What Is Asset Tracking? Benefits & How It Works
Monday, July 15, 2024 | Blog
When you hear "assets," you might first think of your bank account. However, "assets" actually refer to the physical things you own. For a company, assets are essential things like machines, vehicles, tools, or office supplies. These assets are vital for daily operations, so tracking them is crucial. It helps you monitor all the equipment, tools, and materials you own. Let's look at asset tracking, operation, and advantages, particularly with cloud-based asset management software.
Understanding Asset Tracking
In business, asset tracking means knowing where your physical assets are and their current status. It helps organizations make the most of their equipment and supplies. Asset management system software tracks these items efficiently using tools like barcodes, QR codes, RFID tags, and specialized software. It is required to minimize breakdowns, reduce repair costs, and ensure factories run smoothly.
Advantages of Asset Tracking
Whether your organization is just starting or has been around for a while, managing your assets well brings many benefits:
- Centralized Asset InformationKeep all asset details in one place for easy access, making management simpler and more efficient.
- Advanced TrackingUse mobile barcode scanning, GPS, and RFID technology to know where your assets are in real time.
- Better EfficiencyAutomate tasks, reduce costs and streamline operations with cloud-based asset management.
- Maintenance AlertsManage any asset type, size, or volume in real-time with a single dashboard.
- Secure Asset TransfersTransfer assets safely between locations, track them during transit, and resolve disputes over lost or damaged items.
- Real-Time AvailabilityQuickly see if assets are in use, reserved, or available, and avoid scheduling conflicts.
- Enhanced SecurityMonitor assets with GPS, know who is using them, and protect valuable items with robust security features.
- Easy Deployment and Data ManagementAdd new assets quickly, configure them, and assign them to users. Use barcodes/QR codes, keep detailed records, and store data securely in the cloud.
- Detailed Reports for Better DecisionsQuick access to detailed reports through an online dashboard, analyzing data and making informed decisions to optimize asset use and planning.
A cloud-based digital asset management system does more than make things run smoothly. It helps your organization plan better and grow wiser.
What Information Should You Track with Simple Asset Management Software?
Tracking the correct information helps you manage your assets better. Here are some essential details to keep track of with simple asset management software:
Asset Name
It is the name you use for the asset, whether a technical name or a simple label.
Location
Know where the asset is located, which is easy for fixed assets. For movable assets, keep track of where they are and where they are expected to be.
Purpose
Know what the asset is used for and how it fits into your organization's operations. It helps you plan and use it effectively.
People Involved
Track who has access to the asset and who is responsible for it. It includes who uses it and who maintains it. Knowing this helps in accountability and proper usage.
Performance Tracking
Monitor how well the asset is working. Keep an eye on maintenance to ensure it runs efficiently.
Maintenance Plan
Record past maintenance activities, including what was done, when, and by whom. This helps you better plan future maintenance.
Issues and Downtime
Note any times when the asset doesn't work correctly and why, which helps find patterns and prevent future problems.
Lifespan
Track the asset's expected life and when it might need replacement or upgrades. This is important for managing the asset's lifecycle.
Remaining Useful Life (RUL)
Estimate the asset's length before needing replacement for proper budgeting and future planning.
Using simple asset management software to track these details ensures you can manage assets efficiently, save money, and improve productivity.
How to Track Assets?
Various methods are available to track your essential equipment and tools depending on your needs. Here's an overview of common ways:
Barcode Tracking
Many more significant assets already have barcode labels. Mobile scanner apps or QR code scanners can manage these items digitally. This method allows easy access to information, ideal for businesses with multiple locations or field workers.
Barcode Tracking
Many more significant assets already have barcode labels. Mobile scanner apps or QR code scanners can manage these items digitally. This method allows easy access to information, ideal for businesses with multiple locations or field workers.
RFID Tracking
RFID tags use radio signals to broadcast asset locations automatically. This method is reliable but requires handheld scanners. Consider how many scanners you need for effective use.
GPS Tracking
Attach GPS devices to assets to track their locations via cellular networks or satellites. This system provides real-time updates over long distances and includes features like geofencing alerts. GPS trackers can be mobile or hardwired into more extensive equipment, offering a user-friendly dashboard for fleet management
Choosing the right asset management software features like barcode, RFID, or GPS tracking depends on your asset tracking needs. These tools simplify monitoring, ensuring efficient management and reducing the risk of asset loss or misuse.
Conclusion
While they may sound similar, asset management and asset tracking are different concepts. Asset tracking can be done independently or as part of asset management.
Think about any organization—a company that makes things, moves goods, or builds stuff—they all depend on physical things like trucks and tools to do their daily work.
These assets must work well throughout their lifespan. That's where the best digital asset management software comes in. It sets up a systematic way to oversee these resources, including keeping track of important information about them. Get in touch to know more.
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Friday, November 06, 2020 Oct
Appointment Management System: Top 5 Benefits for Small Businesses
Friday, October 30, 2020
Unified Communication Software: The Complete Guide
Tuesday, October 27, 2020
Asset Management: 5 Key Stages of Asset Lifecycle Management
Thursday, October 22, 2020
Discover the Misconceptions About Automated Auditing & Approval System
Tuesday, October 20, 2020
Online Shared Storage: The Benefits of Cloud Storage in 2020
Thursday, October 15, 2020
Must-Have Benefits of Event Tech Solutions
Tuesday, October 13, 2020
Field Service Management Software: Increase Productivity of Your Field Service Employees
Thursday, October 08, 2020
5 major Challenges of Performance Review & Appraisals in Organizations
Tuesday, October 06, 2020
Recruitment in the Digital Age: 3 Modern Trends Recruiters Should Know
Thursday, October 01, 2020 Sep
Must-Have Features in Online Expense Tracking App
Tuesday, September 29, 2020
Online Time Tracker: Top 3 Online Time Tracking FAQ’s Answered
Friday, September 25, 2020
Reasons Why Businesses Opt Employee Management Software
Wednesday, September 23, 2020
Resource Scheduling Solutions and Planning: Worth the Efforts?
Thursday, September 17, 2020
5 Reasons to Invest in Online Invoicing Software
Tuesday, September 15, 2020
Automatic Screenshot Tracker: The New Normal Post COVID-19
Thursday, September 10, 2020
What is Customer Relationship Management? The Ultimate Guide
Tuesday, September 08, 2020
Project Management System: 5 Major Phases of Project Management
Thursday, September 03, 2020
Expense Approval: Top 4 Benefits of Expense Approval Software for Small Businesses
Thursday, September 03, 2020
Know All About Gantt Chart Software and Benefit Your Business
Tuesday, September 01, 2020 Aug
Cloud Based Storage: How Much Space Do You Need?
Monday, August 31, 2020
Benefits of Using Event Management Software for Virtual Events
Monday, August 31, 2020
Issue Tracking Software - 4 Must Have Features 2023
Thursday, August 27, 2020
Manual vs Automated Appointment Scheduling System
Tuesday, August 25, 2020
Remote Employee Management: The Do’s and Don’ts in 2020
Monday, August 24, 2020
Real Time Client Communication: 4 Effective Strategies
Friday, August 21, 2020
Top 5 Modern Methods Used for Asset Tracking
Tuesday, August 18, 2020
Field Service Management: Top 3 Future-Proof FSM Software
Wednesday, August 05, 2020
Online Time Tracking For Remote Working Post COVID-19
Tuesday, August 04, 2020 Jul
5 Good Reasons to Implement Performance Review Software
Friday, July 31, 2020
8 Things to Consider When Choosing an Online Recruitment Software
Friday, July 31, 2020
Expense Tracking App: Top 4 Expense Tracking Apps for Entrepreneurs
Monday, July 27, 2020
Online Time Tracker: 8 Instant Benefits for Businesses
Tuesday, July 21, 2020
Resource Scheduling Solution: 3 Most Common Resource Scheduling Mistakes
Thursday, July 16, 2020
8 Tips To Enhance Employees Productivity
Wednesday, July 15, 2020
3 Unique Benefits of Advanced Screenshot Tool for Small Businesses
Thursday, July 09, 2020
5 Best Billing & Invoicing Tools for Startups
Tuesday, July 07, 2020 Jun
Customer Relationship Management Software: 4 Reasons Your Company Needs a CRM
Tuesday, June 30, 2020
Top Five Project Management Problems Derailing Progress
Sunday, June 28, 2020 May
Avoid these Top 4 Mistakes While Choosing an Employee Monitoring Software
Friday, May 15, 2020
Employee Monitoring Software – Some Key Features
Wednesday, May 13, 2020
Top 6 Ways to Boost Remote Team’s Performance with an Employee Monitoring Software
Thursday, May 07, 2020 Apr
Mar
2019
Oct
Does A Company Need An Effective Performance Management System?
Tuesday, October 15, 2019
Advanced Time Tracking Software for Increased Productivity
Tuesday, October 15, 2019
Explore Wonderful Benefits With Advanced Talygen Application
Monday, October 07, 2019
Does A Company Need An Effective Performance Management System?
Monday, October 07, 2019 Sep
Know The Most Effective Way To Manage Business Projects Successfully
Friday, September 27, 2019
An Ultimate Guide To Project Invoicing Software
Monday, September 16, 2019 Aug
Smart Tips To Get More Productivity With Your Project Management
Tuesday, August 27, 2019
A Closer Look At Project Management Tracker
Monday, August 19, 2019 Jun
Create Systematic Arrangement with Personalized Project Management Dashboard
Tuesday, June 18, 2019
What Features Make Time Tracking Tool More Effective
Monday, June 10, 2019 May
Best Way To Enhance Project Productivity Beyond Expectations
Friday, May 31, 2019
Enhance Business Productivity With Advanced Project Management Dashboard
Friday, May 24, 2019
Choose Efficient Online Performance Management Software
Tuesday, May 21, 2019
A Quintessential Guide To Project Invoicing Software
Tuesday, May 14, 2019 Apr
Strategic Reporting Software To Improve Business Productivity
Monday, April 29, 2019
Benefits of Effective Project Management Software
Sunday, April 14, 2019 Mar
Feb
Improve Business Productivity with Talygen’s recruitment Software
Thursday, February 28, 2019
New Features and Key Updates of Talygen’s Customer Relationship System
Monday, February 18, 2019 Jan
Client Portal System: Time And Expense Approval By Clients For Smooth Evaluation
Tuesday, January 22, 2019
Talygen’s Message Board Module: The Best Real Time Client Communication Platform For Businesses
Wednesday, January 16, 2019
Talygen’s Resource Scheduling Solution: The Best Tool to Manage Your Resources
Friday, January 04, 2019 2018
Dec
5 Reasons Why You Need An Expense Tracking Application for Your Business Organization
Wednesday, December 26, 2018
How To Improve Your Sales By Applying CRM Automation
Monday, December 17, 2018 Nov
Talygen’s Project Management Tool: A Tested and Proven Web based Project Management System
Thursday, November 29, 2018
5 Reasons Why Organizations Need Talygen’s Knowledge Base System
Thursday, November 15, 2018
How Can Good Leadership Enhance Employee Time Management
Thursday, November 15, 2018 Oct
Talygen’s Unbeatable Project Request Feature for Long Term Relationship With Clients
Tuesday, October 30, 2018
Increase Your Transparency and Accountability with Clients Using Talygen’s Client Portal System
Wednesday, October 10, 2018 Sep
Aug
Jul
Jun
How to Manage Your Employees with Talygen’s Employee Management Software
Friday, June 29, 2018
5 Advantages of Using Talygen’s Job Portal Software
Monday, June 11, 2018 May
Apr
Talygen’s Time Tracker with Screenshots: An Indispensable Asset for Your Organization
Sunday, April 22, 2018
4 Essential Things You Should Consider Before Choosing A Time Tracking Software
Friday, April 13, 2018 Mar
Empower Your Business with Customer Relationship Management Software
Monday, March 26, 2018
Why Your Business Needs To Invest in a Project Management Software?
Sunday, March 18, 2018 Feb
2017
2016
2015
Oct
Sep
Aug
Why Do You Need the Talygen Time Tracker?
Tuesday, August 25, 2015
Five Features that Will Make Managers Love Talygen
Wednesday, August 12, 2015 Jul
Jun
May
Apr
Mar
2014
Dec
CES Series: Talygen to showcase the Future of Business at CES 2015
Tuesday, December 30, 2014
CES Series: 2014 was a blast, so will 2015 Be!
Thursday, December 25, 2014 Oct
Sep
Introduction to Talygen’s offline Time Tracking Application
Tuesday, September 30, 2014
Tips and ideas for successful project management
Wednesday, September 24, 2014
Smarten up your Project Management with Talygen
Tuesday, September 16, 2014
Why should businesses use an invoicing software?
Wednesday, September 10, 2014
Why Worker Productivity Matters and How to Improve it
Thursday, September 04, 2014 Aug
