Asset tracking can be of significant value to businesses across different industries. However, most companies do not prioritise asset tracking, and some are unaware of the concept. Do you know what asset tracking is and how it can benefit your business? Do you have high-value assets that you would like to control? We have the right solution just for you. Read on to learn more about asset tracking.
What Is Asset Tracking?
Asset tracking is a straightforward concept. Simply put, it is a technique allowing you to track your business’s physical assets. You can do this by using tags utilising RFID or GPS or scanning the bar code labels attached to your assets. In doing so, you can see the exact location of your assets.
Essentially, an asset tracking system gives you accurate real-time data of how the assets are being used and how they contribute to the company’s bottom line.
The asset tracking scope is quite vast as it can track small assets like pagers and laptops and track fixed assets like a warehouse. Overall, most companies monitor movable high-value assets that require remote monitoring. These assets can include shipping containers, railway vehicles, and moving and construction equipment. It is worth mentioning that if anything goes amiss, tracking systems can send alerts to the manager.
How Does Asset Tracking work?
Asset tracking software is quite simple to use and understand as most of them are cloud-based, and you can sync them with a mobile app. They may also come with a mobile/portable barcode scanner that you can use with mobile devices, allowing you 24hour access to the whole lifecycle of your company’s asset. You can see the asset’s location, check out and check-in status, and maintenance reports.
Asset tracking allows you to monitor your company’s assets. You no longer have to spend extended periods looking for an asset that has gone missing in the office or transit. Besides, you only need to use a single log inventory system to document and keep track of all your assets.
Benefits Of Asset Tracking For Your Business
There are multiple benefits of using asset tracking for your business. Here are some of the benefits:
Efficiency: Your company’s assets are usually passed between different employees and then to a service provider. This leaves a high possibility of the assets getting misplaced or lost, leading to a loss in productivity and revenue.
According to Telsyte Track and Monitor Study, Australian companies that do not use asset tracking systems are likely to have their assets misplaced by 46%. You do not have to deal with this problem with asset tracking software, as you can efficiently keep track of all your company assets.
Employee habit tracking: An asset tracking system can log and showcase the company’s asset information throughout the day. This means you can also track the employees’ actions using the asset from their engine hours to any unauthorised use. You do not have to micro-manage the software as it runs in the background, so you can always see how the employee handles the company asset.
Deters theft: This is perhaps the most crucial benefit of tracking systems. Investing in asset tracking software ensures you have peace of mind knowing your assets are secure. According to a 2019 Telsyte Telstra Track and Monitor survey, Australian organisations lose 6% of their assets yearly. You can alleviate this by investing in tracking software.
Maintenance: You can set your asset tracking software to track scheduled maintenance. Doing so ensures that you get an email or SMS notification whenever it is time for maintenance.
Data-driven insights: Collecting data on your assets lets you have data-driven insights on how your equipment is used. This information can be pretty valuable to your business strategy.
Centralisation: Having an asset tracking system allows you to have your data in a centralised database, making it easier to track everything. You can keep an eye on your asset’s location and volume 24/7, from the convenience of your mobile app or desktop.
Best Asset Tracking Software
There are many brands or models of Asset Tracking Software available, however, depending upon your specific needs, AssetTraq Mobile is a popular choice. AssetTraq is a great solution for just about any business that needs to keep track of its assets. With barcode technology, it’s easy and straightforward to use – you can even print out labels! AssetTraq makes sure you’re always up-to-date on who has what and when with this complete package.
Most asset tracking systems are often billed annually and can add significant value to your business. Many companies offer asset tracking services, so it would be best to do your due diligence before choosing a company whose services you will procure.
For more information about asset tracking software, please visit the ASP website. Our team would be happy to discuss your needs and to help you build new, more efficient workflows that will support the best operation of your warehouse or store.
We have the right tools for companies of all sizes and will work to accommodate your business, supplying you with technologies that are tailored to suit your business to help improve your efficiency and accountability. We are the market leader when it comes to the development of customised and packaged solutions.
This includes Inventory Management, Portable Barcode Readers, Supply Chain Management, Time and Attendance and Asset Tracking to name but a few.