So, you’ve heard all about asset tracking software and how great it can be for your business but unsure where to start? Read on to discover how to get the most out of asset tracking software.
Getting The Most Out of Asset Tracking Software
1. Determine What You Need to Track
The joy of asset tracking software is that you can track more or less anything these days. From physical assets to software licences, you can keep tabs on everything your business owns but the question is, should you? Determining what you need to track for your business ensures you’re getting the most out of your asset tracking software. Decide which assets you want to gather data on and what data you want to gather. If your company has multiple moving assets spread across various sites the real-time location data is vital. Equally, if you depend on a lot of machinery then runtimes and downtimes will be a key statistic to help you utilise your inventory.
2. Get to Know Your Business Needs
Asset tracking software is a very powerful tool when you know what to do with it. Each business is unique with its own individual needs and requirements that should be considered when utilising an asset tracking system. If your company operates mainly stationary equipment in a single location, tracking GPS coordinates is not especially useful. Instead, you might be more interested in tracking the usage and work orders concerning your machines. On the other hand, if you are operating a fleet of vehicles, tracking their location becomes a lot more interesting. Before you take steps to improve your equipment tracking, make sure you know exactly where your company’s priorities lie and what data you want to track in the future.
3. Identify Your Critical Equipment
An asset’s importance can be based on a number of factors, including its sensitivity, criticality, value, or the compliance requirements placed upon it. But a key indicator of a critical asset is if it is vital to your business’ operations or the service it provides. These assets should be your priority in asset tracking and management because, without them, your business ceases to function. It’s important to begin by identifying your critical assets as everything else will follow on from there. Once you know which equipment you cannot live without, you can start by gathering important data that will help you with maintaining your most precious pieces of kit.
4. Equip Your Team With the Right Tools and Knowledge
Asset tracking software is only as good as the people who use it. This means it is essential that you equip your team with the right tools and knowledge so they can use the software to its full potential. Make sure your team has the appropriate tag readers so they can quickly scan assets. To make sure that all employees are on the same page, you have to define responsibilities and make sure all workers know how to operate the software.
5. Understand Asset Depreciation
Asset depreciation is an inevitable part of almost every asset’s life. Asset tracking software can help you to make sure your assets stay in good working order for as long as possible with regular repair reminders and automated maintenance schedules, but eventually your assets are going to bite the dust. That doesn’t mean you can’t approach this asset life cycle phase logically and strategically though. By storing and analysing all the information associated with an asset over its lifetime you can better calculate the associated costs of maintenance and acquisition. If you use the capabilities of asset tracking software wisely you can greatly minimise the costs associated with maintenance and depreciation. Utilising the gathered data you can estimate whether it is more beneficial to repair an existing asset, invest in a new one, or retire that bit of kit altogether.
itemit’s Asset Tracking Software
Make your asset tracking software work for you. Our 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. With asset tracking software you’ll save time and money. Plus, 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!
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Article by
Dr. Alex Wong is the CEO & Co-Founder of RedBite Solutions, a spin-out from the University of Cambridge and creators of itemit. For more than 2 decades, Alex’s innovations have disrupted industries and reimagined traditional solutions, delivering breakthrough results. A pioneer of the RFID EPC Network and IoT, Alex has shaped modern tracking technologies. RedBite powers the world’s largest RFID deployment across 60+ countries and launched itemit, a leading barcode, QR code, GPS & RFID SaaS tracking platform. Dr. Wong holds a PhD in Engineering from Cambridge and remains an embedded researcher, leading EU & Innovate UK projects to bridge research with real-world applications.
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