software comparison tool, we can provide you with a list of software solutions that best match your requirements - within minutes.

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 of 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.

Ghost Assets are assets listed on a company’s register that can not be physically accounted for. Although this could be for a number of reasons, inevitably the asset is either missing or unusable. And, if the system has not been updated to show this, a Ghost Asset is created.

Although it seems unfeasible for a missing asset to appear on a register, Ghost Assets can form from a number of errors. Including unrecorded trade-ins, mismanaged disposals, and inventory re-arrangement. On average, in 2012, 65% of fixed asset data was incomplete, inaccurate, or missing.

As well as adding to an in-accurate register, Ghost Assets also prove harmful to costs and productivity. This includes paying unnecessary taxes. For example, if a company can not account for 20% of its assets then it will pay more tax than it needs to. The same theory can be applied to insurance premiums.

With this in mind, it is best to act quickly and eliminate Ghost Assets. This is done by reviewing the current list of assets 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.

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 (RTLS), businesses can improve their overall asset management. As well as calculating a more accurate return on investment (ROI) for each asset.

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.

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.

Although cheap and easy-to-use, spreadsheets can prove costly to business operations. This is shown by the regularity of input errors and data duplications. As reported in 2015, human error was one factor in costing UK businesses an estimated £98.6 billion a year.

Spreadsheets, mostly associated with small businesses, are commonly used to manage inventory and track stock. In fact, these operations are so common that specific templates can be found online and downloaded within minutes. But, albeit a step-up from pen and paper, spreadsheets can actually do more harm than good to business operations.

As a company grows, so does the number of its assets. This requires large amounts of data to be manually imported into spreadsheets. But, with this data input, comes inevitable errors. And, even worse, these errors can be undetectable in such a large quantity of data. Eventually filling the spreadsheet with false information and rendering it useless.

Other disadvantages of using spreadsheets to track assets include the lack of usability and accessibility. A spreadsheet will give no indication that more than one user is editing data at the same time. There is also no audit trail, making it difficult to keep accurate counts of inventory.

However, there is a spreadsheet alternative that offers much more reliability; Asset Tracking Software. With a software solution, the quality and accuracy of asset data is significantly increased. This is made possible with features such as cloud and mobile access for multiple users, customised audit reports, and real-time management.

With access to real-time data, businesses are able to track and manage assets much more effectively. For example, by using GPS and RFID tags, managers can be alerted to the change of an asset's location. This information is then automatically updating in the system's centralised database. Unlike a spreadsheet, which would need to be updated manually resulting in the likelihood of an error.

There are two types of asset management systems most commonly used in business; on-premise and cloud-based. The former hosts all asset data on local servers. Whereas a cloud-based platform stores data on a provider’s servers and is accessed via the web. The need for fast data solutions has led to an increase in demand for cloud-based software. So much so that, as of 2014, 82% of providers built their applications specifically for cloud delivery.

On-premise systems are solely operated at the site of a business and installed only on their computers. This allows for greater control and security, having data stored in-house and on their own servers. However, this privilege can be expensive. An on-premise solution requires a large area of land, an on-site IT maintenance team, and server hardware. All of which can result in huge upfront costs.

A cloud-based asset tracking solution, on the other hand, requires no investment in servers or operating systems. This means it has very minimal start-up costs and is usually acquired on a subscription-based model. Being accessible via the web, cloud systems can also be implemented and deployed instantly. All that is usually required is an internet connection. This also means operations are not restricted to the workplace, as data can be accessed from anywhere.

With greater accessibility, cloud platforms can be efficiently utilised by field workers. Employees can access and update data from any location with a laptop, tablet or smartphone. This makes it particularly helpful for updating maintenance requirements, for example, on a construction site. Unlike an on-premise system that would require employees to use the software on installed locations only.

As well as wider accessibility, cloud platform vendors also provide an active support line for assistance. So, with this in mind, it’s no wonder 90% of Comparesoft customers prefer a cloud-based solution.

The use of Asset Tracking Software can benefit many businesses and industries that rely heavily on the upkeep of their assets. That includes schools, manufacturers, IT centres, healthcare facilities and brick and mortar retail shops.

Although mainly used to compile a complete asset library, the various features offered by an asset management system opens the door to a vast array of users. Such features include:

• Real-time tracking

• Calculated ROI for each asset

• Scheduled maintenance programs

• Forecasting and reporting

• Mobile accessibility

But, not all industries will benefit from the same features. For example, a manufacturing organisation will prioritise the need to schedule preventive maintenance programs over the need to access data via a mobile device. Whereas a retail company will rely on mobile access to enhance their point-of-sale (POS) strategy.

Other industries that can benefit include:

Schools and Educational Facilities

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. Which is where an asset tracking system can offer a solution.

By providing technologies such as QR codes and RFID tags, school asset managers can keep track of their most valuable assets. While also being able to collect all asset data in one comprehensive system that is available to all teachers, department heads and administrators.

Other benefits of using asset management tools in schools include:

• Operating an asset booking system with a check-in/check-out program

• Generate asset reports from each school department

• Use IoT devices to track assets in real-time

• Sharing forecasts with authorities such as local districts and MATs

Brick and Mortar Shops/Retailers

Enhancing the overall customer and POS experience is vital for businesses in the retail industry. Not only can this be achievable through help desk and service desk solutions, but also with an asset tracking tool.

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/Barcode scanners.

Other advantages include:

• Minimising stolen and lost assets in a bid to reduce shrinking

• Accessing real-time data such as location, condition and quantity

• Alerting managers and staff when an asset has been removed without being scanned

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 vendors 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.

Like other technology used to track assets and inventory, such as Bluetooth LE and Wi-Fi, Near Field Communication (NFC) transmits data wirelessly using radio waves. As a newer form of tracking tech, NFC is a subset of RFID and operates at a high-frequency range. But, unlike its technological parent, NFC works only at a very short distance and requires two devices to be within a specific range of each other - typically 4 centimetres.

The use of NFC technology can be seen in most modern-day transactions, such as transferring payments via mobiles or scanning employee badges for building access. As well as being used to track physical items, such as:

• Commerce products

• Containers

• Tools

• Equipment

• People

• Vehicles

• Spare parts

In terms of using it to track current assets and inventory, NFC technology is an affordable and easy-to-use tool. Whereas other management systems can be time-consuming and complicated, the steps needed to implement NFC for tracking assets are simple:

1. Assign an NFC tag to an asset

2. Attach the NFC tag to the assigned asset

3. Scan the tag with an NFC-enabled mobile

4. Read, update, and edit the data that shows up on the mobile

The use of NFC technology can be seen in most modern-day transactions, such as transferring payments via mobiles or scanning employee badges for building access. As well as being used to track physical items, such as:

Providing You With a Fixed and Precise Location

Once you scan an NFC tag, you’ll be presented with all relevant data relating to an asset. Within that data, will be the exact location of the asset that is associated with the tag. Whereas, if you opted for GPS location tracking, some GPS trackers will struggle to pinpoint an exact location of an asset if it is located indoors or underground, which most inventory is.

No Need for Specific and Expensive Hardware

Whereas RFID tags require specific hardware to extract asset data, NFC readers are typically stored on modern-day smartphones. This greatly reduces the cost of using NFC for managing assets and inventory.

Easily Edit and Update an NFC Tag’s Data

If an asset has been discontinued or inventory has been moved, you’re easily able to update an NFC tag’s data instead of removing it or replacing it. Whereas, if you were using a barcoding tracking system, a new barcode would need to be assigned, printed out, and attached over the old barcode.

NFC Tags are Quick to Scan

NFC tags are a popular choice because of their quick transaction speeds. For instance, an NFC mobile is always ready to receive a signal and can be scanned right away. Whereas using a mobile to scan QR codes can be time-consuming, having to load an App and focus on the code.

NFC Technology is Small and Inexpensive

Averaging under £0.10 for each tag and not requiring specific hardware, NFC equipment won’t cost as much as other systems. The small structure of an NFC tag also allows it to be placed anywhere without obstruction. Whereas a QR code would need to be printed large enough to be scanned without error.

NFC Tags are Durable and Don’t Require Batteries

The data transferred between an NFC tag and a mobile device is processed via a chip, with no battery power required from the tag. This allows the tag to draw power from the NFC reader and transmit data.