Fixed Asset Tracking should not be unknown to you if you are already running a business. But if you are new in the business world indulged with any industry, it doesn't matter then, you should know about fixed asset tracking.
Be ready to “manage & track” and not to lose in the market game. The use of Fixed Asset Tracking software would help a lot to tackle the greedy situations of the competitors.
Thanks to the mobile and cloud technology they have now a solution for asset tracking as well. Technology to track the assets does exist.
Nowadays work is done with a significant percentage of less staff to take on a higher volume of work that also without adding headcount.
What is Asset Tracking Software?
Asset tracking is to track down your fixed assets, using several techniques and methods including barcode, RFID, NFC tags, etc.
Fixed asset tracking is important for your organization, for its foundation and compliance, you will be responsible for locating and replacing the lost or missing of physical assets, as well as for those that have come to an end of their lifecycle.
Asset tracking software solves several business challenges, with its framework which allows the organizations to become more efficient and boost their bottom line by making the best use of existing resources and to achieve the appropriate results.
The IT devices like computers, printers, copiers, fax machines are more examples of fixed assets which are in focus for every organization.
Accurate tracking of fixed IT assets is as important as sourcing them. From hardware to software, desktop to mobile, you should keep track of every fixed asset you own.
Also Read: What is the Need for & Importance of Maintenance Management?
How is Fixed Asset Tracking important?
Here are the few reasons why asset tracking is important:
- Asset Information on fingertips - When you have all the data on your system or mobile you can efficiently & easily manage your asset.
- Improved Customer Service - Whenever you improve your system, your customer undoubtedly will be happy. Whether this improvement happens in terms of operation or managing inventory.
- Real-time Information - Get the exact location of an asset, who is using that asset & you can also manage your asset from other locations. Also, no chance for asset loss or theft.
- Increased Productivity - You can streamline your operation & identify issues before it becomes an actual problem. Better planning & resource utilization in operation.
- Saving money - Unexpected maintenance can be a huge problem if you not cared for properly. Through asset management software, you get the notifications and alerts of maintenance on a regular basis. It will increase its lifespan.
Benefits of Fixed Asset Tracking
The fixed asset tracking can be discussed as a combination of desktop software, barcode scanners, barcode labels, and mobile devices which helps to streamline the tracking of fixed assets such as equipment, items, tools, etc. from their acquisition to their dispose of.
Barcodes are the solution to fixed asset tracking in a great manner; barcodes are standard for data collection and tracking of assets, labeling each asset with a unique bar code identifier so that they can be recognized and tracked individually.
These barcodes include information which is critical to business (project name, asset category, etc.). Barcode scanners read each barcode allowing the organization to count their fixed assets more quickly and accurately without the risk of human error.
There are numerous benefits of fixed asset tracking system some of them are:
- Improved efficiency and low cost
- Adjust company records such as updated information when calculating taxes and costs for each department
- Quickly and easily locate assets at any time at though at real-time
- Conduct asset tracking using fewer resources
- Track and reduce asset loss and utilize assets more efficiently
- Improve customer services through improved asset tracking and management practices
- Assures accountability and accuracy with asset loss and management
- Immediately know the exact location of the asset
Also Read: Barcode vs QR Code vs RFID vs NFC vs BLE vs GPS: Which One Is Better?
Tips to make Asset Tracking more Useful
There are some asset tracking useful tips that will assist you in tracking your fixed assets in the most efficient way:
- What you need to track
- Full project life cycle
- Your company's priority
- Reporting and analytical functionality of the software
- Visibility to the asset purchase
- Track of assets that comes to your company
- Unique asset tracking numbers
- Sustainability of the service
- Accurate difference between asset tracking and inventory tracking
- Conducting equipment analysis
- Balance sheets, opportunity, and risks against assets
- Optimizing asset's life cycle
- Asset gap strategy
- Database of your assets
- Know about ghost assets
Important uses of Asset Tracking Software
There are few things that organizations can do to manage their assets in a better way.
- Ghost assets are those assets that are written in your data, but they are physically missing. So, with properly fixed asset tracking, you would never lose any of your assets.
- With fixed asset tracking and management, you get regular updates for an asset for its maintenance and as a result, life is extended of an asset.
- When you have all the information about an asset or equipment on your system. Then asset theft or loss chances are reduced.
- Tracking the fixed asset can get you crucial information as to who has the asset, what is its current state, where is it located when you have precise information it will help you in making a better and clear decision.
- If a machine is not working properly that means it requires maintenance and it can take a lot of time & money. As a result, it can dis-organize your workflow and lack of productivity. Therefore, you need to track and analyze your assets.
- You will get alerts and notifications for the asset maintenance which means you do not have to worry about the scheduled maintenance. As well as no need to feed it manually in the record as an asset management system does it for you.
- Proper maintenance of an asset not only leads to asset efficiency but also to a reduced risk of sudden maintenance. Thus, the life cycle of an asset also gets increased.
- With the assistance of Asset Tracking Software, you can get a detailed report of compliance. Not just this, your organization complies with regulatory requirements.
- Doing the process in clear steps always helps to make it run smoothly and efficiently. You need to take your own time to find, examine, and analyze all your licenses as a starting point and move onto the next step when you have completed the first.
- It is an ongoing process; it can be utilized to get a regular track and maintain a part of the business as a practice. This approach will ensure that your organization puts efforts into certain events like audits, which tend to prompt an asset management process.
Also Read: Importance of Asset Tracking in Manufacturing Industry
Effective fixed asset tracking is important for efficient location monitoring, inventory counts, and oversight of maintenance, asset condition, and depreciation for the high value of fixed business assets.
Asset management is very important for compliance and managing the bottom line, at the same time it becomes especially complex for organizations with multiple locations, fleets, field service workers, or other complex asset situations.