Asset Tracking Software: Who Should Use It?

Question: Who should use asset tracking software? 

Answer: Agile, high-velocity, and ambitious teams who want to achieve big in today’s fast-paced professional environment. 

Knowing what assets you own, how much they cost you, and how long they will contribute to your business operations is indispensable for robust workplace management. Over the years, successful businesses have always found innovative ways to track their assets to keep up with the competition.

Today, agile enterprises utilise asset tracking software to keep an accurate and up-to-date record of what assets they own, their total valuation, locations and a range of other essential details. 

Mainstream industries are getting increasingly saturated, and competitive. Any business that wants to keep up with today’s cut-throat competition should utilise sophisticated tools like asset tracking software to streamline its day-to-day processes and maximise productivity. Continue reading to learn more about what asset tracking software is and whether your company needs it or not. 

Also known as asset management software, asset tracking software is a digital solution to all your asset-related problems. It’s a mobile or web application that lets you keep a detailed record of your company assets via unique asset profiles and a well-organised digital register. 

This software application is developed around the principle that every asset is unique. Even if your company owns 20 keyboards of the same brand and model, the individual pieces of hardware are different from each other. 

Asset tracking software enables you to track each such item with a unique asset profile where you can record details like its location, assignee, condition, issues or any other information you deem relevant. Everything from an item’s identity to its date of purchase is neatly organised in its profile. 

Zooming out, all asset profiles can be found in one easy-to-navigate digital register. One of the defining characteristics of advanced asset management software is that it’s cloud-based. With your credentials, you can access your asset register from any mobile or computer device with an internet connection.

Accurate and up-to-date asset registers are the key to successful business management. The most efficient way to upgrade your asset management is to use asset tracking software. It may sound like stating the obvious, but yes, every company that aims to grow in 2022 does need asset tracking software. But let’s discover more reasons that’ll help you make the right decision.

The average company owns a wide range of assets from land and buildings to vehicles, furniture and IT hardware. The exact number of assets varies from business to business and depends largely on whether it’s a small, medium or large-scale enterprise. 

Let’s take a small-scale business as an example. A small-scale manufacturing company has fewer than 99 employees, may or may not have multiple vehicles, around a dozen or more computers, related IT hardware, multiple manufacturing plants and a range of tools and other miscellaneous items that play an essential role in everyday operations. 

If such a small-scale company wants to minimise its losses and maximise its productivity, it needs to keep a close eye on all assets in its possession. This encompasses everything from ensuring the safety and maintenance of all assets to recording important financial data for accurate audits. With conventional asset tracking methods such as spreadsheets and physical ledgers, gathering and recording all this information is quite the hassle even if you’re only managing ten assets. Let alone managing hundreds of them.

If you choose the right software solution for asset management, you may be able to share and delegate asset tracking responsibilities. As mentioned above, it’s a cloud-based application. Plus, its shareability means multiple team members can access your asset register to add, edit and view information.

Managing a large number of assets becomes a walk in the park if multiple employees have the asset tracking software on their mobile devices, allowing them to gradually add and update asset information. This makes sure your team’s workload is divided fairly. 

Moreover, tracking individual assets is made much more efficient with asset tags. These are QR code stickers or RFID tags that you can stick to individual assets, giving each item its unique identity. Asset tags link the actual assets to their respective digital asset profiles. You can scan these tags with the asset tracking app to find asset profiles instantly. Similarly, there are various other features that let you save time, and ultimately, save money with asset tracking software.

Every company needs asset tracking software, but some need it more. These, obviously, are enterprises that use a wide range of tools and equipment in their operations, have to move around assets frequently, and need to maintain accurate financial records in order to be profitable. 

In this section, we will talk about some companies that would benefit the most from using asset management software. This may or may not include the business you’re associated with, but the following information will surely give you a blueprint to determine how asset tracking will take your company ahead.

The average construction company operates dozens, if not hundreds, of different tools and equipment. These tools and equipment are constantly on the move from one site to another. On top of that, they need to be shared by multiple workers who often rotate shifts. All of this together makes tools and equipment tracking quite a task for a construction company. 

Fortunately for these enterprises, construction equipment tracking software converts tool tracking to an effortless everyday routine. Workers can install the asset tracking software app on their mobile devices and scan tools and track tools directly. Every time a tool’s asset tag is scanned, its location is automatically updated on the software. This makes it convenient for other employees to find a tool as they can spot its location with just a few taps. 

Not just that, supervisors can assign a toolset to a worker through the asset management software. This makes that person accountable for tracking and safeguarding the tools assigned to them. We have discussed only two of the many features construction equipment tracking helps companies save time and money.

IT assets are often the hardest to track. This is because a company uses multiple hardware of the same brand and model, making it difficult to differentiate one from the other. 

Rather than marking your keyboards and mice with name tags or sticky notes, you can use asset tags, a much better option, instead. 

An asset tag gives a unique identity to every asset even if you have twenty identical items in the office. The tag links the physical item to its asset profile where you can store all of its information. When you want to access asset details, simply scan the label and the asset register will directly take you to the asset’s profile. 

This feature eliminates the risk of error. If you were using a spreadsheet or physical ledger instead, finding an item’s information takes a lot of time. Still, it carries a significant chance of error. Asset tracking software makes IT asset management much more accurate and much less time-consuming, bringing the best of both worlds to IT companies.

If you work in healthcare, you’d understand how important it is to track medical equipment and machinery. A healthcare facility operates different medical equipment which is often taken to different rooms, operation theatres and hospital wards.

Healthcare professionals who work in shifts have a hard time locating equipment after the staff from the previous shift have moved it. It is essential for the healthcare facilities’ administration and staff to know exactly where their equipment is so patients can receive timely treatment. Asset tracking software makes sure relevant staff always know where the equipment is.

Furthermore, mobile healthcare units often have to take equipment in and out of the facility. Equipment checkout software helps workers to check out their tools so the entire team can know their availability status.

Asset tracking software helps logistics companies not only track individual shipments but also vehicle fleets, and containers. GPS asset tracking enables companies to keep a close eye on all their vehicles no matter where they are on the globe. This helps logistics companies plan ahead and predict arrival times to streamline their operations.

Moreover, warehouse employees can scan asset tags to confirm the arrival and departure of shipments to keep supervisors and other stakeholders updated at all times.

This section will talk about some of the most innovative ways teams have discovered using asset tracking software. While the following do not cover the mainstream asset tracking software, it’s a good idea to see how you can innovate with asset tracking software and make your business more streamlined and transparent than ever.

In horticulture, you are working with numerous plants, grow beds, seedling trays and gardening tools and equipment. On top of that, these assets are spread over pretty large patches of land, often many acres. 

Asset tracking software lets you have a clear overview of all horticultural assets, where they and other important information like last watering time, and fertilisation schedule. Planning and tracking work operations on nurseries and farms can become really easy with asset tracking software. 

Even if you work in an indoor office, you can track office plants’ watering schedules with asset tracking software to make sure they are not underwatered or overwatered.

Valuable paintings, precious bottles of wine, vintage cars or other valuable collectables, how do you keep an eye on your high-value collections remotely? Asset tracking software lets you track individual items in your collections no matter where you are.

RFID asset tags let you track the location and other information for each asset automatically. RFID tags can be attached inconspicuously to any asset so you are updated on its location at all times.

Asset tracking is not for businesses only. You can use the software for personal use to keep an accurate house inventory, manage collectables, organise your possessions and make sure all items are moved securely when you’re moving. 

You can manage everything from your wardrobe and kitchen to your collections with asset tracking software. Advanced asset tracking software offers various other powerful features that make it easy to track your stuff. For instance, you can set reminders to water plants or replace your car’s engine oil.

Once you’ve decided that you should use asset tracking software, the next most important decision is to choose the right software solution that can help you accomplish all that is mentioned above and more! 

itemit offers a highly scalable asset tracking software that you can use for everything from fixed asset tracking, tools and equipment tracking to IT asset management. You can do all of this and more with a single subscription. You will hardly find another asset tracking solution that offers such versatile serviceability. Using itemit, you and your colleagues can take advantage of the most sophisticated asset tracking features on the market, creating custom asset tracking processes that suit your business.

To find out more about itemit’s asset tracking software, you can book a demo here. To find out more details, you can also contact our team at team@itemit.com.

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