5 Industries Asset Tracking Software Can Help the Most and Why

Published on June 28, 2022 • 4 min read

Asset tracking helps businesses to manage and monitor their assets effectively. Whether the asset is physical or digital, asset tracking software can track the behaviour and movement, providing your business with the information it needs to make smarter decisions. 

Any industry can benefit from asset tracking because every industry works with assets. But there are some industries where the benefits are most notable, namely: construction, healthcare, IT, education, and hospitality. One thing all these industries have in common is lots of assets. And, in particular, lots of assets that move around. This makes effective and efficient asset management essential to its smooth running of their operations. But no matter the size or nature of your business, asset tracking can benefit your business by providing you with the information you need to make smarter strategic decisions.

What Is Asset Tracking Software?

Asset tracking software is an all-encompassing, centralised system that allows your business to track important details about each asset in real time. All elements that a business owns can be considered an asset, from software and hardware to the office tables and chairs. Asset tracking software is specifically aimed at managing the inventory, lifecycles and total costs of a business’ equipment and infrastructure.

You can use asset tracking software to automate how you track and manage your IT assets. With all your assets’ information stored in a fixed register your business gains greater visibility and control over its IT assets. This information can be used to make smarter purchasing and asset utility decisions. Asset tracking software makes sure your assets are in the right place at the right time with the right people.

The Risks of Poor Asset Tracking

Poor asset tracking can lead to a mountain of problems, from loss and theft to inaccurate inventory management and financial records. This can spiral into more serious problems that undermine the integrity of a business' operations. With inaccurate records, your business runs the risk of failing its financial audits and loss of trust from investors. 

Asset loss or damage can have a profound effect on the productivity of a business. Manual asset tracking is error-prone, time-consuming and resource intensive.This can result in inaccurate data and poor inventory management, severely impacting the visibility and control over the business' operations. Asset tracking software eliminates these problems through a streamlined, centralised system with great automation capabilities. With itemit you can view your entire asset register in one place and pull all the information together into customisable and exportable reports. This will give you the outlook you need to help you keep on top of financial audits. Moving away from spreadsheets and to a smarter system saves time and money, both of which are valuable resources that can be better funnelled into other areas. 

An investment in asset tracking software optimises a business' workflow, helping to protect its longevity. Asset tracking software offers a solution to a host of common problems that a range of businesses face. Tagging and tracking allows you to pinpoint when any edits to your assets take place, such as if an issue is recorded, and create an audit trail of where your assets are. Through a friendly, straightforward interface you can access all your assets' data in one place, giving you the control and information you need to make your business a success.

5 Industries Asset Tracking Software Can Help

1. Construction

Construction sites are challenging environments with many moving parts. With so many people and so much equipment, keeping track of who has what and where can become a logistical nightmare. The construction industry is faced with labour inefficiencies, shipping inaccuracies, data tampering, asset loss, and theft.  Many of these challenges are the result of poor asset management. 

Functioning and accessible equipment underpins the operations of any construction business. It is essential for the correct equipment to be available when needed but on a busy construction site the loss of assets is a far too common problem. However, it’s also one that can be easily solved. Asset tracking software ensures users know where their assets are, how they are behaving and who they are assigned to. With asset tracking software you can create an online asset profile and can add various information to it, such as who the assets are assigned to, issues for maintenance and even user manuals. As a result, any time the asset is scanned you can see who is responsible for it, helping to ensure accountability and lowers the risk of theft or loss. Assigning assets is quick and easy with asset tracking software, making it ideal for use during the onboarding process since you can quickly assign assets to new staff members. 

itemit’s asset tracking software can also be used as an online asset booking portal and schedule equipment in advance. You can use itemit to log rentals to other users, companies, or anyone else for that matter! Overall, itemit’s asset tracking software creates a simple, effective, and transparent view of where your equipment is and how it’s behaving. Booking equipment ahead of time in a centralised system will optimise the efficiency of your workforce.

2. Healthcare

The healthcare industry faces a unique set of challenges given the nature of their environment and the vast array of assets moving through it. The assets belonging to the healthcare industry are very much of a matter of life and death, from devices such as heart monitors and IV pumps to equipment like wheelchairs and beds. All are vital to the smooth operation of a well-functioning healthcare setting. 

The loss or misplacement of equipment in a healthcare setting is not only frustrating but often dangerous. Asset management locates and tracks assets in real-time, significantly reducing the time spent by staff  looking for, cleaning, maintaining and delivering equipment. Effective maintenance of medical equipment maximises its utility and minimises the risks of loss or misplacement.

With itemit’s mobile app you can view the analytics dashboard on the go, giving you operational insight into inventory location and quantity as and when you need it. The simplicity of the mobile app design allows you to quickly and easily pull out your mobile device to check on or update your assets at a moment’s notice. Tracking the movement of your assets without being tied to a desk is a valuable feature in the fast-paced environment of a hospital. Itemit's asset tracking software provides an efficient way to store and track your most valuable assets and allows hospitals to focus on what really matters: patient care.

3. IT

The world of IT is becoming increasingly complex with the range of software, data as well as physical assets owned by a business. For any IT business or department, it is crucial to know the inventory available in order to resource and budget appropriately. Asset tracking software can enable the IT industry to stay on the top of all their assets, whether they be tangible or intangible.

Asset management software enables you to optimise your inventory management. Good inventory management underpins the success of any business. The goal of inventory management is to have the right products in the right place at the right time. Asset tracking software helps you achieve this by locating your assets in real-time. Another benefit of itemit’s IT asset management software is that you can use it as fixed asset register, ensuring you get the most accurate overview of what your business owns.

With a large inventory, reporting and managing hardware issues is a very time-consuming process when relying on spreadsheets. Using asset tracking software, you will not only be able to maintain a complete inventory of all your equipment and software but also be able to perform individual asset scans to find out about any changes such as upgrades, updates or patches. IT asset tracking software lets you create comprehensive reports, manage inspection schedules and monitor the condition of your assets at a glance. With itemit you can benefit from our powerful reporting, filtering, and exporting capabilities that will transform how you complete your daily tasks. 

4. Education

Schools, colleges and universities hold a number of assets across different departments, buildings, and campuses. With often very tight and limited budgets, it is essential for the educational establishments to take care of their assets and maximise their lifespans. Good asset management from procurement through to retirement can extend the lifespan of an asset, ensuring you maximise its use and value. 

Asset tracking software tracks the lifecycle of your assets and can notify you when maintenance is due. This ensures your assets are in good working order and can also be used to assess the depreciation of them. Using our asset tracking software you can set monthly, bi-monthly, quarterly or annual maintenance schedules or use your own schedules to make sure all assets are being looked after. Maintenance reminders can help to improve the longevity of assets and reduces the risk of replacement asset procurement. As a result, you experience less costs and less time wasting, leaving money to be better spent on other parts of your business.  

Barcode scanning is a cheap and effective asset tracking solution for the education industry. Barcodes can be attached to physical assets, such as computers, and scanned to track the asset and access its data. This makes it easy to identify lost or misplaced assets, as well as keeping track of the inventory in real-time. Greater visibility over your assets means greater control, supporting educational establishments to deliver a top class education.

5. Hospitality

There are many different departments involved in a hospitality setting, from housekeeping, dining and leisure to accounting, and administration. For these departments to work efficiently together they need a centralised system that takes the headache out of asset tracking. 

A centralised system for asset tracking provides you with a complete set of records on all your assets and the data associated with them. The benefits of this lay the foundation for the success of a collaborative and multidisciplinary workforce. Asset tracking software can help to track, manage, and control inventory all from a single dashboard, this maintains consistency throughout the different teams of a business. Users can view stock levels, be alerted when parts and supplies are running low, and even re-order new items when necessary to avoid stock levels becoming depleted.

With itemit’s check-in and check-out functionality you can ensure your assets are where they need to be and with the right people. When your team checks a piece of equipment in or out the asset manager is automatically notified. Plus, every time an asset is tracked, entered into the system, checked out, or repaired, data is collected. Less manual work means fewer errors, greater accuracy and speedier operations for your business. Using itemit’s IT asset tracking software keeps you informed about what is happening to your assets as they move around. Asset tracking software can help all the different parts of your business work together more cohesively and consistently.

How Asset Tracking Software Can Help Your Industry

Even if your industry hasn’t been named, the benefits of asset tracking software can still apply to you and your business. 

Effective asset management lays the foundation for the success of any business, big or small. Asset tracking gives businesses the clarity and control they need to make well-informed strategic decisions. With asset tracking software, your business  can greatly enhance their asset visibility, maintenance, financial audits, and inventory management.

itemit’s Asset Tracking Software

Our IT asset tracking software is scalable, transparent, and efficient. With a fully-equipped suite of helpful features, from equipment check-in and check-out functionality to bulk actions, you can seamlessly update and improve your current processes. And you’ll finally be able to move away from those dreaded spreadsheets. 

If you’d like to find out more information please contact the team at team@itemit.com or you can get started straight away and try the 14-day free trial by filling out the form below!