In the old days, companies used to track their asset by using traditional spreadsheets and ledgers, but now this traditional system is being replaced with revolutionary technology that can simplify cloud asset Tracking.

Now in order to understand cloud asset tracking we have to know how traditional asset tracking is done!

Traditional Asset Tracking

In the 1800s the invention of the machine-readable punch card was the major change in asset tracking. Smart devices allowed people to record a variety of goods. Commonly known today as tracking of assets.

In the 1960s, the world was introduced to barcodes, which are still doing good in present times. Moving forward 20 years to the 1980s, the traditional tracking system was launched which streamlined asset management even more, but the system wasn’t as efficient as it is now in the ’80s.

The system lacked the functionality of automatically updating asset records. After inventory barcode scanning, the information had to be recorded manually into computers.

As a result, the chances of human error increases, and data entered into the database is wrong so what was the impact, when you look for one asset you found some other asset. It also led to inaccurate data and based on that data decisions were also inaccurate.

Cloud-based Asset Tracking

More than 30% of all organizations do not know what they own, where their assets are located, or who is even using them? Add to this the fact that evaluating factors that influence the actual value of assets can take up valuable time.

Locating assets is a critical task for many businesses. Company-owned assets are stored and then shared throughout an office or spread out to multiple locations.

Assets are moved when needed by individuals or to be made available for different projects. The challenging part is keeping track of all the movements and changes of possession over time.

Also Read: 5 Common Asset Tracking Issues That Need to Be Addressed

Asset tracking software provides supercharged features best suited for the tech world. The software helps you take control of asset mismanagement issues and lets you do this in the most cost-effective way possible.

You can also quickly find out where each asset is located and see who the assigned custodian is if in case the system is assigned to anyone. This software can be fit for all industries whoever is looking to manage their assets in a more effective manner.

When you use cloud asset tracking it was helpful in reducing human error and data accuracy increased. Moreover, cloud asset tracking was also helpful in keeping assets safe and secure from theft. As cloud technology allows you to know the location of assets all the time.

Benefits of Cloud-based Asset Tracking Software

Following are the benefits of using Asset Tracking Software:

• Maintain asset records in a customized manner

In a fast-moving world of technology tech businesses need to upgrade their systems in their portfolio every few years. It is not restricted to the basic workflow. This rapid change means that the company acquires multiple gadgets at a time and discards the old ones.

In this scenario, the company might face challenges in storing and updating asset information every now and then.

Asset tracking management software allows you to customize fields according to your specific business model. Customization is everything to the tech business. The software puts forward such a solution for your fixed asset management needs and gives you the option to record additional information about your business assets.

As fixed assets need to be upgraded over time, so you can label their fields accordingly. This way you don’t have to create new templates every time when you add new items to your inventory, and you will be able to store all your asset information under one secure system.

• Track assets across locations

Cloud-based asset tracking software enables you to seamlessly track all your assets in one place. You can assign a unique asset code which will be a combination of company name, location, department and a unique number in addition to this barcode can also be generated for all items which you want to ship off and enter their departure location.

Whenever the assets are searched in the system they can be searched according to the location, departments, and type of assets. This way you can make sure your assets are not lost and can track the performance of the asset throughout its lifecycle.

Also Read: Advantages of Cloud-Based Asset Management System Over Self-hosted Asset Management

How Asset Infinity Can Help?

With Asset Infinity you can track all your assets across the locations, also you can see the status of the asset whether it is assigned to anyone or it is available in a spare. Also, the condition of the asset can be tracked, and non-performing assets can be discarded and replaced with new assets.

With Inventory tracking software, the spare parts for the assets can be maintained and maintain the stock availability for the spare parts.

It is very helpful while performing maintenance because the maintenance team must have inventory in hand in order to deliver effective maintenance.

Similarly, inventory is essential when you are in the manufacturing industry. This software alerts the team about the inventory level when it goes below the defined level.

EndNote

Cloud-based asset management software is any day better than the traditional method of asset tracking. It gives you more opportunities and scope to develop and grow more.

Moreover, you can access it anywhere at any time you want. It means that you are not bound to your workstation, you can update the information when you are away from your office. It also empowers you to change the priority of work as per the requirement.

When you use Cloud asset tracking technology you do not have to worry about data protection as data security will be the responsibility of the cloud service providers.

With cloud asset tracking you can save assets from theft and misplacement and increase the efficiency of your assets. Therefore, investing in this software is essential in order to grow your business.