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All About Asset Tracking and Its Benefits

All About Asset Tracking and Its Benefits

Jared Hoven
Jared Hoven

Your organization or company has more assets than you realize. This holds true especially if you own or manage a multinational company or your business is on the rise in the industry. But there may come a point when your company gets too big too fast or your assets accumulate; when this happens, you might find it hard to track or monitor your assets. This post will talk about asset tracking, how you can apply it to your business through different methods, and how it can benefit your company in the long run. 

What Is Asset Tracking?

Asset tracking, also called asset management, is the process by which companies track their physical assets, whether by attaching and then scanning barcode labels to each asset or using RFID tags or GPS technology to broadcast and monitor their location. Aside from managing your inventory, you should also implement asset tracking as it can help you to monitor the status, location, maintenance schedules, and other pertinent information about your organization and its physical assets. Tracking your assets is crucial as it can affect your company’s bottom line. Moreover, you will be responsible for finding and replacing any physical assets that have been found lost, missing, or have simply reached the end of their lifecycle. 

The Many Methods of Asset Tracking

Asset tracking can be an expensive and tedious process especially if you don’t have a system in place. Thankfully, you can turn to several methods and strategies that can help you save time and money when monitoring your assets. A good tracking system is able to lessen instances of equipment loss and to optimize asset control efficiency. Nowadays, technology affords you with many options to track your assets in real time: handheld barcode scanners, barcode labels, mobile computers, GPS trackers, asset management software, and many more. Taking advantage of these tools of technology can bring about reduced downtime and more streamlined production planning and processes. It also enables your company to perform necessary maintenance or service repairs or even do some preventive maintenance.

Benefits of Asset Tracking

There are many benefits that you can gain from tracking your assets, and for companies that implement it properly, they get rewarded by a more effective and streamlined management process and a healthier bottom line. The following are just some of the benefits you’ll get when you employ asset tracking in your company:

  • You can improve the efficiency of workflow and reduce operational costs.
  • You can easily reassign equipment between various departments and thus adjust company records. You can also use the information you’ve gathered to calculate costs and taxes for all the departments in your company.
  • You can locate all your assets quickly and easily and in real time.
  • You can track all your assets using fewer resources with the help of an efficient and convenient tracking system, which you can usually access through a database on an online website or an app.
  • You can reduce administrative costs, since you would not need to spend that much money, time, and effort in the manual location and tracking of assets.
  • You can make use of your assets in a more efficient and effective manner as well as monitor and reduce asset loss.
  • You can scale your tracking at a pace that’s comfortable to you and thus grow your company in a more natural way. 
  • You can improve your company’s customer service through the improvement of your management and asset tracking practices.
  • You get guaranteed accuracy and accountability when it comes to asset management and recording asset loss. 
  • You will know where your assets have been allocated in just one glance and won’t have to search for it manually.
  • You can comply with certain industry regulations that require proper asset tracking. This makes it easier for you to get certifications that you would need to run your business.
  • You can identify groupings and categories---that is, which items should be accessed together---and thus develop an enhanced structure of your physical system. Ultimately, this lets you improve the organization and efficiency of your company’s physical space. 
  • You can get accurate reports on the exact position of each company asset in real time and thus get sharper accuracy when it comes to managing your assets. 

Tips and Strategies on Asset Tracking

All things considered, asset tracking really does help your business solve numerous challenges. It gives you a framework within which you can become more efficient as a company and increase your bottom line by helping you take the most advantage of the present resources that you have. To help you get the most benefits from asset tracking, we’ve compiled a list of tips and strategies that have proved helpful to many management and company owners around the world. 

  1. Know what it is exactly that you need to track. When tracking an asset, it is crucial that you know the specific maintenance schedule, the user of each equipment or machine, and the equipment downtime or uptime When you introduce an asset management system into your company’s daily routine, you can increase the availability of equipment and reduce overall costs.
  2. Assess your company’s requirements and prioritize them. One of the first things you need to do is to define what your company’s needs are in terms of asset management. Second, be on the lookout for tools that can help you meet those needs. Third, assess how each tool measures against your requirements. Fourth, carry out a test drive that will allow you to try various features and ensure that the tool is a good fit. The final step is the purchase decision.
  3. After tracking your present assets, you also need to track assets as they come into your company. That is, as early as Day 1 of when your company acquires a particular asset, you should already have recorded their details into your tracking system. Do not introduce an asset into your company that hasn’t been recorded yet.
  4. When tracking assets, experts recommend using unique tracking number rather than a serial number. This is because when you refer to a serial number, there’s a high chance that the number will be identical to that of another asset. The duplicate information will cause confusion and will lead to inaccurate data. In the end, it will affect customer service and even your bottom line. Using a tracking number eliminates these problems. Even when you have lost its tracking number, it can still be looked up with the help of its serial number and then relabeled again.
  5. Get rid of ghost assets. These are assets that have been missing, stolen, or deemed unusable but are still listed as active assets. Eliminating these kinds of assets will be helpful when streamlining your tracking process. You will be able to focus your attention on the assets that are actively in use.
  6. Embrace mobile technology. Today’s technology affords you with many tools with which to track your assets. One example of such technology are GPS trackers. Such devices are useful when it comes to tracking assets like vehicles, equipment, furniture, fixtures, and even people.

The Benefits of GPS Trackers in Asset Tracking

GPS trackers are small, portable devices that come packed with powerful features. These features certainly come in handy in asset tracking and management, and these are just some of the benefits your company will gain:

  • You can maintain control over your assets, which is important when you’re performing customer service or moving inventory. We all want to prevent our assets from being misplaced or stolen. However, in the event that does happen, a GPS tracking device can be helpful in locating your asset and recovering it within hours.
  • You can take care of your customers in a better way. Your customers will appreciate your company more if you’re able to provide them with the products or services they expect in an efficient and timely manner. A GPS tracker can help them your company execute this kind of flawless and punctual customer service by streamlining your delivery service.
  • Today’s modern GPS trackers are versatile and easy to use. They are smartly engineered and offer its users great ease when using it. Everyone in your company will be able to handle it without any serious issues.
  • It enhances the security of your assets in that even if your assets get stolen from you or misplaced, you can still locate them easily and recover them all within a period of a few hours. 
  • They eliminate anxiety on the part of the users as they won’t have to worry about where such assets could be at any given time. 
  • They are compatible with most mobile devices. Tracking devices have a database that its users can access via an online website or an app. The mobile function of these devices make them monitoring much easier. 

In the tracking device market, Tracki is widely recognized as a frontrunner due to it trackers that are compact, smart, and cost-efficient. It comes packed with features that will certainly help you manage your company assets in a smooth and efficient way.

Author information:
Jared Hoven
Jared Hoven

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