Buyer's Guide for Asset Tracking Software
What is Asset Tracking Software?
The main purpose of asset tracking software, is to answer the question; "how many (product) do I have?".
Whether you’re a micro-business, small business, or large business, the ability to track all assets in one centralised real-time directory can be hugely beneficial.
A centralised directory can include anything, and everything, about an asset. Including an asset's current working condition, where it is located, which employee used it last, and when it is due for maintenance.
With the ability to access data in real-time, asset tracking software can help reduce the possibility of assets being lost or stolen. While also assisting in identifying and removing ghost assets.
Modern systems include a vast array of tools to collect data and use it efficiently. Such tools include RFID tracking, barcode solutions and real-time GPS tracking.
An asset tracking system can also generate accurate inventory reports for audit purposes, which can eliminate the error-prone manual process of collecting asset data.
7 Benefits of Asset Tracking
1. One Comprehensive Directory
Asset tracking software can allow you to build and maintain a complete and accurate directory of all physical company assets.
2. Cloud-based Access
Most modern software gives you and your staff the ability to manage all assets anywhere at any time.
3. Real-time Tracking
Real-time tracking allows you to track assets, with the use of tracking technologies, as they arrive and leave. Having complete knowledge of assets going in-and-out of your company can be crucial for efficient data management.
4. Avoid Assets Being Lost or Stolen
Features, such as GPS asset tracking or RFID tracking, let you continuously track assets. By knowing the location of assets, you'll be able to reduce the number of items that are either lost or stolen in the workplace. This can also be useful when tracking an item that has been detached from a big batch order, saving significant manpower and time looking for the item.
5. Calculate Asset Lifecycle
You will be able to know when an asset is deteriorating or devaluing by calculating and understanding the lifecycle. By knowing an asset's lifecycle, from acquisition to disposal, you can avoid unnecessary costs and plan effectively for its replacement.
6. Export Asset Reports Within Minutes.
Export and download detailed reports of all company assets within minutes. This can be extremely time-efficient when producing quick and accurate reports for an internal or external audit of company assets, as opposed to doing it manually through an asset tracking spreadsheet.
7. Find and Remove Ghost Assets
When an asset is either lost or unusable, but it is shown as active on an asset register, this is called a ghost asset. An effective system can help identify these ghost assets to help avoid decreased productivity and unnecessary costs.
Typical Features Found in Asset Tracking Software
Most modern asset tracking systems feature cloud-based apps that can allow you, and your employees, to check and update asset data anywhere and at any time. This can be done with smartphones, tablets or specific devices.
The use of tracking features, such as GPS, RFID and barcode tracking, allows you to quickly track and locate the geographical location of your assets.
Track the exact route of an asset that is being transferred from one location to another, in real-time.
Asset tracking software can learn and understand the data and trends of an asset's lifecycle, including when maintenance is due. This can significantly reduce an asset's downtime and reduce unnecessary spending and repair costs.
You can set customised trigger alerts to notify a user on specific asset data. For example, an alert can be sent to a specific employee when an asset's warranty expiry is approaching.
Industries Using Asset Tracking Systems
Healthcare and Hospitals
Medical equipment can have significant value, which is one of the reasons why hospital asset tracking is so important. The range of assets in a medical setting is vast and can include machinery, medication, medical waste, computers, patient documents and more.
Education and Schools
Limited budgets mean cost management is vital in education. Effective asset tracking software can save money by increasing accountability and reducing the amount of lost or misplaced assets. Education assets can include computers, textbooks, furniture and office supplies.
Like in most industries, the cost management issues that an IT business faces are asset maintenance and replacement costs. Implementing software gives IT industries a better understand of asset lifecycles, which allows them to know when to replace an asset or upgrade it.
Large manufacturing plants can be full of assets, both large and small. By implementing a management system, it can both cut down on time wasted locating components and tools and allow for appliances to run at maximum ability during operation.