What Are the Technologies Used for Effective Asset Management?

For effective asset management organizations need to improve their daily operations and business growth is the need of the hour. However, managing assets manually brings new challenges every day which impacts business in every way. That is why organizations need to invest in technologies for effective asset management. So, without wasting any time let us begin! But first, let us cover the basics!

What Is Asset Management?

Asset management is the process of controlling, tracking, and maintaining assets so that return on investment can be increased. Asset management is helpful in increasing asset lifecycle and asset performance can be maximized.

Asset management software automates the asset tracking, asset monitoring, and managing process. It lets you know the physical asset location and other crucial information that help organizations.

Assets such as vehicles, heavy machinery & inventories that an organization owns are tracked with asset management software.

According to Markets and Markets, “The global software asset management market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 18.1% during the forecast period, to reach USD 4.8 billion by 2026 from USD 2.0 billion in 2021.”

What Are the Technologies Used for Asset Management?

Technologies used for Asset Management are discussed below:

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1. Artificial Intelligence

Artificial intelligence is important for improving daily operations and optimizing asset performance, especially in the manufacturing industry. in order to do that lots of techniques are used such as troubleshooting, identifying, and removing bottleneck issues above all artificial intelligence is used.

With artificial intelligence, you can get information about asset behavior that helps you make better decisions. Moreover, with this information, you can improve asset performance and if sudden breakdowns occur frequently, you can identify the root cause and eliminate the issue properly.

2. Labels & Tags

Tags and labels can play a crucial role in effective asset management. As they provide real-time information & location of assets all the time. A label is attached to the asset and each asset has a unique identification number that number is stored in the asset management software.

Whenever this tag is scanned it automatically provides all the information related to it. The tag provides accurate data. For asset tracking, there are several asset tracking technologies available that come in the label chips tags, etc. A few of them are discussed below:

I. IoT

The Internet of Things has become a trending phenomenon for asset management. As it can be used with sensors, and cloud platforms and provides valuable data.

IoT is effective and used in all industries. It plays a crucial role in optimizing an organization’s bottom line and efficiency.

II. Ble Beacons

For indoor and outdoor tracking BLE can be utilized. BLE is mainly used for premises of the organization, industries such as aviation, oil & gas, construction, etc.

BLE has a long battery life and good range as well. BLE trackers or beacons send signals frequently. The BLE reader records all the information of assets.

III. GPS

For outdoor asset tracking, the global positioning system is widely used. Mostly GPS is used by the manufacturing industry and construction industry as their assets including vehicles are moved from one location to another.

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IV. NFC

Near-field communication works like RFID technology as it also has a reader and electronic tags, but it works faster. It is used in inventory management and asset management.

NFC is popular because lots of smartphones come with this technology and contactless payment can be made easily and quickly. Most importantly, it can scan multiple tags in a single shot.

Other than this there is Barcode, QR Code, and RFID asset tracking is also used in asset management.

3. Data Analytics

Data analytics is one of the most important key factors for asset management. As it is helpful in analyzing asset performance that helps the organization in making informed decisions.

It can provide crucial information that helps organizations in setting future goals and creating baselines so that the performance of an asset can be calculated.

4. Cloud Technology

One of the most important technologies for asset management is cloud technology. Cloud-based asset management software enables organizations to access from anywhere across the world.

You can make changes in the work operation and in the maintenance work as well. Moreover, on a priority basis or as per the requirement you can create a work order so that productivity can be maximized.

Other than that, you can get customized reports as per your needs within just a few clicks. On your device, you can check the real-time location of all assets.

Conclusion

When your organization has lots of assets or huge assets that need to be maintained then investing in asset management software is crucial for the business. Otherwise, sudden equipment failure can occur, and daily operations can be compromised. With this software, you can ensure asset maintenance and monitor assets easily.

Apart from that, there are several other benefits you can achieve with asset management software such as better return on investment and increased efficiency of assets.

Human errors and manual methods are also minimized with this software. Investing in technology is the need of the hour and along with your business will get an extra edge.

Also Read: 5 Reasons Why Organizations Should Implement EAM Solutions?

Frequently Asked Questions (FAQs)

Q.1 - What Are the Various Asset Tracking Technologies?

Various asset tracking technologies are barcode, QR (Quick Response) code, RFID (Radio-frequency Identification), GPS (Global positioning system), BLE (Bluetooth low energy), IoT (Internet of Things), and NFC (Near field communication).

Q.2 - Which Is the Old Asset Tracking Technology?

One of the oldest and most cost-effective asset tracking technologies is Barcode. It is widely used in all industries from inventory management to asset management and it is used in all sectors. It is easy to use and works good provides accuracy as well.