Asset tracking software has proven to be effective in offering organisations an accurate solution when it comes to controlling and overseeing their resources, equipment, tools, properties and assets.
Establishments across multiple industries have recognised the advantages of acquiring an asset tracking app to gain full visibility over every asset-related activity. They’ve also turned to these platforms to make well-rounded decisions regarding their resources.
According to Research and Markets, the global asset tracking app market is expected to grow by $2.4 billion by 2025, with a 15.1% compound growth.
The best asset management software relieves organisations from the brunt they need to bear in monitoring and managing their resources and protecting their ventures from credibility damage and financial loss. It presents them with certainty; thus, allowing them to make significant choices that are geared towards growth.
So which sectors gain the most from utilising an asset tracking database? Check our list below to find out.
1. Manufacturing
The engineered functions and perceptive interface of an asset tracking software make the possibilities for resource management limitless.
While there are a lot of sectors that benefit from such platforms, the manufacturing industry is one of the fields that gains the most. For instance, prominent wineries and vineyards maximise the best asset management software by attaching a Barcode or applying an RFID Tag to their wine barrels to organise their cellars effectively and to ensure that their supply chain runs smoothly.
Meanwhile, other large-scale ventures use an asset tracking database to keep an eye on various resources such as shipping containers that are located across the world. Another good example would be an industrial gas supplier using the platform to check the status of their gas containers by location and generating a report from it.
Apart from the solid database an asset tracking software offers, companies can configure other functions such as information perception and information collection without the need for programming skills, guaranteeing successful display and gathering of relevant data.
Basically, for manufacturers, an asset tracking database is a dream come true, since it lets them virtually trace anything pertinent to their business.
2. Rental services
Equipment hire businesses operate differently from their regular retail peers. While most traditional merchants market an item and terminate its lifecycle the moment it’s bought, equipment hire enterprises sell usage of the item for a period of time and retrieve the loaned apparatus once the fixed time is up.
Because of this, having an asset tracking app has become the backbone of any successful rental-based company. Examples of these ventures include large equipment rentals such as businesses that let out bulldozers, excavators, backhoes, forklifts and cranes. They also include organisations that lend small tools such as hammers, saws, drilling machines and ladders, which need tool tracking software for construction. And even audiovisual equipment rental establishments that supply microphones, cameras and recorders.
These enterprises depend on the capabilities of these platforms to cater to their unique business needs. In these systems, items are catalogued in an asset tracking database, rental reservations are registered and booked, and the condition of equipment is taken care of with scheduled checks and maintenance. It covers all essential touchpoints in equipment hire, from apparatus acquisition to customer interaction to scheduled pickup and servicing.
With the best asset management software, rental-based organisations are more likely to accomplish operational success.
3. Health
Systematic healthcare provision is vital to all societies; however, budget constraints and sparse resources can often hinder healthcare establishments from reaching full productivity.
Huge quantities of costly operational equipment have a tendency to be misplaced or lost due to unorganised systems that are set up as they transfer from one hospital to another. These incidents not only cost more money but also put patients’ lives at risk. Porter costs are also increased as replacements are requested. These hurdles can be dodged with the best asset management software that supplies the precise real-time location of all marked assets.
Besides tracking equipment, healthcare institutions can use asset tracking software for patient welfare. High-risk patients require regular monitoring, and the lofty demand for manpower places a tiresome yoke on both hospital staff and budget.
To resolve this, hospitals and clinics can construct patient profiles to cater to patient needs. Patient information can be persistently examined to generate insights on behaviour and inclination. Medical staff can also be monitored for their own security and well-being by providing them with devices that are equipped with your platform.
An asset tracking system, therefore, transforms the way healthcare establishments track resources in real-time.
4. Military
From electronic devices to high-grade weapons to robotics to safety apparatus, an asset register can be a complete solution for resource management in the military. Worldwide, army, navy, airforce and special operations use these reliable tools to make sure that they don’t overlook any valuable asset.
Most asset tracking databases are compatible with multiple tagging technologies and offer functions such as QR, Barcodes, and RFID technologies. When it comes to the asset management market, RFID-based solutions are emerging as a top trend, as per Report Linker’s Asset Tracking Market study. In the context of tracking assets and equipment linked to ensuring the safety and protection of a nation, then its forces must apply only the latest and most effective techniques.
5. Information Technology
Juggling information technology tasks are costly and complicated. An asset tracking database alleviates this by supplying a single repository to house all data connected to both hardware and software as well as additional inventory under the IT umbrella. This means computers, apparatus, applications and gadgets used for networking.
Usually, an asset tracking database is targeted for overseeing inventory, which spans a business’ complete networking and technological services. More developed platforms provide automation to handle assets more firmly and to organise essential data for reporting and resolution.
Although most platforms offer simple tools, the best asset management software integrates with other platforms to streamline the entire tracking process. It allows IT managers to monitor one to million pieces of mechanical resources anywhere and infuse this information with servers, networks and maintenance when needed so that troubleshooting is conducted swiftly and smoothly.
6. Corporate
From small startups to large enterprises, an asset tracking app can oversee any company’s resources through a centralised system that stores precise assets details. These pieces of software can aid organisations in monitoring their assets’ complete lifecycles, beginning from the minute they are registered in the system to all the encountered transfers, adjustments and changes and until their eventual disposal.
Having asset tracking software is ideal for enterprises with a huge amount of assets and multiple branches and offices. It’s also recommended for companies that are looking to scale since these platforms are tried and tested when it comes to meeting business needs both in the present and in the future.
The best asset management software is established on well-grounded infrastructure, is flexible, and is designed with optimisation in mind. It can also be configured to accommodate importing and exporting solutions as well as specific inventory and security roles.
7. Property and facilities
Some ventures focus on letting out places such as communal outdoor areas, function rooms, conference halls and open green spaces, to name a few. With an asset tracking solution, these companies can keep an accurate inventory of their property and facilities according to geographical location, condition or other attributes.
Additionally, they also connect them to cost departments and groups to monitor ownership and reinforce financial reportage. In terms of monitoring condition and status, they use the asset tracking app to oversee the condition of their facilities, arrange warranties as well as schedule inspection and maintenance with the appropriate personnel. They can also use the platform’s insights to supply operations visibility to both clients and management.
The best tools for the best business
So now you’ve seen how helpful an asset tracking app can be even though we haven’t listed all sectors that gain enormous advantages from these platforms Suffice to say that an asset management software can give you in-depth visibility on all resource-related matters in your company, boosting your efficiency and bringing the bang for your buck.
Looking for more tools besides an asset tracking software to help you in your business during the pandemic? Check out these 15 ways to improve remote working.
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