Tracking assets is serious business and it’s something that’s becoming increasingly popular. While businesses everywhere have always tracked assets they’ve not always used a digital solution.
The great news is that you can now find asset tracking software that can help you. It’s possible for you to keep a close eye on your assets all of the time. 24 hours a day, 7 days a week, that’s how long you can track your assets for. But what are the benefits of tracking your assets? Let’s explore this now.
Assets Can Be Located Quickly
One of the major benefits of using the latest asset tracking software is its ability to locate each asset. It’s realistically possible for you to know where your assets are located all of the time.
With the touch of a button, you can see where each asset is. Alternatively, you may be able to track a chosen group of assets. This could prove to be very useful if you’ve sent some equipment out in the field, for example. You could see whether your equipment has reached a construction site, a specific office, or any other location. This feature can also be useful if you want to see where your assets are along the M11, for example. Being able to locate your assets quickly can provide reassurance while also boosting security. This is one of the major benefits associated with tracking your assets.
Less Time Can Be Spent Ticking Boxes
It’s very likely that you spend a lot of your working day ticking boxes. This process can take up quite a bit of your time. The really good news is that when you use asset tracking software box-ticking may not be required.
You could, for example, tell your software to automatically create an invoice for each of your customers. You could receive a notification when an invoice is paid. Failed to receive a payment from a client on time? A letter that includes a late payment fee could be sent.
This particular feature could also be useful if you need to check off a delivery, send the same message to more than one colleague, and so much more. Your new asset tracking software could save you a lot of time.
Spreadsheets Can Be Replaced
In the past, a lot of businesses used to rely on spreadsheets. It was the latest and most convenient way to track your assets. The only problem is that using a spreadsheet can be very unreliable.
Inputting the wrong equation and adding incorrect figures is very easy. Unfortunately, this was and still is a common occurrence. When the wrong equations and figures are used, they can give you incorrect information. It’s this information that you could use to make business decisions.
When you use reliable and modern asset tracking software, however, you can eliminate such errors. You could constantly receive accurate data each time an asset is used, sold, replaced, repaired, and so on. In some cases, you could export this important data and examine it. Being able to do this ensures that you can read the data and make more informed decisions. However, in order to do this you need to use tracking software that comes with this feature. Check what features are offered before you choose tracking software.
Assets Can Be Assigned To Sites And Team Members
Did you know that you can assign assets to both sites and team members? Being able to do this ensures that only the right assets are used by the right people. This can help to increase security and ensure your assets are less likely to get lost, damaged, or stolen.
When you assign assets to team members and sites, it will be obvious that they are tracked. The barcodes, QR codes, or RFID tags used will be visible. It’s this that can help to prevent assets from going astray. Additionally, it also ensures that your assets are taken care of. A direct consequence of this means you could spend less on maintenance.
Imagine being able to spend less money replacing and repairing your assets. You could use the money you would have spent on repairs, for example, elsewhere. A result of this means that you could save money or divert it to areas where it’s much needed. All of this is possible when you use the right asset tracking software.
Ideal for Any Business
Asset tracking software is ideal for any business. Whether you’re a multinational corporation, a big business in the centre of town, or a small business that’s just starting out. You could benefit from using software that tracks all of your assets. The great news is that tracking assets is easy, reliable, and hugely beneficial. It’s up to you whether you want to make the most of all that it has to offer.
Wish to chat with an asset tracking expert? Contact us now at team@itemit.com.
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Beyond money saved, good inventory tracking makes operations smoother:
- Faster picking and packing
- Less time hunting for missing items
- Better use of warehouse space
- More productive employees
- Smoother workflows between departments
These operational improvements create competitive advantages that make the inventory tracking process excellence a strategic asset.
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Asset tracking providers often present customers with two primary options: GPS technology or QR codes. These technologies frequently compete for market share, with many businesses unaware that they can serve similar functions. However, QR codes typically outperform GPS in versatility and functionality.
For businesses maintaining ICT asset registers or monitoring vehicle fleets, understanding the strengths and limitations of each system matters.
Let's examine these technologies alongside newer options like RFID and NFC to help you make better decisions about asset management.
GPS Tracking Technology Explained
GPS has become commonplace for drivers navigating unfamiliar routes. This satellite-based technology constantly transmits signals to your device, pinpointing your exact location. For asset tracking, GPS functions similarly by showing where specific items are located.
An interesting historical note: GPS was first developed for military applications before becoming available for civilian and commercial use.
Companies typically deploy GPS tracking for vehicle fleets, though many organisations also use it to monitor warehouse assets that move between locations. For complete information about managing physical business property, our guide on Fixed Assets provides valuable insights.
GPS for Business Asset Tracking
GPS tracking offers several distinct advantages for business asset management:
- Real-time monitoring: GPS provides location data without requiring staff intervention, reducing human error while enabling 24/7 surveillance.
- Geographic precision: Modern GPS systems achieve accuracy within 3-5 meters, sufficient for most commercial applications.
- Theft recovery: According to insurance industry data, the ability to track stolen equipment improves recovery rates by up to 85%.
- Movement history: Most GPS platforms store historical movement data, allowing businesses to analyse usage patterns and optimise asset deployment.
- Geofencing capabilities: Companies can establish virtual boundaries that trigger alerts when assets leave designated areas, enhancing security protocols.
However, GPS technology brings notable limitations for comprehensive asset management:
- Update frequency constraints: Standard business GPS systems refresh every 10-15 minutes, creating blind spots in high-speed movement scenarios.
- Battery dependency: Active GPS trackers require power sources, necessitating regular maintenance or charging cycles.
- Signal interference issues: GPS performance deteriorates inside buildings, underground locations, or areas with heavy concrete or metal infrastructure.
- Implementation costs: Quality GPS hardware typically costs $50-300 per unit plus ongoing subscription fees ranging from $10-25 monthly per device.
- Size and attachment challenges: GPS trackers remain too bulky for smaller assets and require secure mounting systems to prevent removal.
- Limited data capacity: Unlike tag-based alternatives, GPS primarily delivers location data without storing extensive asset details.
These constraints explain why many operations managers complement GPS with alternative asset tracking tags that address these limitations. For stationary assets or equipment housed primarily indoors, passive tracking systems often deliver better value and functionality.
QR Code Technology
QR (Quick Response) codes resemble traditional barcodes but store significantly more information in their square matrix pattern. Nearly any smartphone or tablet can scan and interpret QR codes within seconds, making them highly accessible.
QR codes have quietly integrated into daily life—restaurants place them on tables for digital menus, theatres use them for seat-based ordering, and marketers embed them in advertisements for instant website access.
Like GPS, QR codes help monitor asset registers and track locations. However, they offer expanded functionality beyond simple location data. For those building IT equipment inventories, What is an IT Asset Register? explains key implementation concepts.
QR Codes in Practice
For businesses implementing QR code asset management, several key advantages emerge:
- Information density: A single QR code can store up to 4,296 alphanumeric characters, enabling comprehensive asset profiles including serial numbers, purchase dates, warranty information, maintenance histories, and responsible departments.
- Cost efficiency: QR labels cost between $0.05 and $0.30 per unit with no recurring fees, representing 70-95% cost savings compared to active tracking technologies.
- Implementation simplicity: Deployment requires minimal technical expertise—standard label printers generate QR codes that attach via adhesive backing or cable ties.
- Device compatibility: Over 97% of modern smartphones can scan QR codes without additional hardware or specialised apps.
- Customisation options: Enterprise QR solutions allow for custom branding, colour-coding by department, and tamper-evident features.
- Dynamic updating: Cloud-connected QR systems enable real-time information updates without replacing physical tags.
Integration capabilities: Modern QR systems integrate with ERP, CMMS, and accounting software through standard APIs, creating unified data ecosystems.
However, QR technology presents several notable limitations:
- Scan dependency: QR codes remain passive—they require manual scanning rather than automatically broadcasting locations.
- Line-of-sight requirement: Tags must be visible and accessible to be scanned, which can be challenging for assets in hard-to-reach locations.
- Environmental vulnerabilities: Standard QR labels can degrade from UV exposure, abrasion, or harsh chemicals, though industrial-grade options mitigate this issue.
- Security considerations: Public QR codes can be replaced or duplicated without sophisticated tampering detection, creating potential security vulnerabilities.
- Process reliance: Effectiveness depends entirely on consistent scanning protocols and staff compliance.
- Location triangulation limits: Without supplementary technologies, QR codes cannot provide autonomous location data.
To address these limitations, many organisations implement hybrid systems where QR codes work alongside checkpoint scanners at entry/exit points or integrate with Wi-Fi positioning systems for approximate indoor location data. This approach balances QR's information richness with improved location awareness without the full cost of active GPS or RFID asset tags.
RFID and NFC: Advanced Asset Tracking Alternatives
RFID vs NFC technologies represent sophisticated alternatives to traditional tracking methods, each with distinct operational characteristics:
RFID Technology Specifications
RFID asset tags operate through radio frequency identification in three primary frequency ranges:
- Low Frequency (LF, 125-134 kHz): 10cm read range, slower data transmission, excellent performance around metals and liquids, commonly used for animal tracking and access control
- High Frequency (HF, 13.56 MHz): 10-30cm read range, moderate data speeds, used extensively in library books, pharmaceuticals, and payment cards
- Ultra-High Frequency (UHF, 856-960 MHz): 3-15m read range, fastest data transmission, susceptible to interference from liquids and metals, widely deployed in supply chain tracking and retail inventory
RFID implementation offers distinct advantages:
- Batch scanning capability: A single reader can simultaneously capture 200+ tags per second, reducing inventory time by up to 95% compared to barcode methods
- Non-line-of-sight reading: Tags function even when covered, dirty, or embedded within products
- Durability: Industrial-grade tags withstand temperatures from -40°F to 400°F, chemical exposure, and mechanical stress
- Data security: Enterprise RFID systems employ encryption standards like AES-128 to prevent unauthorised access
- Automated inventory: Fixed RFID portals at entry/exit points create autonomous tracking without human intervention
Hardware costs present the primary barrier to RFID adoption:
- Tag costs: $0.10-$0.50 for passive paper tags; $2-$25 for hardened industrial tags
- Reader costs: $500-$2,000 for handheld units; $1,500-$5,000 for fixed portal readers
- Infrastructure costs: Enterprise implementations typically require middleware ($5,000-$25,000) plus integration services
NFC Technology Applications
RFID asset tags operate through radio frequency identification in three primary frequency ranges:
- Low Frequency (LF, 125-134 kHz): 10cm read range, slower data transmission, excellent performance around metals and liquids, commonly used for animal tracking and access control
- High Frequency (HF, 13.56 MHz): 10-30cm read range, moderate data speeds, used extensively in library books, pharmaceuticals, and payment cards
- Ultra-High Frequency (UHF, 856-960 MHz): 3-15m read range, fastest data transmission, susceptible to interference from liquids and metals, widely deployed in supply chain tracking and retail inventory
RFID implementation offers distinct advantages:
- Batch scanning capability: A single reader can simultaneously capture 200+ tags per second, reducing inventory time by up to 95% compared to barcode methods
- Non-line-of-sight reading: Tags function even when covered, dirty, or embedded within products
- Durability: Industrial-grade tags withstand temperatures from -40°F to 400°F, chemical exposure, and mechanical stress
- Data security: Enterprise RFID systems employ encryption standards like AES-128 to prevent unauthorised access
- Automated inventory: Fixed RFID portals at entry/exit points create autonomous tracking without human intervention
Hardware costs present the primary barrier to RFID adoption:
- Tag costs: $0.10-$0.50 for passive paper tags; $2-$25 for hardened industrial tags
- Reader costs: $500-$2,000 for handheld units; $1,500-$5,000 for fixed portal readers
- Infrastructure costs: Enterprise implementations typically require middleware ($5,000-$25,000) plus integration services
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