What Are the Important Features to Look for in an Asset Monitoring Software?

Quite often it has been seen that employees do not find their assets at the location where they left them. These types of scenarios are extremely dangerous for business as they can be harmful to your business by decreasing the productivity of the organization and employees' productivity as well. How? When employees do not find the required asset, they spend their time looking for assets.

Even after spending a lot of time looking for assets, employees do not find them. As a result, not only time is wasted, work hindrance occurred but the organization must buy a new asset unnecessarily so unnecessary expenses also increase.

What Is Asset Monitoring Software?

Asset monitoring software is automated software designed to keep track of asset movements. It provides information in real-time and avoids asset theft and misplacement. As we know asset theft is huge in all industries.

However, asset monitoring software helps in eliminating asset theft and asset misplacement issues easily and effectively.

Asset monitoring is important for all organizations. Several organizations keep track of their assets with spreadsheets, but it is not an efficient solution as spreadsheets do not provide results with accuracy.

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What Are the Benefits of Asset Monitoring Software?

The benefits of asset monitoring software are given below:

1. Asset Tracking

Asset tracking is the basic requirement for all organizations. As it provides all the information related to each asset individually.

You can know where the asset is located, who is using it, and what the status of the asset is. All these distinct types of information and data are useful in setting long-term objectives & strategic business decisions.

2. Reducing Asset Theft

As we said earlier that asset theft is a big issue across all industries. It can seriously impact your business efficiency. However, with asset monitoring software organizations can easily avoid asset theft.

It will assist in increasing productivity & reducing expenses as well. Asset monitoring provides each asset’s accurate location.

3. Increasing Asset Usability

In order to increase asset utilization, one must know where all assets are located. However, it is not an easy task, that is why lots of organizations are not able to utilize all their assets.

Moreover, with asset monitoring software you know the exact location of each asset which increases asset visibility, and you can utilize each asset efficiently with proper planning.

4. Increasing Asset Life

An automated asset monitoring software tracks an equipment’s condition, location, and performance with the asset tracking tags to empower top-level management to see whether the equipment is working appropriately or needs repairing.

With this information, asset downtime can be reduced, and the asset’s life expectancy can be optimized and enhanced.

5. Maintenance Tracking

Another major benefit of asset monitoring is providing crucial data that is helpful in maintenance tracking. When the last maintenance was provided, what were the issues and asset performance?

This type of data is provided with an asset tracking tag as they are helpful in scheduling asset maintenance and keeping track of asset performance as well.

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What Are the Key Features You Should Be Looking at in Asset Monitoring Software?

Key features you should be looking at in asset monitoring software are given below:

1. Predicting Asset Failure

Predicting asset failure can be extremely helpful in avoiding extra maintenance expenses as this system offers real-time information. Sudden asset failure is very costly compared to regular maintenance.

Moreover, sudden asset failure impacts daily operations. With an asset monitoring system, organizations can predict when asset failure can occur. That will help in avoiding sudden asset failure thanks to its real-time information feature.

2. Alerts & Notifications

When your organization is equipped with automated asset monitoring software you do not have to worry about asset monitoring & maintenance.

Alert & notification features come in handy in various scenarios, for example whenever an asset goes outside the premises of the organization it alerts the employees about asset location in real-time.

3. Set Reorder Level

Whenever inventory goes below the defined level the system alerts the inventory team and the responsible person refills inventory in time. So that out-of-stock issues can be avoided easily.

Setting a re-order level is useful for all industries as inventory is essential for all industries. Inventory is required to perform effective maintenance. Hence, keeping track of inventory is significant otherwise effective maintenance will not be delivered.

4. Accurate Reports & Analytics

One of the most effective key features is reports and analytics. They are helpful in discovering problems and pitfalls and data can be used to resolve and overcome all those problems as well. Furthermore, reports assist organizations in making informed decisions.

Conclusion

Investing in an asset monitoring software is an effective solution when asset management is a huge issue. It comes in handy when you have to manage assets located in multiple locations.

Furthermore, as we discussed, it provides lots of benefits. When you are investing in asset monitoring software, the above are mandatory features.

Also Read: Businesses Must Know About the Best Practices in Asset Monitoring

Frequently Asked Questions (FAQs)

Q.1 - What Are the Important Asset Tracking Methods?

There are several asset tracking methods available such as Barcode, QR (Quick Response) Code, RFID (Radio Frequency Identification), GPS (Global Positioning System), BLE (Bluetooth Low Energy), IoT (Internet of Things), NFC (Near Field Communication), etc.

Q.2 - What Is the Specialty of These Asset Tracking Methods?

However, all these technologies are specially designed for the special type of asset tracking for example if you want to perform outdoor asset tracking then GPS is the right option. If you want to do indoor tracking, then BLE is the right choice. If you want to scan multiple items at once, then you can choose RFID. If you do not want to spend much then you can go for Barcode, QR Code. But all these techniques have their own advantages and disadvantages.

Q.3 - Why Are Asset Theft and Asset Misplacement a Big Issue?

Asset theft and misplacement are across all industries because they can be extremely dangerous for business. According to Statista, “the consequences of device theft or loss according to internet users worldwide as of June 2015. During the survey period, 25 percent of internet users reported that they permanently lost valuable personal assets such as photos, videos, etc. as a consequence of the theft or loss of a device.”

Asset misplacement leads to operation hindrances it can be dangerous when you are into production work. Furthermore, when asset theft occurs organizations must purchase assets unnecessarily which impacts the bottom line as well.