Asset Tracking allows a company to know where equipment is at any given time, eliminating equipment loss and redundant purchases.
Introduction to Asset Tracking
An asset is defined as an item that a company owns, including equipment, vehicles, computers, machinery, furniture and office supplies. Knowing where these items came from, where they are at any given time, and who has used them can help a company stay focused on the things that matter instead of focusing on locating the tools they need to get the work done. It can also help with staying on top of scheduled maintenance so you can properly schedule when these assets might need to be temporarily taken out of service.
What is Asset Tracking?
Asset tracking is the method a company uses to track the physical location and history of any and all tools used in daily operations while conducting business. It can be as basic as writing it down on a piece of paper to as complex as attaching RFID tags or barcodes and checking these items in and out as they are used. Manual methods like writing them down or using simple spreadsheets can work, but they leave too much room for human error and take too long to keep organized. Automated methods such as assigning a barcode and labeling each asset using a centralized platform can help your organization stay on top of the current location and condition of all of your business tools. A platform with good reporting features can help you analyze the use of these tools and help you make better decisions in the assigning, purchasing, and servicing of your assets. The more information you can gather about your assets on a daily basis means the better you’ll be able to plan for future use and replenishment
Benefits of Asset Tracking
Knowing exactly where your assets are in real time Less time spent manually tracking down the location of your assets Ensure accountability and accuracy with asset loss and management*** Required for regulatory compliance in certain industries Improved customer service Keep track of maintenance logs in one centralized place.
How Asset Tracking Works
Asset tracking works by first defining what assets your company has on hand, and assigning each one a unique code. Next you assign each asset a specific location, i.e. where are they all physically located.
With moveable items such as company vehicles, tools, testing equipment, etc. ,they will be checked in and checked out during usage. If maintenance is ever required on the item, such as an oil change for a company vehicle or a software update for a specific computer, the asset is noted with the date, time, and employee who performed the maintenance/update.
Why is Asset Tracking Important?
A company’s assets are valuable parts of the organization. Depending on exactly which asset you are tracking, not being able to locate it or not scheduling maintenance/software updates can be as costly as losing an entire days work. The more information you have on your assets, the better.