Asset tracking refers to the process of precisely tracking physical assets, be it in the form of fixed assets like buildings or automobiles or even fixed assets like furniture. The main benefit of this asset tracking technique is that it helps you monitor the condition of your assets and thereby improve your productivity, efficiency and cash flow. With this asset tracking, you would be able to make better decisions concerning investment, repair and disposal of fixed assets. In turn, this will help you save on the heavy operating costs that accrue due to repairs and maintenance of your assets.
This technique is known as asset management. The basic idea behind this asset management technique is to ensure the safe handling of these assets throughout their life cycle from their purchase until disposal. Asset tracking helps in this area of inventory management by providing a real-time picture of inventory and associated asset availability. The importance of asset tracking can not be underestimated. It can help you determine the optimal way of using your inventory assets and how much inventory is actually required for day-to-day operations. This will help you streamline your inventory management processes and thereby increase inventory management ROI.
Another important aspect of asset tracking is asset recovery. Through the use of asset tracking you will be able to determine the right time to initiate asset recovery. You will also know the cost effectiveness of asset recovery when compared with conventional warehouse inventory management methods and the costs of manual asset management.
The Benefits of Asset Tracking
Asset tracking offers significant advantages over traditional inventory management. For starters, the time taken for asset recovery is significantly reduced. Usually, asset retrieval takes hours whereas with asset tracking the recovery may take minutes or even less than a minute. This reduced time taken for asset recovery makes asset management more efficient, while at the same time increasing inventory management efficiency. Also, the automated nature of asset tracking system eliminates the subjective factors involved in the decision making process associated with asset management.
In addition to all these advantages, asset tracking also provides certain asset related benefits to an organization. One of them is asset availability. When an asset (e.g., inventory asset) is physically located in a single location, the location becomes less secure. Security threats, theft, or loss can affect one or more locations of your inventory assets. Through asset tracking you can easily determine the locations of your inventory assets that are most vulnerable to security threats and can thus protect these locations through physical and virtual protection. Also, this helps you reduce the costs involved in securing your inventory assets.
The accuracy of asset tracking systems plays an important role in inventory asset management. If the inventory asset management systems cannot provide you with accurate inventory data, then you will have to incur additional costs to update the information. In addition to this, the inaccuracy in the data provided can seriously impact on the operational procedures, costing you valuable time and resources. It is therefore advisable to opt for better inventory asset management software that can help you get accurate inventory data without affecting your operational procedures.
Having accurate asset tracking is important for any business. It helps to streamline operations, improve customer service and eliminate guesswork. It also helps to increase efficiency and reduce costs.
Asset tracking can also help to reduce the cost of lost and stolen assets. Using technology to track assets can also allow a business to know when equipment needs to be replaced.
Asset tracking can also help businesses to better manage inventory. It can help prevent duplicate purchases and reduce the chance of theft. It can also allow businesses to better manage their expensive assets.
Asset tracking can also reduce the time spent on tracking and reporting assets. Using asset tracking software can help businesses to ensure that they are meeting regulatory requirements. This can help to free up administrative staff’s time. The software will also allow businesses to better understand the capacity of equipment.
Asset tracking can help businesses improve customer service and reduce the cost of lost and stolen assets. Improved asset tracking also reduces the risk of human error.
Keeping track of assets in your company can help you in a variety of ways. You can improve inventory management and prevent theft. You can also prevent loss and damage. By tracking assets, you will also be able to track a specific asset in real time, reducing the chance of misplacement.
One of the best ways to keep track of assets is with the use of RFID technology. This is a wireless technology that is used to track assets in real time. The technology works by using radio waves and small batteries. The system is activated when the tag reaches a certain range, triggering a pulse and transmitting data to nearby RFID devices. The system is capable of recognizing objects of many types, including vehicles.
In addition to tracking assets, asset tracking systems can also save your company money. They can help you keep track of your inventory, reduce theft and damage, and eliminate the time it takes to fill out paperwork.
Identify Lost Time
Using a tracking solution to improve productivity, a company can save up to 30 minutes per driver per week. The return on investment is often instantaneous. It can also save the company thousands of dollars in lost productivity or equipment. One company saved over $160,000 with the aid of a GPS asset tracking system.
One company averted a costly fumble by using a GPS asset tracking solution to locate and recover a stolen skid steer. The system reportedly saved the fleet over $160,000. It also helped the fleet know when an asset was being operated outside of normal business hours.
A GPS asset tracking solution can also aid with pre-scheduled maintenance, which in turn improves productivity and profitability. A system using long life batteries can also track unhooked trailers. It also enables fleets to know the best time to repair an asset, or replace it with a new one. A system using GPS technology also helps fleets keep track of stolen assets, which is a big concern in the construction industry.
Using asset tracking software can increase productivity, reduce costs, and improve accountability. Asset tracking software can also help extend the lifespan of an asset.
Asset tracking is a scalable solution that can be tailored to your business’ needs. It can help manage fixed assets and moveable assets. It can also streamline maintenance records and provide automated alerts when maintenance is due. It can also help forecast future costs.
The cost of asset tracking depends on the size and complexity of your business. Larger companies use more advanced, enterprise-level systems. These systems are typically billed at a flat monthly rate or a per-user fee. For smaller businesses, a more basic tracking system may be available for as little as $15 to $30 per asset per month.
Asset tracking software may include additional features, such as integration with CRM or G-Suite software, as well as advanced reporting. In addition, some companies offer discounts for longer contracts.
In addition to improving transparency and accountability, asset tracking software can help prevent asset theft. Employees are less likely to steal an asset when they have a reliable way to track it.