The Benefits of Asset Tracking Software
Disorganization in any situation leads to wasted time, but it has especially severe ramifications in business. Every company has assets, and disorganized assets can lead to lost profits, missed opportunities, and frustrated customers.
Fortunately, there’s a solution to your asset organization headache — one that allows your business to efficiently and effectively track assets and streamline operations. Asset tracking software can help your organization know precisely what and where your inventory is at all times while making it easy to maintain regulatory and compliance standards.
Whether you are a small business owner or a large corporation, having an efficient asset management system can help you stay ahead of the competition. In this article, we'll explore the benefits of asset tracking software and the different types of asset tracking software available.
What is an asset tracking system?
Assets can be digital, like contracts and software licenses, or physical, like equipment and vehicle fleets.
An asset tracking system is a software and hardware solution that helps organizations keep track of their physical assets, such as equipment, tools, vehicles, and other resources. Asset tracking systems provide organizations with greater visibility and control over their physical assets, helping to reduce the risk of theft or loss.
These systems can track the location, status, and condition of assets, as well as provide insights into asset utilization, maintenance schedules, and lifecycle management.
Industries like manufacturing, health, information technology, and property management tend to rely heavily on asset tracking systems to stay operational. Identifying what kind of assets your company has is a great first step, as it'll help you choose the best asset management system for your organization’s specific needs.
Without an effective asset tracking system, your company is at risk of falling prey to disorganization, paying taxes on assets that don’t exist, and losing out on profits. Asset management software helps you implement preventative maintenance to decrease the chance of asset failure. Asset management software can help your organization prevent:
- Loss of assets due to misplacement
- Overproduction or inventory shortage issues
- Asset theft
- Inventory mismanagement
- Damage to tools
- Unavailability of assets
- Overpaying for ghost assets
How does asset tracking software work?
Asset tracking hardware and software work together to enable businesses to track the movement and location of their assets in real time, from inventory items to machinery and equipment. The hardware component typically involves using Radio Frequency Identification (RFID) or Global Positioning System (GPS) technology, which is attached to the asset.
These devices communicate with the software to provide real-time updates on the asset's location, movement, and status. This allows organizations to monitor and track their assets with precision, even across multiple locations or large areas- sometimes from the convenience of a mobile device.
The software component of asset tracking software is where the real magic happens. The software not only receives data from the hardware devices, but it also stores and analyzes this data to provide insights into an asset's lifecycle.
For example, asset tracking software can provide detailed reports on an asset's usage history, and maintenance records, and even predict when an asset may need to be replaced.
There are different types of asset tracking technologies that are available, each with its own set of features and functionalities. Here are some of the most common types of asset tracking technologies and how they work:
- Barcode asset tracking software uses barcode labels and scanners to track assets. The barcode labels are attached to assets, and the scanners are used to read the barcodes and update the asset database.
- RFID asset tracking software uses RFID tags and readers to track assets. The RFID tags contain a microchip and an antenna, and the readers emit radio waves to detect and read the tags.
- GPS asset tracking software uses GPS technology to track the location of assets in real time. GPS trackers are installed on assets, and the data is transmitted to a central server.
- Bluetooth asset tracking software uses Bluetooth technology to track the location of assets. Bluetooth beacons are installed in different areas, and the asset tracking system uses signal strength to determine the location of assets.
- QR code asset tracking software uses QR codes and scanners to track assets. QR codes are attached to assets, and the scanners are used to read the codes and update the asset database.
- Wifi asset tracking uses the signals emitted by WiFi access points to locate and track assets within a defined area. WiFi-enabled assets, such as smartphones, tablets, or IoT devices, transmit signals to WiFi access points. WiFi access points receive the signals and forward them to a software application, which analyzes the data and determines the location of the assets.
How asset tracking software benefits your business
One of the primary benefits of asset tracking software is its ability to provide real-time location tracking and visibility of assets. By using barcodes, QR codes, or RFID tags, the software can identify and track the movement of assets across multiple locations.
This feature enables businesses to quickly locate and retrieve assets, reducing the time spent searching for misplaced or lost items. It also helps prevent theft or loss of assets, as any unauthorized movements will trigger an alert.
Asset tracking software can also provide insights into the condition and maintenance needs of assets. By monitoring usage patterns and performance data, the software can predict when an asset may need maintenance or replacement.
This proactive approach to asset management can extend the lifespan of assets and reduce the risk of unexpected breakdowns, leading to reduced repair costs and downtime.
By analyzing usage patterns and identifying underutilized assets, asset tracking software can help your business allocate resources more efficiently, reducing waste and improving overall productivity.
Additionally, the data provided by the software can be used to make informed decisions about asset purchases, replacements, or upgrades, which can lead to improved profitability.
Finally, asset tracking software can help your organization improve compliance with industry regulations. By keeping accurate records of asset location, condition, and usage, your business can easily demonstrate compliance with industry regulations and internal policies. This can help avoid fines and penalties for non-compliance and streamline the audit process.
Get improved asset visibility with asset check-in and check-out
Asset check-in and check-out is an essential feature of asset tracking software that can significantly decrease your chances of losing track of important assets. Using tagging technologies, you can keep track of the movement of assets, who has them, and for how long. This information is critical for managing inventory, identifying potential theft or misuse of assets, and ensuring compliance with company policies.
Asset check-in and check-out works by assigning a unique identifier, such as a barcode, QR code, or RFID tag, to each asset. When an employee needs to use the asset, they scan the code with a mobile device or a barcode scanner and indicate that they are checking it out. The asset tracking software then records the asset's location, the employee who checked it out, and the expected return date.
When the employee is finished using the asset, they check it back in by scanning the code again and indicating that it's been returned. The asset tracking software then updates the asset's status and location and notifies the appropriate personnel that the asset is available for use.
By implementing asset check-in and check-out, you can reduce the risk of lost or misplaced assets, improve accountability among employees, and get the most use out of your assets. Additionally, this feature can help your business identify trends in asset usage and make informed decisions about future asset investments or replacements. Asset check-in and check-out can be an invaluable tool for increasing efficiency and reducing asset management costs.
Keep assets in mint condition with maintenance tracking
When you invest in physical assets, whether they are machinery, vehicles, or any other equipment, you expect them to perform at their best for a long time. However, if you don't keep them in good condition, they can quickly deteriorate, causing frequent breakdowns and even failure. That's where maintenance tracking comes into play.
Maintenance asset tracking is a feature that can help you increase the lifespan of your physical assets. Monitoring the usage patterns and performance data of assets can help your business identify when an asset needs maintenance or repairs. With this information, you can proactively schedule maintenance before a breakdown or failure occurs, extending the lifespan of the asset and reducing repair costs.
Additionally, maintenance asset tracking can help your business identify trends in asset usage and make informed decisions about future maintenance or replacement investments. By keeping track of when assets need maintenance, it’s easier to ensure that your assets are always in top condition while reducing the risk of downtime. Overall, maintenance asset tracking is a valuable tool for any business looking to make its asset management practices more efficient.
Choosing the right asset tracking software for your organization
The best asset tracking software for your organization depends on the specific needs and requirements of your organization, as well as the size and complexity of its asset inventory. Choosing the right asset tracking software for your organization requires more knowledge about the benefits different asset tracking software options provide. While mulling over your options, consider asking yourself these questions:
- What assets do you need to track?
- How many assets are there?
- How often do you need to track your assets?
- What level of detail do you need to track?
- What is your asset tracking software budget?
- What type of support and training is available?
- How easy is the software to use?
The are various benefits of the different asset tracking software options. For instance, QR codes and barcode asset tracking software are relatively inexpensive and easy to use, making them a popular choice for small and medium-sized businesses. RFID technology is more advanced (and expensive) than barcode or QR code tracking but can provide more detailed information on asset location and usage. Most asset tracking software these days are also compatible with your mobile device. To make it easier to analyze each asset tracking software, we’ve compiled a list of pros and cons:
- Barcode-based asset tracking software
- Pros: Easy to implement, small/lightweight, easily scalable, no product lifespan expiry, no electricity required
- Cons: Requires labor-intensive manual scanning and searching, short scanning range, doesn't show real-time status or location, prone to human error, requires frequent maintenance, often requires expensive software components for inventory management
- GPS-based asset tracking software
- Pros: Real-time asset visibility, easy-to-use, inexpensive, no product lifespan expiry, enhanced security
- Cons: Expensive, battery-dependent, privacy concerns, limited accuracy, limited coverage
- RFID-based asset tracking software
- Pros: Real-time asset visibility, automated tracking, long-range
- Cons: Expensive, complicated to implement, electricity required, product lifespan expires in a few years, requires frequent maintenance, limited data storage, vulnerable to interference from other electronic devices, limited compatibility with all types of assets
- Bluetooth-based asset tracking software
- Pros: Real-time asset visibility, easy-to-use, inexpensive, low power consumption, cross-functional capabilities
- Cons: Limited range, battery-dependent, latency, vulnerable to interference from other electronic devices, limited compatibility
- QR code-based asset tracking software
- Pros: Real-time asset visibility, easy-to-use, inexpensive, easily scalable
- Cons: Limited range, limited data storage, vulnerable to damage, limited compatibility, limited functionality
- Wifi-based asset tracking software
- Pros: Real-time asset visibility, easy-to-use, inexpensive, long-range, lower installation costs if operable with existing WiFi networks
- Cons: Accuracy limitations, security risks, high power consumption, requires regular maintenance and monitoring.
Let RedBeam keep your assets in order
Asset tracking software is a sophisticated solution that helps simplify your organization’s asset management. By leveraging the power of technology, asset tracking software can provide your business with valuable insights that help you make informed decisions about your assets, reduce costs, and improve operational efficiency.
With the right accurate asset tracking tools, businesses can reduce the risk of misplaced or lost assets, leading to lower replacement costs and less downtime. Additionally, asset tracking software can help track the condition of assets, allowing for preventative maintenance before problems arise. This can extend the lifespan of assets and reduce repair costs.
RedBeam’s all-in-one tool for asset tracking does all of this while providing valuable data and insights on usage patterns, inventory levels, and asset utilization rates, helping your businesses optimize operations and make informed decisions.
To learn more about how RedBeam can help, schedule a demo today.