Most businesses or individuals do not know what an asset tracking system is. At times called asset management, asset tracking is a technique that helps manage physical assets. The tracking could be in any which way – such as barcode labels or RFID or GPS tags. Such tracking is as important as managing inventory, since you must always know everything about your company’s physical assets – status, location, maintenance schedule, etc. In fact, asset-tracking is vital to your company’s compliance and bottom line.
Methods
Asset-tracking is generally expensive and time-consuming. However, there are tracking methods that could save your company money and time. The tracking mechanism’s goal is to increase efficiency of asset control and decrease equipment loss. By using mobile computers, handheld barcode scanners, barcode labels, asset management software, etc., assets can be tracked in real time, which would lead to reduced downtime and increased production planning efficiency.
Proper management software enables firms to schedule required service or maintenance or preventive maintenance. Full asset-tracking solutions comprise barcode technology, enabling companies to scan fixed assets for accurate and efficient tracking.
Barcodes are rudimentary for proper asset-tracking and data collection, and offering various assets an identifier of their own so that they could be recognized and tracked individually. Barcodes comprise information that’s vital to a business. A barcode scanner would read all barcodes, letting businesses to count assets a lot more accurately and quickly without having to introduce the risks attached to human error.
Benefits
Asset-tracking offers numerous benefits, with nearly all contributing to a positive bottom line for firms that implement right asset management processes properly. The following are some important tracking advantages:
• Trims costs and improves efficiency.
• Alters business records with equipment being reassigned between different departments and uses updated information when computing costs and taxes for each department.
• Easily and quickly locates assets real-time and at any time.
• Carries out asset tracking using lesser number of resources.
• Lowers administrative expenses, as assets need not be located or tracked manually.
• Tracks and decreases asset losses and uses assets a lot more efficiently.
• Grows your firm and easily accommodates your company’s growing asset-tracking requirements.
• Improves customer service via improved management and tracking practices.
• Ensures accuracy and accountability with asset management and loss.
• Immediately notifies you on the location of your assets.
• In certain industries, correct asset tracking system is needed for regulatory compliance.
• Increases the organization and efficiency of your firm’s physical space by identifying the items accessed in groups and creating an improved physical system structure.
