What Is Asset Tracking? Benefits & How It Works

What Is Asset Tracking? Benefits & How It Works

Asset Tracking System: Track, Manage and monitor all your assets in one place

Asset tracking is a system that allows organisations to keep track of their physical assets and keep them up to date. Most of the time, this means using software to keep track of each asset's location, maintenance history, ownership, and contracts.

Benefits of Asset Tracking

Lower operational and administrative costs

Companies rely on administrative employees to know the status of each physical asset if they do not have a specific asset monitoring system in place. That technique not only leaves space for human mistake, which might result in the loss of important assets, but it also costs a lot more. With an automated asset tracking system in place, employees can focus on other crucial tasks.

Improvements in customer service

When you strengthen your asset tracking capabilities, you place yourself in a better position to service your customers. Better tracking of assets means more inventory, more efficient operations, and staff who can answer questions about the status of assets with accurate information.

Better regulatory compliance

Regulations differ depending on the industry. Asset tracking and management are, nonetheless, required in many circumstances. Businesses that use equipment that could be dangerous, for example, must keep very detailed records of the equipment's status, maintenance records, and anything else that happens with it.

You'll find it much easier to stay in compliance if you employ an automated tracking system since all asset information can be maintained in one place and retrieved at any time. Asset tracking not only helps with following government rules, but it also helps with following company rules.

Increased precision

You can make confident business decisions when you can track every element of your assets, including location, condition, and use cases. Employers can use essential data from asset tracking reports to make vital strategic decisions. Of course, this benefit only applies if everyone in your company follows best practices for tracking assets.

Cost-cutting and enhanced responsibility

If you don't have a centralised system for tracking your assets, there's a good chance you are not maintaining your assets on time. If you meticulously track your assets, you'll always know where each item is, what condition it's in, and which person or department is responsible for it. This accountability provides timely maintenance and compliance.

Improved efficiency

All businesses benefit from asset tracking because it provides predictability and insight. Your team can make decisions about your most valuable assets based on data if they keep track of asset maintenance, costs, downtime, location, and other things. Your assets will run more efficiently if they are regularly maintained and replaced. As a result, expenses are reduced and time is saved.

How Asset Tracking Work?

Asset tracking works by attaching barcode labels and RFID or GPS tags to assets to track their whereabouts. The rest is done using a software that uses the IP numbers on labels and tags to generate an inventory. This tracking system also uses an inventory database to keep track of information like where assets are and whether any have gone missing.

If assets go missing or are relocated without permission, the inventory database includes a record to check for previous errors. Asset tracking can be used by most businesses, no matter how big or small their inventory is. However, it is most often used in industries with large equipment.

In a Nutshell

Investing in asset tracking provides several benefits regardless of the size of the company you manage or control. If you have assets in the form of equipment, they need to be tracked.

Pinnacle Asset Easy Asset Tracking system is a powerful Cloud/Mobile App asset tracking platform.

Access our Asset Tracking System From your desktop to your phone and even your tablet, Asset Easy is easily accessible from anywhere at any time.

We help organisation small or large to track, manage and support their assets throughout their life cycle including checkouts, and condition assessments, with Barcode and QR Code scans via our mobile app.