An overview on asset tracking systems
An asset tracking system provides a quick and easy way to compile, verify, and maintain an asset registered. It is particularly helpful to businesses whether small or big because every asset is an investment that needs to be protected. Using a mix of desktop software, barcode scanners, and other mobile devices, an asset tracking system effectively tracks the lifespan of equipment, tool etc. from production to its being discarded.
What are the challenges in asset tracking?
- Most companies have tracking systems that record the value of assets purchased, the challenge is to link those assets in the virtual world to the physical needs located on the specific sites and allocate it to specific departments and employees.
- Another challenge is to track the history of asset movement, asset auditing, and verification.
- The best practice financial regulations require, is that the companies update asset records with various fields such as the status, condition, and neutralization of the asset at the time of verification as this affects the underlying value of the asset.
Why is an Asset Tracking System required?
- The asset verification process is automated through the use of tags and scanners so that the asset managers can easily keep track of things like who registered, who ordered, when was last asset audit done, which assets are not audited etc.
- When you log in to your asset tracking system website, all the asset information is instantly available anywhere in the world.
- Asset tracking systems can be used to track office equipment, furniture, machinery, computer, and many other assets.
- It can be used in the business industry, the financial industry, administrations, NGO’s, factories, mines, and many other types of organizations.
What are the benefits of an asset tracking system?
- Easy compliance with audit requirements, especially on a government and corporate level
- On-going compliance without the annual stress of verifying assets before the deadline
- No need to hire asset contractors for asset verification
- Better management of assets
- Saves money by optimizing asset utilization
- Technical solutions can fine-tune the system designed to fit into the unique needs of your business or organizations.
- Efficiency is improved
- Locates your assets easily and quickly
- Fewer resources are used to track your asset with an asset tracking system
- Administrative cost is reduced as manual work is lesser
- Helps your company grow using the latest technology
- Improves your customer services through asset tracking system
- Accountability and accuracy is ensured
- Get the reports of each and every asset you own
- Utilize your assets more effectively
How to successfully track your business’s most valuable assets?
- Know what you need to track
- Consider the full project management lifecycle
- Evaluate and prioritize your companies’ requirement
- Select a software with reporting and analytics functionality to gain visibility
- Use unique asset tracking numbers
- Know your strategic asset gap
- You can create a database of your assets
- Generate a quick response for your assets
- Set your own benchmarks for which assets to track
- Embrace mobility
What are the best practices of an asset tracking system?
- Predictive analytics capabilities that are provided by asset tracking actually help to keep capital and operational budgets high
- Tracking IT hardware reduces various kinds of risk
- Sustained asset performance allows the output of value to customers
- Cumbersome and unreliable manual methods are eliminated
- Smarter physical infrastructures are enabled
- Asset tracking system streamlines auditing
- Forecasting is improved by asset tracking systems
- Asset tracking system will prevent frauds
- An asset tracking system improves productivity with automated inventory and solutions
- Cash flow problems are prevented through asset tracking systems
- Improves the overall workflow of the company
- Asset tracking systems help the staff to have a complete attention on the delivery of the services
- Quality control is improved by using an asset tracking system
- Asset tracking system makes for effective budgeting
- Operations and financial decisions are based on accurate and reliable data
What kind of inventory management does asset tracking system help?
- It helps you to measure each and everything quantitatively
- An asset plays a role in net income calculations thus an asset tracking system helps you with an accurate solution to all your queries
- Barcode scanning and data entry errors are eliminated
- Asset tracking system helps you clearly describe the key elements of your inventory management system
- It helps you to have a clear inventory of essential spare parts