Asset Tracking Software’s Best Features Explained

Asset Tracking Software’s Best Features Explained

If you’ve got this far then you are probably trying to understand exactly what asset tracking can do for your business. Well, more specifically, what asset tracking software can do for your business.

Almost every business is keeping track of assets in one way or another. Often, spreadsheets are used to keep a basic register of what assets a company owns. At a certain point though, the lack of asset tracking specific features starts to become an issue for a growing business. Spreadsheets simply can’t keep up with anything but the most simplistic set up.

Let’s look at some of the features that you can benefit from with a dedicated asset tracking software.


Book Assets and Equipment in Advance

The ability to look at what equipment is available and book it ahead of time makes it possible to get ahead of costly errors like double booking. For example, if you are a construction company with 3 jobs booked on the same day- you can assign all the required tools and equipment.

Sounds simple, but this gives you the ability to organise and streamline your assets so that you are getting the most out of them. Say each job requires a disc cutter but you only have 2 available. Booking ahead lets you spot this clash before it happens, giving you the space to move stuff around and manage your customer’s expectations.

Asset Tracking Software Book In Advance


Check-in and Check-out Equipment

Using tagging technologies, it is now possible to know who has ‘checked-out’ items and when- without relying on complicated paper filing systems. Keeping a tight grip on your assets is a no-brainer. Especially if you are serious about reducing leakage. Like it or not, employees are just way more likely to look after a tool if they are responsible for it! 

It’s not about creating a culture of observation. It’s about demonstrating that you care about your equipment, so you want to know who has it, and where it is. Many businesses have found that breakages and losses have drastically reduced through implementing a system for checking in and out equipment.


Track Location of Tools and Equipment

It happens, stuff goes missing. Mistakes happen. It’s not possible to keep on top of everything all of the time…

Except it is! Asset tracking software can tell you the location of tools and equipment. This gives you control over your assets being slowly lost over time.

With tracking, you have a recourse when you realise that something has gone missing, so that you will likely be able to retrieve it. At least you will be able to investigate effectively. Just check where the item was last seen and who was last responsible for it, and take it from there!


QR Code and Barcode Asset Tagging

This is pretty much at the heart of asset management software. It feeds into a lot of the other points made. QR codes and Barcodes can be added to assets. Then, handheld scanners or mobile devices are used to send metadata back to your asset register. This makes other features, like checking in and out, possible.


Issue Reporting and Management

Using a centralised hub to manage all your assets opens up tons of opportunities to react to problems. Personnel can report errors as they happen and you can react. Access warranty and manufacturer information without fuss and track steps taken to resolve issues. Multiple breakdowns can build up into a serious operational concern. Issue reporting and management stops small problems from snowballing!


Attach Photos, Manuals and Forms

This is an often overlooked, yet powerful feature that is available through asset tracking software. There are a lot of different applications of this feature. 

For example, you could include uploading a photo in your checking in / out process. This helps you understand when items have been damaged and makes insurance claims hassle-free.

You can give users access to manuals for equipment which can make jobs go quicker as staff can access info without roping in colleagues.

Another way this can help is when equipment breaks down. Add warranty and insurance information to your asset register so that when the inevitable happens, you are ready with a solution. 

Whatever the application, there is a great opportunity here to streamline your asset management through gaining access to associated media files.

Asset Tracking Software Multimedia


GPS Asset Tracking Capabilities

GPS tracking is particularly useful for vehicles. Using trackers, you can see where your vehicles are at any given time. Through GPS tracking, you can improve your customer experience and the productivity of your delivery teams.

GPS tracking can also act like QR codes, but without the need to use scanners to check in. So you can see the last known locations of assets without relying on manual actions.

This is often used in conjunction with other tracking methods. Depending on the asset and its function, you can build up a network of trackers that give you total insight into your equipment. 


Handheld & Fixed RFID Capabilities

RFID (radio frequency identification) works by sending out a radio wave that triggers when it finds a tag. This then sends a signal back which is translated into data and sent back to your central database. So, RFID software is the perfect solution for assets that need concealed tags. So you don’t need to have a visible barcode or QR tag! 

Handheld scanners are an indispensable part of modern manufacturing and stock management. They are also an incredibly powerful means of tracking assets. Scanning codes with handheld scanners mean that you can see the location of assets without having to rely on memory or complex reporting.

Fixed RFID points work great in a warehouse environment. It works by setting fixed points that constantly search for tags and report back to you on the last known location. So if an asset crosses the fixed-point, you get an update of the last known location. If this kind of technology is new to you, then the good news is that it can be implemented without major investment. Just start small, get a feel for the benefits, and scale up from there.


Create an Accurate Asset Register

This feature is an important one. Your asset register is your central hub. It tells you where everything is, who has and for how long. As such, it is a powerful management tool. Not only this, but it can give you a complete history and forecast of each item. An uncomplicated and intuitive interface is an essential part of an asset register. A great UI will make issues jump out at you, so that you don’t have to do a deep dive to optimise your asset management.

With growth comes change. When your organisation is undergoing a lot of change, you will want to focus on protecting the business and not on admin. Through your asset register, you can make bulk changes to your assets. There is no need to make individual changes, simply bulk upload whatever changes are needed.

Auditing is not a word that inspires much excitement. Images of stacks of paper, knotty problems and general chaos come to mind. It needn’t be that way. Having all your PP&E in a single, centralised database (that updates automatically), will make auditing a breeze.

Asset Tracking Software Asset register


iOS and Android Apps, and Web Portal

Business is becoming less office based all the time. The ability to work wherever and whenever is no longer a luxury, it’s essential. Contemporary asset management software makes accessing your asset management systems on the road possible. That means that you do not need to compromise on control over your business while working remotely or out on meetings.


Manage Inspection and Maintenance Schedules

A core part of any good asset management strategy is maintaining quality. Without an achievable, well thought out inspection and maintenance schedule, the integrity of assets can seriously suffer. Keeping on top of this in excel is possible, but there is a lot of opportunity for mistakes and the process can get tricky to manage.

Using fit-for-purpose software means you can create an automated schedule that reduces repair costs and lessens the impact of depreciation.


Track Asset Depreciation and Lifecycles

Talking of depreciation…

Understanding what your assets are worth at any one time is vital when understanding the overall value of the business. Particularly as this has accounting and tax implications. Without a tech tool to keep track of this, getting a true picture of asset management is a scary prospect. However, with the right tools, automating this process is reasonably straightforward.

Asset life cycles are another key consideration. Tracking when a piece of equipment is reaching the end of its expected lifespan means you can plan for the cost of replacement. There’s also health and safety to think about. Asset tracking management software means that you can guard against your staff working with out-of-date or potentially dangerous equipment.


Image Recognition – Create Assets with AI

One of the offputting aspects of asset management is data entry. When relying on spreadsheets, businesses often get around this by only tracking higher value items. But the accumulative effect of not having full control of lower value items can have a severe impact on profit margins.

Image recognition is a high tech, cost-effective solution to this problem. Using AI, a scanner pulls metadata based on the image and adds the asset to your register. This tried and tested method helps future proof the business without creating mountains of admin.


Configurable Reports and Export

As you can probably tell by now, asset management software generates a huge amount of data. Without a way of simplifying this wealth of information, it’s not much good to anyone. That’s why the ability to visualise the data through intuitive reports. Data visualisation is vital for a modern company that wants to compete at the top level. You don’t need to be a data scientist to put your data to work. A well-designed asset management software provides you with configurable reports that can give you actionable insights.

Asset Tracking Software Reporting


All Of This And More: Choose itemit

Not only can itemit give you access to all the features described above, it has been built to fit in seamlessly with your current systems. Any big change in how your business works comes with risks. Changing systems is a daunting prospect. itemit mitigate these risks by blending in with your current environment. It’s easy to start small, and scale up as your confidence and business grows.

Every organisation has its own way of structuring and operating. As such, you need asset management software that can be tailored to fit the way you work, not the other way round.

Book a demo today to see all itemit’s features in action. To find out more details, you can always contact our team at team@itemit.com.

Asset Tracking Softwares Best Features

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