Your organization has jumped to Asset Tracking System now what…? What will be done through this Asset Tracking System? General and Basic aspects of asset tracking is known by all but what about the latest trends that are going on?
Latest trends or ongoing information about the system or software you are using is equally important as of the general and basic information.
Living in a technological world, we cannot judge the latest updates of asset tracking. Asset tracking is evolving continually.
Let’s start from the beginning.
What is Asset Tracking?
Businesses are continually using various kinds of assets to run their operations. Different departments have different inventories of their own or circulating within a department or sometimes across teams.
Getting out of reach of your assets and inventories or losing tabs on their movements can cost you with a disaster.
This is the only reason why your company, as well as other companies, follow the asset tracking system. Companies conduct asset tracking to monitor the asset’s where being and by whom the asset is being used at the given time.
Asset tracking system makes business workflows more visible and provides real-time access to companies. This importance runs the business operations successfully, therefore asset tracking is widely used in various industries, such as:
- Facility Management
- Food and Beverage
The asset tracking system provides you the solution to get rid of the manual method of data entry while handing over the equipment to different employees. This gives you the provision of eliminating the practice manual method full of typographical errors.
It gives you faster checkouts in the process with which you are allowed to reach higher efficiency and productivity levels.
The cloud-based system allows you to store asset information on a centralized database. This will keep all the departments of your organization on the same page and the access will be allowed to all for easy collaboration and mutual office tasks.
It will keep your data secure with frequent and simultaneous updates and backups. This will give you a forehand to not to lose any essential information at any point of time.
The online asset tracking system allows taking some host actions including:
- Generating customized labels
- Automated procurement
- Check on assets for maintenance and repair
- Tracking usage history of assets
- Monitoring work orders
Types of Asset Tracking System widely used?
There are many tracking systems available in the market; you can choose according to use, workflow nature of your business.
Barcode Asset Tracking
Barcodes are one of the oldest asset tracking systems. It gets frequent updates to stay relevant to the latest technological landscape. The biggest advantage for its use is its economic feasibility.
They are cheaper to buy. They are useful for tracking small-sized and low-value items. Barcodes can be read by both hand-held scanners as well as smartphone applications. They are available in many varieties with choices in shape, size, color, and material. You can select the type of barcode suiting your industry type.
RFID Asset Tracking
RFID is an acronym for “Radio Frequency Identification”. They are advanced with respect to the barcodes. RFID refers to the technology whereby digital data encoded RFID tags or smart labels are captured by the reader through radio waves.
It has a wider capture region by radius for its operation, therefore, can be used where assets are not easily accessible e.g. mines.
RFID tracking system is expensive to implement so are not suitable for small companies.
GPS Asset Tracking
Geotagging is the process of adding geographical identification to media as a geotagged photograph, this data includes latitude and longitude coordinates.
GPS tracking is usually used by sectors involved in construction which sends their assets to remote areas on projects. These tags are used to send location alerts to the server continuously so that you can track your inventory.
Modern tracking technology is advanced with the signal transmission that allows enough signal strength reception from the GPS satellite system which can be reported.
Moreover, it is very costly, therefore, recommended to only wealthy corporations.
Latest Trends for Asset Tracking System
Only opting and implementing the Asset Tracking System is not enough. Along with its basic and general aspects, you should know all of its latest trends. All the technological advancements that are discovered and are possible to be implemented in asset tracking should be kept under vision.
Following are some of the latest trends for asset tracking system:
Real-Time Data and Analytics
To gather accurate information about assets is the real challenge to face for every organization and however, it is the key to effective decision making as well. You should know about your assets location and working status and how much of your stock is under use to procure more of it.
You should keep an eye over the operational lifecycle of the equipment to schedule its maintenance and repair accordingly. It becomes essential for you and your employees to get the real-time location and status of the organization’s assets.
Real-time data and analytics are important to business for management and formulate well-grounded strategies. It improves assets visibility reducing the risk of theft and misplacement.
Upgraded Indoor Positioning Technology
An Indoor Positioning System (IPS) locates people and objects inside of a building, through this data is quickly collected for an impact on the construction industry. It works on many technologies like RFID, Wi-Fi but with emerging technology indoor positioning can create accurate data points from an image, called photogrammetry.
Many companies do not favor it as require high upkeep and discontinuity of signals in a harsh working environment.
The latest improvements include wireless networking technology which has vastly improved indoor positioning and accurate algorithms and blueprint buildings have upgraded the location siting of assets drastically.
The shift from manual asset tracking to computer programing has provided ease for management. Artificial Intelligence (AI) has taken this convenience to the next level by deducing when the equipment will need servicing or repair.
Reach and approach are big factors to work on today. The mobile application has fulfilled the gap.
Now it does not matter how far you are, whether you have a desktop or system with or around you. Simply, take your mobile phone and you are good to go.
Most of the asset tracking solutions nowadays come equipped with a mobile application. The mobile application helps you track your asset anywhere, anytime.
Mobile application helps you reach the data in the less required time with real-time information.
Blockchain Data Recording
Blockchain technology helps the business splitting the information into smaller blocks and link them with their past transactions using chains.
It is centralized in a digital form therefore; it is shared with everyone, but nobody can alter it. The main objective is to preserve previous data.
Knowledge of past data utilization information, the pattern can improve asset management.
NFC Tracking System
NFC is an acronym for Near-field communication. It is also referred to as CLTS i.e. contactless.
NFC technology simply tracks assets by tapping the assets and getting the details. Its cost is low, and durability tends to infinity.
The NFC Tags are faster, you just need to bring your phone close to one NFC Tag to record the monitoring. All the controls are updated in real-time.
All the information is stored in the cloud, so you can export reports for your customers or for business management, in a pretty faster way.
I think the above article must have given some clarification about the information you must focus on, for any new system installation. You must know all the currently existing information as well as upcoming trends for that system along with the latest news and technology updates.