Firstly, what is Asset Tracking and why is it so important?
Asset tracking is a method for tracking either fixed or transportable physical assets. Sometimes referred to as asset management. Asset tracking streamlines the monitoring, managing, and allocating of physical assets through the use of barcode labels or asset tags, which are affixed to the assets and scanned by barcode or RFID readers.
Barcodes and/or RFID Tags allow each asset to be assigned a unique identification number, making it simple to easily identify a specific asset, pull up maintenance schedules for equipment, record movements or inspections, determine the status of an asset or group of assets above all the ability to report on your entire population of assets.
Because barcodes and RFID tags eliminate the need for manual documentation and data entry, asset tracking eliminates human error that can result in expensive mistakes and delays.
Whether your business is large or small, organisations that implement effective asset tracking solutions reap numerous benefits, including increased efficiency, greater accuracy in record keeping, streamlined documentation requirements coupled with substantial time savings, and more.
Key Benefits of Asset Tracking:
- Monitoring physical assets
The most obvious use of asset tracking solutions is monitoring physical assets as they move throughout the organisation or are transferred between departments. This gives you a better view of the company’s complete physical asset portfolio, allowing you to identify any requirements and eliminate wasteful, unnecessary duplication of assets through better resource management.
- Automated inventory control
Effective asset management leads to efficient and accurate inventory management while eliminating many of the headaches typically associated with inventory control. For instance, taking periodic physical inventory counts is still necessary for most organisations, but when assets are tagged or labelled they can be quickly scanned rather than manually verified to match identification numbers to records. Overall, it’s a much simpler process.
- Streamlined maintenance management
For companies that manage assets requiring periodic or ongoing maintenance, asset tracking solutions are a lifeline. Too often, maintenance management is a process that falls behind when companies rely on manual documentation to keep maintenance schedules on track. With asset tracking solutions, asset management software such as Asset-i can provide alerts to ensure scheduled maintenance is never an afterthought.
- Preventing loss
In the course of conducting day-to-day business, it’s easy to misplace important assets. Devices, equipment, and other items that frequently move throughout an organisation may not always be accurately documented. When the same asset is needed again, the most recent records don’t reflect the asset’s current location and are unable to be located. It’s this shortcoming that leads to many companies unnecessarily duplicating assets. Asset tracking can eliminate this problem.
- Regulatory management and compliance
More and more companies are serving heavily regulated industries; thus, these companies must be equipped with efficient processes to capture and report on data to prove compliance. Not only does asset tracking enable businesses to stay on top of regulatory requirements such as equipment testing, inspections, calibration, and maintenance, but when coupled with a comprehensive asset tracking software solution such as Asset-i, it can completely streamline your reporting requirements. Many companies can generate detailed reports in just minutes, whereas compiling the same data manually would take days or even weeks.
- Providing better service to customers
Ultimately, the culmination of the above benefits offered by asset tracking enables companies to perform better, maintain better working equipment and tools, and better allocate resources to complete projects both on time and on budget. The end result is increased customer satisfaction. While you’re reducing unnecessary spending by taking better control over your assets, you’ll also boost profits by earning repeat business and recommendations from satisfied customers.
Tracking your assets with our Asset-i – Asset Tracking Solution, will not only bring you all of the above benefits, but will also provide a foundation for seamless workflows and management of multiple business functions across your business.