Asset tracking can be one of the most vital tools that companies use. From preventing theft to categorizing tools, asset tracking can make the lives of your employees and you much easier. This article is for those who have already decided they want to invest in asset tracking but are not sure how to make the most out of it. Incorporating these asset tracking best practices will help you get the most out of your system.

If you’d like a full breakdown of what asset tracking is, you can check out our article here:

Asset Tracking Best Practices

Asset tracking is about optimizing your business to be as efficient as possible. These tips can help you do just that!

Unique Identification for Each Asset

To make the most out of your system, you’ll want to make sure each item has a unique identifier. You can use methods such as barcodes, RFID tags, or QR codes. Each form of identification has its own benefits and drawbacks. You’ll want to choose the best method for your warehouse. For instance, a QR code may be a better option if employees are going to be using their phones to look up devices. Barcodes will probably work better with scanners and a mass amount of assets.

Have an Organized Asset Tracking System

While making sure each item has a unique identifier is important, categorizing that item correctly is just as important. Tracking assets by variables like type, location, user, and any other relevant criteria is extremely important for making the most out of your asset tracking system. Many business owners will use a system like asset tracking software to manage these details. They may also hold information like purchase dates, warranty information, maintenance records, and depreciation rates, providing a complete view of each asset’s lifecycle. Doing this not only helps you find things easier, but it’ll also help you improve quality control.

Asset Checkout Rules

Implementing clear guidelines for asset checkout and return processes is critical for reducing loss and establishing accountability. Doing so helps you know who can check out certain assets, for how long, and under what conditions. Having a protocol can make sure that you can easily determine who has which assets and where they are going. Furthermore, this is important for tracking asset utilization.

Keep Tabs on Maintenance Schedules

Regular maintenance and timely repairs are critical for extending the life of assets and maintaining their safety and effectiveness for usage. An asset tracking system that is set up for success will use some form of maintenance reminders. This is especially true for industries like construction, manufacturing, and others. Moreover, having a routine schedule can help you avoid higher expenses associated with breakdown. This makes it one of the most vital asset tracking best practices.

Create Goals for Asset Utilization

Setting asset usage goals enables organizations to maximize their investment returns. Companies can identify underutilized assets and make sure they are getting the most out of their assets before buying new items. Asset utilization is about better financial management for the long term. You make the best ROI with your investments in your company and it’s one of the most important reasons to use asset tracking. 

Keep Improving the System

Asset tracking has evolved a ton over the past several decades. From pen and paper to GPS devices, asset tracking is always improving upon itself. You should look to improve your systems over time. This could include upgrading to more advanced tagging technologies, fine-tuning data recording techniques, or implementing new software solutions to improve overall efficiency. It’s important to make sure that you give your company the best chance to thrive!

Looking for Asset Tracking for Your Company?

Looking for a new provider or wanting to change up your asset tracking capabilities? We can help! 360Connect helps customers find high-quality suppliers every day. Just fill out our 1–2-minute form and we’ll contact you to verify your information and needs. From there, you can relax as up to 5 businesses will reach out to you with free quotes. It’s that simple! This process is free, so what are you waiting for?