What is Asset Tracking Software?

An Asset Tracking Software gives you the ability to manage all company assets in one centralised asset tracking system. Applications can offer barcode solutions, real-time tracking, quick and detailed reports, and much more.

When considering an asset system for your business, it’s important to understand what you want from it. For instance, do you need an asset tracking system? Or do you need an asset management system? There can be many varieties when it comes to choosing between either of these applications.

The purpose of asset tracking is to answer the question, “how many (product) do I have?”. By using this method, you can then begin to build and keep a real-time directory of all assets in one system.

As a business, it is essential to be aware of the location and working condition of all company assets.

7 benefits of an asset tracking system

The video above shows Lufthansa Technik’s ground support tracking system; just one success story of asset tracking in the workplace. The German-based company utilises GPS, RFID and Barcode asset tracking via a cloud-based smartphone app. As a result, it has made the tracking of equipment much easier and quicker for its employees.

As Lufthansa Technik have shown, the advantages of implementing an asset tracking system can be hugely beneficial for all types of businesses. Different systems can offer a range of applications, such as GPS Asset Tracking, Barcode Asset Tracking and more.

Below, we’ve listed 7 benefits of tracking assets in the workplace:

1. Comprehensive cloud-based directory

Applications can allow you to build and maintain a complete and easily accessible cloud-based directory of all physical company assets. This gives you the ability to track all assets anywhere at anytime via desktop, tablet or mobile.

2. Real-time tracking

Real-time tracking allows you to track assets as they arrive and leave or as they’ve moved location. Having a complete knowledge of assets going in-and-out of your company can be crucial for efficient data management.

3. Avoid assets being lost or stolen

Effective features, such as GPS asset tracking, let you continuously track your 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 tracing an item that has been detached from a big batch order, saving significant man-power and time on looking for the item.

4. Calculate asset life-cycle

You sill be able to know when an asset is deteriorating or devaluing by calculating and understanding it’s life-cycle. By knowing the life-cycle (when it was brought, how often it is used, etc.) you can avoid unnecessary costs and plan effectively for it’s replacement.

5. Schedule maintenance or repairs

By having as much data as possible about an asset’s life-cycle, you can then begin to schedule and plan maintenance and repairs. A maintenance and repair schedule can allow for all employees to be alerted to asset’s being unavailable during a certain period of time.

6. Export asset reports within minutes

Asset tracking software allows you to 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.

7. Accuracy and peace of mind

Finally, using an asset tracking system guarantees you peace of mind that you have achieved complete accuracy in the detailing of all company assets.

What are your company assets?

Tracking company assets can be extremely efficient and highly beneficial for both time and cost management. Whether you’re a small or large business, having access to asset tracking software in the UK allows for easier management of all company assets in one centralised system.

By defining your business assets, you can achieve a much better understanding of what application suits you best. The vast majority of asset tracking applications are built to register all company assets. Although some applications have specific variations, such as IT Asset Tracking Software.

Company assets can include the following:

• IT equipment and hardware
• Software
• Mobiles and tablets
• Tools
• Vehicles
• Machines
• Furniture
• Important documents