7 Most Common Methods Used for Asset Tracking

What is Asset Tracking?

Asset tracking is the process of tracking the asset's location and it is also known as asset management. The main objective of asset tracking is to avoid asset theft and loss, gain valuable business information, & maximize operational efficiency.

However, for Asset tracking, there are several options available but how you will you know which method is best for your business? Hence, we are discussing the 7 most basic methods that are used for asset tracking! It will assist you in understanding these methods.

Suggested Read: Asset Tracking Software Features

Pen & Paper method

When there were no technologies then the pen & paper method was used. This was the first traditional and most basic method used for asset tracking. However, some companies and organizations are still using it.

Although it has more disadvantages rather than advantages. As employees will spend time on searching asset information, which results in decreased productivity & wastage of manpower.

Spreadsheet approach

The spreadsheet approach has some advantages over the pen and paper method. This spreadsheet is used to put information about each asset so that employees can retrieve asset information at the need of the hour.

However, the spreadsheet approach has some problems too, here is an example. The spreadsheet is accessed by many employees and when many employees put information about the same asset, chances are there will be wrong data can be filled in the spreadsheet resulting in inefficient asset tracking.

Barcode (QR Code)

This was the first technology which was very effective & reliable in terms of asset tracking. Barcode is a series of black and white parallel lines. They are very economical in price. Everyone must be familiar with a barcode you can see them almost every product.

Barcode removes the problems of spreadsheet usage. It is simple to use. Your employees easily keep data updated. It also gives lots of data which was unthinkable in earlier approaches.

The problem with barcode is that they need to properly align in a straight line in order to get scanned or to get information and if the barcode has tampered then the scanner will not be scan barcode.

Nowadays QR-code is also very popular! it is just an advanced version of the barcode. It has a square & rectangle shape with black pixels in it.

Suggested Read: Barcodes/QR codes Vs RFID Tags For Asset Tracking

Radio Frequency Identification (RFID)

The technology of RFID is almost the same as the Barcode. However, RFID works faster compared to the Barcode scanner. It uses radio waves to track product information. It enables digital data encoded in RFID tags.

In RFID the data from a tag is captured through a reader device and transferred to store in a database.  RFID is more protected as it has a waterproof layer for its security.

Near Field Communication (NFC)

NFC and RFID are quite similar to each other. In order to keep track of your inventory and asset, you do not any specific scanning equipment. You can use your smartphone for asset tracking. However, it has only a few inches of range.

Therefore, you cannot use it from a distance, you have to stay close to the asset or inventory. NFC processes in no time making it very quick and efficient. You don't have to focus it to scan just take it close and read automatically.

Bluetooth Low Energy (BLE)

For fulfilling the purpose of asset tracking Bluetooth low energy can be used in many ways. First of all is via smartphones, you can have moving trackers which produce Bluetooth signal & these signals are picked by smartphones (ensure Bluetooth is enabled).

Similarly, moving tracker signals can be picked by Bluetooth getaways and so on. For very accurate tracking, you can install more BLE beacons for precise positioning of assets.

Global Positioning System (GPS)

Global Positioning System tracking was initially started to fleet management. But this technology has not just used in the automobile industry but also in other industries. GPS tracking allows you to track your assets across the world. It monitors your asset and inventory efficiently.

In a simple way, there is an  “eye in the sky” which gives you all the information you need about your asset. The only issue with GPS tracking needs quite some energy.

Suggested Read: What Are the Benefits of Tracking Assets Through GPS Devices?

Conclusion

All of these methods are used for asset tracking! But why it is so necessary? As it provides numerous benefits to the company! It lets you know the location of your assets quickly and what is the current state of the asset.

Asset tracking optimizes asset and also helpful in asset tracking. It offers great assistance in customer service. Asset tracking saves assets from theft or loss.

You can choose any of the approaches for asset tracking. However, it is very crucial to understand what are your business requirements? Which technology will be best for your business in order to become a successful company in the market?

If you are still in a dilemma in which technology will be best, Asset infinity can help you in asset tracking & management with its asset management software.