The ultimate
guide to
asset tracking

Asset tracking helps keep businesses organised and allows them to keep track of all business assets. It helps businesses understand the total cost of ownership for all items in the workplace as well as keeping track of their location and status. Asset tracking is also suitable for a range of industries such as education, retail, manufacturing, healthcare and many more.

In this guide, we look at the following to help you understand what asset tracking is and how it can help your business.

1. What is asset tracking?
2. What is asset tracking used for?
3. How do you use asset tracking?
4. What are the benefits of asset tracking software?
5. What businesses need asset tracking?
6. The different types of asset tracking software
7. Why it’s important to track your business assets

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Asset tracking is a method used to track your company’s physical assets. These are usually items or products of importance that would cost your business money if there were to go missing.

Asset tracking software is a centralised system that provides information such as location, owner, contract, maintenance history, and so much more. The system provides knowledge of whether the item is available, its location, value, condition, owner, maintenance, expiry dates, or if it has been disposed of, etc. Asset tracking software and systems help to automate processes and make it easier to manage your business assets, helping to increase productivity and expenses.

Asset tracking helps you to view all your assets in a simple system. Asset tracking usually tracks the costs, maintenance, ownership (if needed) and helps your business make smarter decisions when planning for the future. Here are a few assets you should track:

• IT equipment
• Medical equipment
• Office furniture
• Vehicles
• Machinery
• Buildings and access solutions
• Safety equipment

Anything that your business owns, or leases is an asset and is worth tracking to help stop lost items and additional benefits such as:

• monitoring equipment condition
• reducing compliance risks
• easing the burden of audits
• ensuring employee/visitor safety
• understanding equipment utilisation
• theft prevention

Many businesses are implementing asset tracking software to speed up processes, improve efficiencies and meet business goals. Asset tracking is a centralised system that allows you to track valuable assets in real-time.

Asset tracking software is easy to use and allows you to track items that are transferred between different people and departments. Plus, it makes business audits easier if you hold detailed records of each asset. The tracking software allows you to access a detailed profile that illustrates everything you need to know about that asset.

You can track assets by using a barcode tracking system that syncs up with a mobile device. The barcode will usually provide information about the owner, the product, its compatibility and more.

Using asset tracking software, you can easily create reports, update locations, and analyse the costs of each asset.

Asset tracking software is easy to use and understand. The technology mostly uses cloud-based systems that sync with mobile apps and come with a compatible barcode scanner that can be used on various devices.

There are plenty of benefits to asset tracking systems, it helps to manage equipment, reminds you to update software licences or software agreements, arrange inspections and report on all maintenance activities from the start to the end of an assets lifetime.

It massively helps to reduce time wasted on looking for lost assets or finding information on assets. It helps employees to spend more time doing activities that will help your business achieve an even greater return on investment.

All types of businesses in a range of industries can benefit from asset tracking software. Including manufacturing businesses and even retail can use asset tracking for instant product information, mobile point of sale and goods in transit using GPS tracking.

Logistic companies use asset tracking for data management, shipment tracking and bundles and packages. Employees can access relevant retail about orders and customers in a single database and trace shipments using GPS tracking.

The healthcare industry can use asset tracking software for equipment maintenance, with reminders to regulate sterilisation of surgical tools. It can also help to manage consumables. Such as medications and tracking expiry dates. Asset tracking can also regulate compliance, enabling hospitals to keep a record of asset ownership and usage to prevent fraudulent activities.

And IT departments or sectors can benefit from asset tracking software to help them track software licencing, manage who can access particular software, and third-party integration, so your employees can keep track of who has access to what data.