Easily Compare Asset Tracking Software That Meets Your Equipment, Tools, Inventory & Vehicle Tagging 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 Does Asset Tracking Software 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 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).

UK’s Best Asset Tracking Software & Tagging Systems

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

Why Is Asset Tracking Important?

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

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.