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Keeping track of physical assets can be a challenging task. Enter asset monitoring — a powerful solution that leverages technology to provide real-time visibility, condition assessment, and insights into asset utilization.
Whether it's equipment, vehicles, infrastructure, or digital resources, the ability to monitor and track assets effectively is critical for operational efficiency, risk mitigation, and informed decision-making. By closely monitoring your assets, your business can unlock many benefits that positively impact its bottom line.
In this article, we'll dive into the world of asset monitoring, exploring what asset monitoring is, its benefits for businesses, and how you can choose the right asset monitoring solution for your business.
What is asset monitoring?
Asset monitoring, differently referred to as asset tracking, is the process of monitoring business assets with the purpose of optimizing their utilization, security, and maintenance. This involves implementing various technologies and processes to keep track of their location, status, and other relevant information.
There are different types of assets businesses can track, including:
- Tangible: These are physical assets that a business may own. Examples include:
- Equipment: machinery, vehicles, and tools
- Inventory: raw materials, finished goods, spare parts
- Facilities: buildings, offices, warehouses, data centers
- IT Hardware: computers, servers, networking devices
- Fleet: Trucks, cars, ships, and airplanes
- Other fixed assets: furniture, fixtures, office equipment
- Intangible assets: These are digital assets stored electronically and managed using a software system. These assets can be:
- Software licenses: checking software licenses to ensure compliance and avoid unauthorized usage
- Digital content: digital media, documents, designs, and creative assets
- Data: ensuring data security, backups, and tracking data usage
In this article, we’ll focus on monitoring your tangible assets.
The importance of monitoring your assets
Let’s start by looking at the state of the asset monitoring market. In 2023, the asset tracking market size is estimated at USD 21.09 billion. By 2028, the market is projected to grow at a CAGR of 13.91%. This goes to show the growing importance of the market as well.
But what lies behind the growth of this market?
Asset misappropriation is the most common type of occupational fraud. It makes up 86% of all fraud cases worldwide. This can lead to a median loss of $100,000 per case. Besides direct monetary loss, asset theft can halt business operations, leading to additional losses down the line.
So you can see why it’s important to take proactive measures to prevent theft and increase employee accountability in the workspace.
Moreover, asset tracking lets you monitor how your assets are being used and whether they are fully utilized. This insight helps identify idle or underutilized assets, helping you make better use of your investments. In turn, efficiently managed assets lead to increased productivity. Employees can easily locate and access the assets they need, reducing time spent searching for items and streamlining workflows.
Similarly, with real-time asset tracking, you can identify potential issues and maintenance needs. Proactively addressing maintenance requirements reduces downtime, prevents unexpected breakdowns, and increases asset reliability. By monitoring asset performance over time, you can also make informed decisions about when to retire, replace, or upgrade assets to maximize their lifespan and value.
For certain industries and organizations, compliance with regulations is crucial. Asset tracking helps you keep accurate records of asset locations, maintenance history, and usage, making audits and compliance reporting much easier.
Another bonus is that accurate asset tracking documentation can simplify insurance claims and warranty requests, ensuring you receive appropriate compensation in case of loss, damage, or defects.
As businesses grow and become more complex, asset tracking becomes even more critical for staying competitive and successful in today's dynamic market.
How you can monitor your assets
Asset monitoring works through various tracking technologies. The most common technologies available for asset tracking are:
- Barcodes: Each asset is assigned a unique barcode label. Barcode scanners are used to read and update asset information.
- RFID tags: Radio Frequency Identification (RFID) tags are attached to assets. RFID readers can scan these tags to identify and track them.
- QR codes: QR codes can be scanned using smartphones or specialized readers to track assets.
- Wi-Fi-based tracking: This utilizes existing Wi-Fi infrastructure to estimate the location of assets within a building or facility by measuring signal strength from Wi-Fi access points.
- Bluetooth-based tracking: This relies on Bluetooth Low Energy (BLE) technology and strategically placed Bluetooth beacons to enable precise indoor asset tracking and location-based services within a limited area.
- GPS technology: GPS technology is used for tracking mobile assets. GPS-enabled devices transmit their location data to a central system, allowing real-time monitoring of asset movement.
As you can see, there are many different asset monitoring technologies. The question becomes which one is good for you.
The right type of asset monitoring technology for you depends on various factors, including your specific tracking requirements, the type of assets you want to monitor, and the tracking environment (indoor or outdoor).
For example, Wi-Fi and Bluetooth-based solutions are generally better suited for smaller indoor spaces, while GPS and RFID can cover larger outdoor areas. Consider also the size and type of assets you want to monitor. Smaller assets might be better suited for Bluetooth-based or RFID tracking, while larger assets or vehicles may require GPS-based tracking.
You should also check if the chosen asset monitoring technology can easily integrate with your existing business systems, such as an asset management solution.
Benefits of using an asset monitoring software
Asset monitoring software is a specialized tool or application designed to monitor and track assets throughout their lifecycle. It provides a centralized platform for your business or organization to keep track of assets, their location usage, maintenance schedules, and other relevant data. This is one of the key factors driving the adoption of asset monitoring platforms.
Using asset tracking software offers numerous benefits that can significantly enhance asset management and contribute to the overall efficiency and productivity of your organization. Some key benefits of asset monitoring software are:
Real-time asset tracking
Asset tracking solutions provide real-time visibility into the location, status, and condition of your assets. This allows you to know where your assets are at any given moment and provides better control and utilization. You‘ll know when assets leave designated areas, helping prevent theft and unauthorized asset movements.
Streamline your operations
Asset monitoring tools can track asset performance and trigger maintenance alerts based on predefined thresholds. Proactive maintenance reduces the risk of unplanned downtime and extends the lifespan of assets.
Improve compliance
Asset tracking systems provide accurate records of asset availability, history, maintenance, and location, making regulatory compliance reporting and audits much more straightforward and accurate.
Better profitability
By knowing which assets are being used, how often, and where, you can optimize their utilization. This reduces the risk of overutilization or underutilization, leading to cost savings and increased productivity. So while there are software costs to consider, the benefits of implementing an asset monitoring solution far outweigh the costs.
You can use the free ROI calculator on our page to check for yourself.
What to look for in an asset monitoring solution
There are a few factors to consider when choosing an asset monitoring software solution. While there might be several solutions in the market, you want to find the one that aligns with your organization’s specific needs and objectives.
First, you should look at compatibility. Make sure the software supports the type of asset tracking you require, such as RFID, GPS, Wi-Fi, or Bluetooth-based tracking.
Consider whether the software can be customized to fit your specific asset management needs and whether it can scale as your organization grows. If your team needs to access asset data on the go, ensure the software offers mobile applications that work across different devices.
Also, check if the asset monitoring software can seamlessly integrate with your current business systems or other asset management tools. According to the Global Asset Tracking market report, leading companies will look at combined solutions that integrate asset management, logistics, and connected-device security. This shows favoritism towards all-in-one solutions.
When it comes to security, assess the security measures provided by the software to protect asset data, prevent unauthorized access, and implement features like geofencing or alert systems. If your industry has specific compliance or regulatory requirements, ensure the software can meet those standards.
It’s also important that the software should have an intuitive and user-friendly interface, making it easy for your team to navigate and perform tasks efficiently.
And, of course, you should evaluate the total cost of ownership, including initial setup, licensing, ongoing support, and training costs, and weigh it against the value the software brings to your asset management process.
Lastly, research the reputation and customer support provided by the software vendor to ensure reliability and assistance when needed.
For more information on this topic, check the asset tracking buyer's guide.
Asset monitoring: Industry-specific applications
Some industries can benefit more than others from implementing an asset monitoring solution due to the unique challenges they face in managing their assets. This is especially the case for asset-intensive industries.
The key industries that can gain substantial advantages are:
- Manufacturing: Manufacturing industries deal with complex machinery, equipment, and production lines. Asset monitoring helps optimize equipment utilization, prevent downtime through predictive maintenance, and improve overall production efficiency.
- Logistics and transportation: Asset monitoring is crucial for tracking and managing fleets, cargo, and shipping containers. It enables real-time visibility, route optimization, theft prevention, and adherence to delivery schedules.
- Education: Asset monitoring in education helps keep track of educational assets, preventing loss or theft, optimizing asset utilization, and ensuring resources are available when needed.
- Healthcare: Hospitals and healthcare facilities can use asset monitoring to track medical equipment, devices, and supplies. This ensures critical assets are readily available, reduces equipment loss, and streamlines asset maintenance.
- Governmental entities: These entities face strict regulatory and compliance requirements. Asset monitoring solutions can help manage assets in real time and keep detailed records of every movement and maintenance schedule.
Keep track of your assets with RedBeam’s asset monitoring software
Asset monitoring allows you to have a comprehensive view of your business assets. By employing real-time tracking, you can efficiently manage your assets, mitigate risks, and improve overall work productivity.
When choosing the right asset monitoring solution for your business, you should consider factors such as your specific industry needs, scalability, ease of integration, and data security. It's crucial to select a solution that aligns with your business goals and can adapt to future requirements.
RedBeam offers a comprehensive solution to monitor and manage your assets effectively. Start your 30-day free trial today and experience firsthand the benefits of streamlined asset monitoring.
