A Asset Tracking Buyer's Guide

Asset tracking tools have become commonplace among companies as an effective means to track tools and equipment with relative ease. You don’t have to use pen and paper to track which employees have certain devices or who check out the forklift. Instead, this process can be digitized and automated for simplicity. Check out how this happens below:

What is Asset Tracking?

Asset tracking is a method of maintaining and identifying physical assets. It’s the process of tracking physical assets, either by scanning barcode labels attached to the assets or by employing tags that broadcast their whereabouts via GPS, RFID (Radio Frequency Identification), or BLE (Bluetooth Low Energy). This approach is vital in businesses where assets are essential to operations, such as manufacturing, logistics, healthcare, and information technology. This information is then recorded in software to be managed and leveraged for better operations. In the modern business landscape, asset tracking is not just a luxury but a necessity. It plays a pivotal role in ensuring that assets are efficiently utilized, properly maintained, and not misplaced or stolen.

Scope of Asset Tracking

Asset tracking is more than just seeing where objects are. It includes lifespan management, maintenance plans, depreciation, and even disposal. In this sense, assets can range from massive machinery and trucks to smaller tools and IT equipment such as laptop computers and mobile devices. Because asset tracking systems are so adaptable, they may be used to track practically any type of tangible item.

Common assets tracked using asset tracking software:

• Company vehicles
• Forklifts & warehouse vehicles
• Laptops & computers
• Trailers & containers
• Tractors & combines
• Laboratory equipment
• Portable medical devices
• Projectors & audiovisual equipment
• Furniture
• Building equipment
• And more!

What Does Asset Tracking Do?

While every service is different, there are some general features you can count on across programs. Most of the services provided by asset tracking software fall into these main categories:

Check-in/Check-out: Asset tracking allows you to automatically catalog when items and devices are used, who is using them, and for what purpose.

Location Tracking: The most fundamental function of asset tracking is to provide real-time data on the whereabouts of assets. This feature is crucial for businesses with mobile assets like vehicles or equipment used across different sites.

Status Monitoring: Asset tracking systems can monitor the condition and status of assets. This includes checking if an asset is in use, under maintenance, or available.

History Logging: Keeping a historical record of asset usage, maintenance, and movements. This data is invaluable for analyzing usage patterns, planning maintenance, and making informed purchasing decisions.

Integration with Other Systems

Asset tracking usually works in tandem with other business systems including inventory management, enterprise resource planning (ERP), and supply chain management. This integration provides more comprehensive operations and supports decision-making.

Benefits of Asset Tracking

There are many benefits to asset tracking that most companies and institutions can take advantage of. Here are some of the most important!

Enhanced Operational Efficiency

Asset monitoring software improves operational efficiency greatly by streamlining the process of locating and managing assets. You can deploy assets quickly when time is of the essence, such as healthcare or manufacturing. Routine procedures, such as asset check-ins and check-outs, as well as inventory counts, are automated by the program, avoiding manual errors and conserving important employee time.

Improved Asset Utilization

The software delivers insights into asset use, assisting firms in identifying underutilized resources and optimizing resource allocation. This results in more efficient operations and guarantees that assets are effectively utilized, increasing the return on investment.

Cost Reduction and Savings

Asset monitoring software reduces the need for replacements by eliminating asset loss and misplacement, resulting in significant cost savings. It also helps with scheduled maintenance by extending asset lifespans and lowering repair costs.

Data-Driven Decision Making

The data collected by asset tracking systems is crucial for informed decision-making. Analyzing asset usage patterns and maintenance records helps identify inefficiencies and high-usage assets. Find out the most important tools for your business.

Compliance and Security

Asset monitoring ensures regulatory compliance by keeping correct asset records. It also improves security by monitoring high-value or sensitive assets, lowering the chance of theft and misappropriation. Employees are much less likely to engage in employee theft when there is a clear record of who had specific assets.

Environmental Sustainability

Tracking assets efficiently contributes to environmental sustainability by reducing waste and the requirement for new asset purchases.

Scalability and Flexibility

Modern asset tracking solutions are scalable and flexible, accommodating the growing needs of businesses. This adaptability makes them a long-term asset management tool for businesses of all sizes.

Common Features of Asset Tracking

Asset Tagging

Asset tagging entails attaching labels or tags to assets in order to identify and track them. Simple barcodes, QR codes, and sophisticated RFID tags are examples of these tags. The tags used are frequently determined by the asset type and the tracking requirements.

Customizable Reporting

Asset tracking systems can include customized reporting tools. Asset usage, maintenance schedules, asset lifecycles, and other information can be included in these reports. Customizable reports are essential for data analysis and making educated decisions. They can be customized to meet the demands of various departments or management levels.

Maintenance Tracking

Maintenance tracking is an essential component, particularly in equipment-heavy companies. This feature plans and records maintenance tasks, ensuring optimal asset maintenance and minimizing downtime. It can also notify management when an asset needs to be serviced depending on usage or time intervals.

User-Friendly Interface

Any asset tracking system should have a user-friendly interface. It should be simple to use and browse, allowing users to easily discover the information they require. A good interface increases user acceptance and lowers the learning curve, making the transfer to a new system easier.

Cloud-Based Software

Most asset tracking software will be cloud-based systems, meaning your information can be accessed even when workers are remote. This helps give your asset tracking flexibility and keeps your data secure on the cloud. You can track assets across devices when on the go, this is extremely important for industries like logistics.

Employee Profiles

Some asset tracking software allows you to create separate employee profiles. This helps you segment your asset management and restrict access. Why do this? It helps protect your company from employee theft and helps create roles and responsibilities.

Integration Capabilities

Integration with other company systems (such as ERP, CRM, or inventory management systems) is an important aspect. The integration enables a more comprehensive approach to asset management by assuring data consistency and offering a complete picture of business activities.

Scalability

Scalability is essential for expanding businesses. An asset tracking system should be able to handle a growing number of assets while also adapting to changing business requirements. This feature ensures that the system remains relevant and successful as the company grows. Adding new assets should take a couple of clicks or scans.

Alerts and Notifications

Managers are kept informed of crucial asset-related events via alerts and notifications. Alerts for unlawful asset movement, maintenance reminders, or low inventory levels are all vital. These notifications guarantee that potential concerns are addressed as soon as possible, reducing risks and downtime.

When to Use Asset Tracking

Knowing that asset tracking software is right for you may seem like a tall task, but it doesn’t have to be. Here are some easy guidelines to follow to know if you need asset tracking.

High-Value Asset Management

Businesses with high-value assets, such as machinery, vehicles, or costly technology, should use asset tracking to minimize loss and optimize usage.

Large Inventory Volumes

Companies with large volumes of assets, such as retail chains or manufacturing plants. They benefit from asset tracking to maintain accurate records and improve operational efficiency. Asset tracking isn’t just for large products. IT departments can use asset tracking to better manage where devices are.

Regulatory Compliance

Asset monitoring is required in industries subject to regulatory compliance, such as healthcare or banking. Use asset tracking to maintain regulatory compliance with ease.

Mobile Asset Management

Businesses with assets that are frequently moved, such as construction tools or rental equipment, require asset tracking to monitor location and usage.

How Much Does Asset Tracking Cost?

The simple answer is that asset tracking can cost around $15-$40 per unit tracked, you can feed cheaper and more expensive deals than that average. If you’d like to read more about how much asset tracking costs, check out our article here:

Need exact price quotes for asset tracking? Don’t worry, 360Connect has your back. Just fill out our 1–2-minute form and we’ll contact you to verify your information and needs. From there, you can sit back and relax as up to 5 suppliers will reach out with quotes. This process is 100% free!