An eCommerce business is a business model that allows organizations to sell their products to individuals & from business to business. An eCommerce business can take place over computers, mobiles, tablets, and so on. We know a big size eCommerce business can have millions of inventories to sell and assets for themselves. That is why it is important to ensure asset tracking is done properly. In this asset tracking guide, you will know various aspects of asset tracking that will help you in the eCommerce business.
What Is Asset Tracking?
Asset tracking is a technique that allows you to monitor your assets and inventories. This feature comes in handy when there are lots of assets and inventories.
You can know where they are located when their barcode tag, QR Code (Quick Response code) tag & RFID (Radio-frequency identification) tag is scanned it lets you know all the information related to assets.
Asset tracking is an important aspect of asset management.
What Are the Benefits of Asset Tracking?
The benefits of asset tracking are discussed below:
1. Saving from Theft
Theft is one of the main issues in all organizations, especially in the eCommerce business because there are inventories of all sizes big and small. Small inventories can be easily hidden in pockets.
Theft also impacts productivity & decreases the efficiency of the organization. Moreover, when an asset is stolen it directly impacts the bottom line.
Overall organizations suffer from millions of dollars lost every year due to asset theft issues. However, lots of organizations do not pay attention to this issue.
According to the Safe At Last website, “Employee dishonesty costs US businesses $50 billion every year” Bu when you use the asset tracking feature you can easily avoid assets from theft.
2. Avoiding Misplacement
Misplacement of assets is similar to theft in this case asset is not found where it was left. This occurs due to the employees' utilizing assets and leaving them anywhere and as a result, other employees' time is wasted.
As they look for an asset it decreases the efficiency of the employees. In the worst-case scenario, an asset is purchased unnecessarily. But you can avoid misplacement of assets as an asset tracking feature will let you know where the asset is located.
It is very beneficial in saving time for employees and eliminates the chances of purchasing assets unnecessarily. It is very important for eCommerce businesses.
3. Reduce Failure Chances
In an organization, maintenance is a major concern if asset failure occurs it can be an expensive repair. When you are keeping track of assets you can avoid asset failure so with proper tracking and monitoring.
You can know when the asset was given last maintenance and when maintenance is due. With asset tracking, you can keep track of maintenance and decrease maintenance expenses as well.
4. Helpful in Audit & Maintain Compliance
The audit is an important process of any organization. It lets you know the asset condition and is helpful in calculating the actual value of assets. However, it is a long and hectic process because assets are in different locations.
With asset tracking, you can easily bring back assets before the audit begins and it becomes a simple process to audit assets. Also, you can easily verify assets physically.
In some industries, asset tracking is important for maintaining regulatory compliance. If an organization is not found following rules, then the organization might have to pay huge penalties. So, these are the few important benefits of asset tracking.
In this asset tracking guide, you must know asset tracking techniques.
Below we have mentioned a few of the techniques:
Barcode, QR Code (Quick Response code), RFID Radio frequency identification, NFC (Near field communication), are used for asset tracking. These technologies have their advantages and disadvantages.
For example, the barcode is simple but cost-effective whereas QR Code is an advanced version of the barcode.
RFID is expensive than a barcode, QR Code but with an RFID scanner you can scan multiple tags at a time, so it is more productive, NFC provides real-time information and works more quickly, and NFC is expensive as well.
What Is the Role of Mobile and Cloud Computing Technology in Asset Management?
In an asset tracking guide, the mobile plays an important role because you can make changes with your mobile without coming to your office in order to make quick decisions.
Mobile applications and cloud computing technology give you the power to work from anywhere across the world. You can access files when you are on an office trip, and you are no longer bound to your office.
Since you are using cloud technology you do not have to worry about data security as well as the cloud service provider will be responsible for data security. Meanwhile, they keep data in an encrypted way.
Asset tracking with mobile apps gives you notifications and alerts as per the requirement. When inventory is below the defined level or whenever any update occurs in the procurement and requisition process.
With a smartphone, you can scan asset tags and labels that come in handy when you are mobile.
In the asset tracking guide, you must use advanced technology such as automated asset management software, mobile technology, asset tracking technique, and cloud computing technology.
You must use utilize these technologies; it is an effective guide for asset tracking. Once you implement these technologies you will see their impact in a positive way and your eCommerce business will grow.
Frequently Asked Questions (FAQs)
1. What is an asset tracking application? How does asset tracking work?
The tracking is done with an asset tracking label that is attached to the asset. Whenever you scan the label, it will let you know its information with the location. We know when equipment is not found it leads to a costly delay in production work, disappointing customers. Asset tracking eliminates lots of problems once and for all.
Asset management software is one of the best options you have for asset tracking. It plays a crucial role in effective asset management, and it can increase asset life. With this software you can have all the information such as who has the asset, who is using it when it will be returned, you can know its current location and status as well. Either asset is open, running, or closed when its maintenance is due.
2. Which asset tracking technology is useful for the transport and logistics industry?
GPS is one of the technologies that are very beneficial for the transport and logistics industry because it provides real-time information as it helps drivers in saving time by avoiding traffic jams and saving expenses. Moreover, in the transport and logistics industry delivery on time is very crucial GPS helps in achieving that as well. Furthermore, there are several other benefits as well.
3. Why is asset tracking important?
Below we have mentioned a few of the reasons why asset tracking is important!
1. Asset tracking is helpful in tracking the performance and evaluation of assets.
2. You can gather data on each asset in order to optimize each asset.
3. When you have automated asset tracking software, it will alert you in advance for maintenance and you can implement preventive maintenance.
4. With asset tracking, you can easily identify each asset specifically when there are lots of similar assets.