An asset tracking system can be called as a combination of desktop software, barcode scanners, barcode labels, and mobile devices which helps to streamline the tracking of assets (e.g. equipment, items, tools, etc.) from their acquisition to their retirement in an organization.  

The IT devices like computers, printers, copiers, fax machines are in focus for every organization. It is not digestive to imagine a workspace operating smoothly without any of the IT devices.  

Accurate tracking of these IT assets is as important as sourcing them. From hardware to software, desktop to mobile, keep track of every IT asset which your organization owns.  

What is Asset Tracking Software?

Asset Tracking Software is a kind of software that enables tracking over the movement of IT devices, equipment, and software within an organization.  

The technology provides you with the inventory of software’s that makes up an IT environment and can track the assets of the organization.  

Asset tracking software is used by the network, system and IT administrators of an organization so that they can have a quantitative record and can keep physical monitoring over all the IT assets.  

Asset tracking software can scan the entire IT infrastructure for IT assets and keep records of the whole IT inventory in an organization. Some of the tasks that are performed by asset tracking software are:  

  • Inventory Management  
  • Tracking of Assets  
  • Maintenance Record Management  
  • Software Licenses and Vendor Contract Management
What is Asset Tracking Software?

Also Read: Everything You Need to Know About NFC for Asset Tracking

What can Asset Tracking Software do?

In information technology, asset tracking is said to be the process where the track of the movement of IT assets is kept throughout the organization.  

The process is practiced by the IT administrators and managers of the organization to have administrative control and insight into the movement of the entire organization.  

IT asset tracking software generally utilizes the inventory database to keep records and to maintain the inventory data.

Asset Tracking Software Capabilities

Asset Tracking Software provides tracking of assets, that can scan the IT infrastructure network and compiles an inventory of all assets in an organization.  

If any movement in the position of the device happens it is recorded for the future reference. The change in movement can be anything from a change in IP address, physical relocation of a device to software license expiration. 

Also Read: 7 Features to Look When Implementing Asset Management System

Why Asset Tracking Software?

The main objective of an asset tracking system is to maximize asset control efficiency and minimize equipment loss.  

Organizations should implement the asset tracking software compiled with asset management solutions and automated tracking methods with advancements like fixed scanners, bar codes, asset tags which will generate a report to managing and track the assets.     

In industries like healthcare and government, authority and regulations mandate that certain assets should be carefully monitored and managed.  

After recognizing the industries and their specific regulations, the customized asset tracking and management solutions can be developed and provided that will ensure that their ongoing regulatory compliance and selected industry-specific asset tracking solutions will meet regulatory specifications.  

What are the important uses of Asset Tracking Software?

There are few things that the organizations can do to manage their assets in a better way. 

  1. Finds Ghost Assets:
    In simple word ghost are those assets which are written in your data, but they are physically missing. So, with the proper Asset tracking and management, you would never lose any of your assets.
  2. Extend Life Cycle:
    With Asset tracking, you get regular updates for an asset for its maintenance and as a result, the life is extended of an asset.
  3. Minimizing Asset/Equipment Loss:
    When you have all the information about an asset or equipment on your system. Then asset theft or loss chances are reduced.
  4. Precise Asset Information:
    Tracking the asset can get you crucial information as 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.
  5. Save Time & Money:
    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 productivity. Therefore, you need to track and analyze your assets.
  6. Scheduled maintenance:
    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.
  7. Maximize Asset Efficiency:
    Proper maintenance of an asset not only lead to asset efficiency but also to a reduced risk of its sudden maintenance. Thus, the life cycle of an asset also gets increased.
  8. Establish Compliance:
    With the assistance of Asset Tracking Software, you can get a detailed report of compliance. Not just this, your organization comply with regulatory requirements.
  9. A Clear Plan:
    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.
  10. An Ongoing Process:
    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 put efforts for certain events like audits, which tend to prompt an asset management process.
Important uses of Asset Tracking Software

Also Read: What Are the Various Stages of the Fixed Asset Life Cycle?

An Ongoing Process:

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 put efforts for certain events like audits, which tend to prompt an asset management process.

EndNote:

Effective asset tracking solutions are critical for efficient location monitoring, inventory counts, and oversight of maintenance, asset condition, and depreciation for high-value and business-critical assets.

Asset management is very important for the compliance and managing the bottom line, at the same time it becomes especially complex for the organizations with multiple locations, fleets, field service workers, or other complex asset situations.

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