Asset management software is a must-have for today’s modern businesses. Businesses should be aware of what they hold, how much their assets are worth, and whether or not they are functional.
Asset tracking systems assist in bringing all assets together in one location, making it easy to examine equipment data and locate items. It provides a clearer understanding of asset ownership, costs, and equipment maintenance.
Asset tracking allows businesses to get the most out of their assets, reduce expenses, and maintain a safe working environment.
Let’s take a closer look at asset monitoring and how it might help your company.
What is an asset tracking system?
Asset tracking systems provide all the details of physical assets of a business. It provides a single platform to identify the location, owner, condition, and maintenance information of the assets.
The process is done with the help of barcode scanners or GPS to track the asset location.
Types of assets managed by asset tracking software are :
- Industrial or manufacturing assets
- Fleet assets that are owned or leased
- Facilities asset for the official purpose such as elevators
- Constructing assets
How do asset tracking systems work?
An asset tracking system comprises of two parts-:
Hardware: A tracking device like GPS, RFID, or barcode scanners is connected to the asset. Once connected, the tracking device and software share the asset’s location, properties, and data. The vendors should manage the installation and proper working of the tracking system.
Software: Asset tracking is an important part of the asset management system. The software tracks use applications on mobile phones like GPS to track the location of the company’s vehicle. It collects raw data of the location from the cloud backend to analyze the tracking device.
Key benefits of asset management solutions for businesses
- Prepares to budget for future
As the business grows, the assets also increase. To determine the use and cost of assets, the company needs to keep track of them for current and future purposes. Asset tracking makes things clearer for future budgeting and planning. One can effectively keep track of when and how the assets are being deployed.
- Understanding asset utilization and improving efficiency
Asset tracking helps manage the utilization of the resources. Asset tracking can be used as a “code of conduct” for employees to use equipment in a stagnant manner and return it to its place of origin to avoid any issues with subsequent users.
- OEE (Overall equipment effectiveness)
The asset tracking system enables to keep the record of overall equipment effectiveness as it gives the necessary information of all the asset vendors, their use, purchase summary, spendings. The software gathers all the information in one place.The historical records can also be assessed with the help of asset tracking to check its working conditions, quality, and maintenance check.
- Monitor equipment conditions and prepare an effective maintenance strategy
As the system accumulates data, it becomes easier for businesses to maintain track of asset maintenance. Consider the following scenario: Healthcare and manufacturing industries continue to audit their machinery for two reasons: one, to keep their personnel safe from accidents, and two, to collect revenue for the proper operation of the equipment so that production does not stop.It also helps in the recovery of funds when a calamity occurs while the equipment is still under warranty.
- Prevention from theft
U.S. Companies lose around 50 billion per year in employee thefts. In case of theft, the asset tracking system provides the information related to the asset’s location and visibility enables you to track your asset and take action immediately. The asset can be traced and recovered with the help of asset tracking.
- Reduces customer complaints
To deliver top-notch customer service, asset management is the key to providing your customer with value-added asset information. This makes it easier for the workers as well as the customer to follow the location and conditions of assets.It portrays your business to be trusted and reliable.
We discussed the basics of asset tracking, its systems, and how the management works to keep a check on their assets at various points. You can choose from a variety of tracking services on the market, but how do you choose the right one?
Jellyfish Technologies provides wireless location technologies like GPS, Geo-fencing, Google maps, RFID, barcodes, and Bluetooth.
Find out more about our services here.