How to Track Business Assets and Equipment Like a Professional?

Asset tracking is a crucial process. It has to be implemented and worked out professionally. In fact, to make it work effectively, the user must be attentive toward its feeds, notifications, and alerts.

Mobile Asset tracking system has many elements and features that help the business to grow at a higher pace.

What is Asset Tracking?

Assets are the valuable items that an organization owns. Asset tracking refers to the tracking of these unique items or assets that are of concrete value to an organization.

Assets are generally counted as physical or fixed assets like computers, furniture, equipment, etc.

A unique asset ID is always assigned to the asset in order to track it and a durable asset tag is fixed upon it. This information is also added to the asset tracking system.

What is Asset Tracking Software?

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

The technology provides the inventory of software 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 keep physical monitoring over all the IT assets.

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

• Inventory Management
• Tracking of Assets
• Maintenance Record Management
• Software Licenses and Vendor Contract Management

The asset tracking system makes business workflows more visible and provides real-time access to companies. This helps run business operations more effectively. It is no really any wonder that asset tracking is widely used in various industries, such as:

• Healthcare
• Hospitality
• Manufacturing
• Education
• Banking
• Utilities
• Facility Management
• Food and Beverage

Also Read: How Fixed Asset Tracking Enhances Business Productivity?

What are Asset Tracking Methods/Techniques?

Organizations have acknowledged and realized they require a strategic approach to follow carefully the asset location until it reaches its desired destination and also track its subsequent movements.

Old: In light of this need, the process was created to keep track of an asset or inventory. However, it was all done manually using pen, paper, and spreadsheets.

New: As technology advanced, there were some new methods that came into practice and successfully handled asset tracking activity. They became very helpful by reflecting the required amount of data and information while saving time and money.

1. Barcode Asset Tracking

A barcode is a method of representing data in a visual format of machine-readable information about the item on which the tag is attached. A barcode represents data by varying in width and spacing of parallel lines.

2. QR Code Asset Tracking

QR code is the 2D variant of a barcode. 2D barcodes can be read using application software on mobile devices, such as smartphones with their in-built cameras.

QR code (Quick Response code) is the trademark for a type of matrix or 2D barcode.

3. RFID Asset Tracking

RFID is Radio Frequency Identification. It uses radiofrequency technology to send or receive the data. An RFID tag can hold more information about an item compared to a barcode.

There are 3 types of RFID, Low Frequency (30 - 300 kHz), High Frequency (3 - 30 MHz), and Ultra-High Frequency (300 MHz - 3 GHz). Overall, they can read data from a distance of 1 meter - 20 meters.

Latest trending technology in asset tracking

1. NFC Asset Tracking

NFC stands for Near-field Communication. It uses wireless data transmission to send and receive data from one device to another. Here, one device is used to transmit information and another to receive the signal. An active NFC smartphone can send and receive data and information via NFC.

2. GPS Asset Tracking

GPS is mostly used in vehicles, but a new trend has emerged with organizations using it for keeping track of assets and even employees as it assists in monitoring their exact location.

3. BLE Asset Tracking

It stands for Bluetooth low energy (BLE). BLE exchanges small data at a regular interval of time. Through BLE, you can track & monitor assets outdoors as well as indoors. BLE preserves energy and it can run for a long time.

4. IoT Asset Tracking

IoT (Internet of Things) is a system of interrelated computing devices, mechanical and digital machines, objects, animals, or people that are provided with unique identifiers (UIDs) and the ability to transfer data over a network without requiring human-to-human or human-to-computer interaction.

Also Read: Why Asset Infinity for Fixed Asset Management Software?

Why is Asset Tracking Necessary?

• Responsibility of Assets

All assets of an organization are continuously tracked by the organization itself. However, it is a costly affair to track and assign ownership to every asset. Therefore, the organization keeps a special track over the most important and useful assets.

The importance of an asset can be listed on the basis of a number of factors like sensitivity, criticality, monetary value, or regulatory compliance.

• Fixed Asset Planning

Fixed asset planning is a complicated process that runs on various correlated departments and elements with information like accounting, recording, and tracking.

Fixed asset planning is important as it provides granular details of every department, working in coordination with reports.

• Tracking every Asset

Though every single asset of the organization is to be tracked, often it may not be worth putting the same effort to track them. Based on the size of an organization and the number of assets used, it becomes necessary to focus on other worthy assets too, beyond regular tracking.

For example, for an owned building, its condition and depreciation need to be monitored. This is much more than just barcoding all the assets you own.

• Long-term Financial Planning

The long-term financial strategy provides a view of the gap that could arise between the organization's revenue or funding and capital expenditures in the future years.

Asset management involves detailed asset inventories with their operational and maintenance tasks and long-term financial planning to ensure the creation of reserves for reinvestment.

• MRO approach

MRO (Maintenance, Repair, and Operations) refers to the supplies and goods used in production processes but are not part of final products.

The principle of every organization is to manage its facilities at the least cost in the least possible time. With MRO support, the store organizes the right parts to the right places at the right time, thereby increasing the organization's operational efficiency.

Also Read: 5 Detailed Reports Expected from Asset Management Software

Why are Asset Tags Important?

Asset Tags are the labels identifying the equipment using a unique serial number or a code or a barcode.

The code affixed on an asset tag hold details of the asset. The details can include the item's manufacturing date, the company's name from which item was purchased, cost price, shelf life, name of the person to whom it is assigned, and other relevant information pertaining to the item.

Asset tags or asset labels are commonly made of anodized aluminum or laminated polyester. The common designs of an asset tag include the company's logo with a border for the pattern.

Asset tags are required to fulfill the need of keeping validated records. These asset labels encourage and assist insurance providers and the police department in tracking assets, in cases of damage or theft.

They are helpful in calculating the worth of equipment or assets at the business year-end reviews.

Asset tags have many practical uses:

• Retrieve stolen or lost equipment
• Keep proper asset records
• Keep a visual record for lease contracts and other arrangements
• Required by the insurance provider for recording and validation
• Required by police to track stolen or misplaced assets

Mobile Application for Asset Tracking: The New Trend

Mobile Applications for any software have become mandatory in today's business environment. They give the user more access to as many features as the web application.

Smartphones are convenient to use, and so is its application, as the user carries the smartphone all the time and everywhere.

A mobile Asset Tracking System provides the service fingertips away with 24*7 access and handy convenience. If you want to know about the location of an asset, you need not rush to the desktop always. You can simply use your smartphone and access the application software.

Mobile technology for asset tracking system has provided the ability to ask queries, resolve issues, and get on-time practice. You will be able to look up for the updates and information even if you are away from your workplace.

Mobile Asset Tracking Software gives you total access to the Asset Management and Tracking Software on your palms, in real-time and is organized exactly as per custom requirements.

Also Read: How Can Asset Tracking Software Boost Your Business Efficiency?

Conclusion

There is no doubt that the mobile asset tracking system provides tremendous advantages no matter what the size of an organization is. Asset tracking is successful across all industry verticals. It's simple that if you want to grow your business, asset tracking is necessary for you.

The system has the capability to take the business to another level of operational efficiency. If you are looking for assistance in installing the asset tracking solution, the Asset Infinity team can support you.