The world of asset tracking has grown and developed immensely over the last few years. There’s every indication that the growth and development will continue. As a result, many new technologies that are found in science fiction books may become reality. Better, more effective solutions could appear, and more productive and efficient asset tracking operations may be common. 

Let’s take a look at what the future of tracking assets may hold and how the industry could be shaped.

It’s very likely that it will be far easier to track the location of your assets. At the time of writing (August 2023), the use of RFID tags is coming into fruition. Many businesses use tags such as these, but they are still unknown to others. With the use of RFID tags in addition to more accurate asset tracking, locating your equipment could be simple. In the future, you may be able to pinpoint exactly where your assets are. This could increase productivity and improve security in every location.

Assets will be used more effectively and efficiently. It could be possible to see which assets are used frequently and which are left behind. More information about each asset could be available, allowing businesses to use them in new ways. 

The assets that have stood still are more likely to be used as costs continue to rise. Even if costs start to fall, by the time that they do, businesses will be used to working more efficiently.

Tracking in new ways, not just the location but also how it is used, where, why, and by whom. Also how long it is used for and if it is required in multiple locations. With this comes the creation of a lot of data. It’s this data that can help any business anywhere in the world to learn more about itself. With this knowledge, any business can see which area they are automatically going in. It may also be possible to see whether a business is reaching its target market. With this information, it’s likely that businesses that aren’t appealing to their chosen demographic can start a new marketing campaign. Alternatively, they may even wish to change their chosen demographic. It’s information such as this that can be vital. 

• Other information gained from the new data can show 
• Which supplier is more reliable 
• Which customers pay on time 
• The members of your team who are the most efficient
• The machinery and tools that are hardly ever used

With the above information, businesses can gain an insight into how they are performing. As a result, there’s a real possibility that they can make changes for the better.

As we have already seen, the world of asset tracking has started to see an increase in the use of RFID tags. It’s very likely that this increase will continue. Tags such as these are very useful as they can store a lot of information and be used in a wide variety of businesses. The increase in the use of RFID tags can help with tracking assets, identifying them, and so much more. 

One of the major benefits of using tags such as these is that they are robust. When manufactured to a high standard, the tags can be affixed to almost any surface. As a result, many businesses may affix the RFID tags to:

• Trucks and other vehicles
• Facilities such as office buildings, outbuildings, and warehouses
• Machinery, equipment, tools, and computers
• Books, projectors, sports equipment, desks
• And so much more. 

Regardless of which industry you work in, it’s likely that the use of RFID will grow. Once they are affixed to the assets in question, they could remain in place for a very long time. As a result, tracking and managing an asset and receiving a lot of information about it could be very simple.

Artificial intelligence is here to stay. We have seen vast growth in the world of AI and it’s very likely that industries will start to use it. The asset tracking industry is likely to use AI to its advantage. This could ensure that it’s easier than ever to gain an abundance of information about assets. AI could take those repetitive processes and automate them. You could receive alerts about order updates and deliveries. Asset maintenance could be automated, resulting in all of your assets being in better condition all of the time. 

We cannot say for certain what the future of asset tracking holds. However, it’s likely to offer better tracking and utilisation, an increase in RFID tags, and much more AI being used in the workplace. As a result, the future of the industry could be shaped to become more efficient and productive for all. This is something that most of us could benefit from. 

Wish to chat with a specialist about the future of asset tracking and how it is shaping the industry? Contact us today at team@itemit.com.

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Many businesses already use business systems such as data tracking software and accounting tools. It’s likely that some stock control software may also be used, in addition to content management and/or project management software. However, one wonders if it may be possible to integrate all of your business systems with a hardware asset register. Let’s take a look and see if this is possible.

It is possible for you to integrate all of your business systems. If you are used to using many different types of systems, you may appreciate how hard it can be. Constantly logging into and out of different software can be laborious. However, there is a way to make things easier. 

When you integrate a hardware asset register with your other business systems, it makes a difference. Your new asset register could be compatible with your current business systems. For example, it could work with or alongside your chosen stock control system. There’s also a chance that it may work with your accounting software. 

Imagine, your new asset register could work so well that you only ever need to use that piece of software. Let’s take an even closer look at how this is possible.

You trust your accounting software. You’ve used it for years and you know how it works. However, old accounting software may not be as secure or offer as many features as new software. This does not mean that you need to purchase new software. It means that you could use it alongside your new hardware asset register and benefit from it. This is because your asset register may allow you to export reports. These reports could be based on the data that your register has accumulated. 

Data such as this can be very useful. It can show you how each of your assets is being used. The data can also show you whether you have enough assets in one location or you need to send more. There is so much more data that your new hardware asset register can create. As a result, you could have a unique insight into how your business is performing. This insight can help you to understand whether you’re making the most of your business. It’s this that can make a real difference. 

When you can see how your assets are being used and you have that data next to your accounting data, magic can happen. Ok, so maybe no magic as such, but you could genuinely see how your business is performing. It’s this that can help you to tackle the areas of your business that are under-performing. 

You may also be able to see who your most reliable customers are. With this knowledge, you could begin a marketing campaign with them in mind. However, you may not be able to do this if you do not have the right data.

If you currently use location tracking software, it’s likely that you know how valuable this type of tool is. Being able to track your assets can help you to keep them safe and secure. You can also see if your assets are in the right location. You may even be able to see which assets are on the move. 

When software helps you with your accounts and stock control, etc., it’s likely to also have location tracking abilities. This all depends on the software that you choose. However, some of the most modern software has this capability. As a result, you can simply log into the software and note where your assets are. You may even be able to see who is using your assets.

Some hardware asset register software comes with maintenance reminders. It’s these reminders that can help your assets to stay in a good condition. Once you have set reminders at your chosen intervals, your assets are more likely to be taken care of. Your maintenance team may be alerted when it’s time to take a look at all of your tablets, or some of your machines. 

As long as your maintenance team has access to your hardware asset register, they will receive alerts. They can see what needs to undergo maintenance and thereby begin the process. Repairs can be made, if necessary, and all of your assets can be in a better condition. The team can also receive an alert when you send a message about the photocopier breaking down, again. When the message is received, they can add the photocopier to the queue and get ready to repair it, again. 

As you can see, integrating everything is possible. All that you have to do is opt for some asset register software that offers you all of the above and more. As a result, your business could realistically be more organised and more productive than ever before. 

Wish to speak with someone knowledgeable about integrating your hardware asset register with other business systems? Contact us now at team@itemit.com.

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Risk management comprises five techniques. Here’s a little information about what these techniques are.  

• Avoidance – It is possible to avoid risks to an extent. While risks can never be completely avoided, ensuring that your vehicles are not sent on the road when there’s a major flood risk is sensible. Keeping your site’s tools under lock and key in a less salubrious area helps to avoid possible risks. Your asset register could note which areas need extra security. 

• Retention – There may be occasions where retaining or accepting a risk is the best option. For example, the relevant document in your fixed asset register may mention that accepting that your gates might be vandalised is a good idea. It might be cheaper than purchasing insurance or hiring a security guard. When your business can absorb this type of loss it means you’re not making yet another insurance claim. 

• Spreading – Reducing a risk is possible by spreading the risk around. For example, you could make copies of important documents and store them in your register or at another location. 

• Loss prevention and reduction – Security devices such as cameras could help to reduce theft. Placing devices such as these in your building can prevent assets from going missing. Having the right insurance can also help to reduce losses. Your asset register can show where security devices are located. 

• Transfer – Risk can be transferred from one business to another. Let’s imagine that a business wants to hold an event at your hotel. The business needs to show that you have added your hotel to their insurance policy, details of which can be found on your register. Should something go wrong, it’s the business that makes an insurance claim, and not you.

Contingency planning has five steps. Let’s take a look at them all. 

• Programme management – Ideally, at least one member from every team will represent that team. Your register could note who this is and which of the plan’s objectives they need to undertake. 

• Planning – Your team will need to conduct a risk assessment and show what impact the outcomes could have on your business. The meeting’s report can be added to your asset register so it can be accessed with ease. 

• Implementation – Clearly spelling out every aspect of the contingency plan and who will be affected the most is important. The action that the affected people need to take is highly relevant. All of the details could be added to your asset register so it can be accessed should the need arise. 

• Testing and exercise – If you wish to control the outcomes of an event, such as loss of power, you’ll need to ensure there is a basic supply. You’ll also need to make sure that you have all of the resources you need to get through the event. Testing your plan can help, as can making sure that every relevant person has access to it through your asset register. The details of the plan could be listed there for all to see. 

• Programme improvement – Improving your programme/contingency plan is a good idea. It’s also a good idea to think about making your plan last as long as possible. If the power was to go out for months, having the tools and means (listed in your asset register) to deal with this can be a major help. 

Your fixed asset register has a very important role in risk management and contingency planning. Without it, it may be impossible to access the information you need, when you need it.

Would you like to speak with an expert about your fixed asset register and its use with risk management and contingency planning? Contact us now at team@itemit.com.

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When you run a business you need to make sure that you stay on top of the latest predictions and trends. Doing so can help you to make the most out of your business. If you already use QR code asset tracking software, you’ll already know a little about asset management. However, you will ideally use software that will help you to manage your assets in the future. Let’s take a look at some predictions and trends that could impact asset management and your current software.

Due to inflation, you may need to have a rethink of the cost of operations. The associated costs are likely to stay high. Without a doubt, this may mean that daily tasks are more expensive for businesses

You may need to consider where money can be saved and in every corner of your business. A QR code asset tracking platform can aid with this as it can help you to manage your costs and see where you’re spending more than you need to.

Health and safety seems to be an important trend. You could be under even more pressure to deliver the goods using assets that work well. In the future, there may also be an increase in regulations and compliance surrounding your machinery, equipment, etc. 

When you fail to maintain your assets they can cause issues and break down. However, using QR code asset tracking software allows you to see whether you are abiding by those new regulations. Be aware that as regulations get tighter, external auditors may also need to verify that your assets are correctly maintained. 

Software licences may also need to be updated more often so that compliance is not an issue. Good asset management could make this much easier.

Downtime can be costly enough now. However, in the future, you may need more assets to be in better working order all of the time. You need an asset management tool that is reliable and able to deal with maintenance issues as they arise. 

Additionally, your software may also need to help prevent maintenance issues. You can achieve this by ensuring your assets undergo frequently scheduled maintenance, otherwise known as “Preventative maintenance” If you use QR code asset tracking software or any other types of tracking software, make sure it allows you to use preventative maintenance.

If you have a large or ever-changing inventory your assets will need to be tracked at all times. Ideally, you should be able to scan a QR code to find out more information about individual assets. A quick scan could show you what you need to know about each asset. 

Just make sure any QR code asset tracking tool you use allows you to monitor everything effectively. You should be able to track the location of your assets day and night and from anywhere. It’s predicted that future asset management software will allow you to do this. As a result, you could find that taking control of every aspect of your assets is easier than you imagined.

There’s a real chance that machine learning and artificial intelligence (AI) could help with asset management. In the future, it could help you to automate a lot of asset-related activities. So, those little tasks that take a few minutes to complete could be taken out of your hands. For example, instead of calling the right department to see if an order has arrived, your software could automatically tell you. 

Allowing your QR code asset tracking app or website to do more for you could result in better tracking and better asset maintenance. AI could help you to churn out clearer and more accurate reports full of all kinds of data.

Your business could benefit in many different ways if you have access to a lot of new data. This is data that you may not have otherwise had access to. Creating reports and exporting them can allow you and your team to understand where your business is doing well. You may also see where improvements need to be made. This could result in you fine tuning your business so that it runs more smoothly and more productively than you imagined. 

The future of asset management is an exciting one. The above trends and predictions look set to swoop down on the world of asset tracking very soon. Consequently, your business, irrespective of what industry it’s in, is likely to benefit. Whatever the future of asset management holds, it’s likely to be an exciting one that can help your business in new ways. 

Wish to speak with an expert about QR code asset tracking and predictions and trends? Contact us today at team@itemit.com.

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While many people are aware that an asset register can aid in asset management, they are not always aware that a register can do more. In fact, an asset register is capable of aiding financial reporting and audit compliance. Let’s take a look at how you can use an asset register app to help you with this.

One of the very first things that you need to do is add the required information to your chosen asset register app. Add as much information about each asset as you wish. The more information that you add, the more convenient it will be later if you need such information. For example, if you add the insurance information now, you may appreciate it at a later date. 

You could, for example, add some or all of the following information to your asset register:

• The cost of each asset at the time of purchase
• The asset’s warranty and insurance information 
• The model, make, and colour of the asset
• The serial number 
• And any other relevant information 

Add as much information about each asset as you would like. Some apps/websites will let you add more information as and when required.

As soon as you have added all of the assets to your new asset register, just make sure everything has been added. Double check everything to make sure you’ve not missed anything important. If you do, any reports that you export may not be as accurate as you’d hoped. 

When you can export reports from your asset register app, it makes it easier to see how your assets are performing. You could see which assets are used more often than others, or how many sales you’ve made in the last year.

The next step that you may want to consider is calculating asset depreciation. Every single asset that you own will depreciate in value over time. This is just a part of every asset’s life cycle. You are no doubt aware that again, your financial report will need to account for any depreciation. 

Fixed asset depreciation can be calculated by using the Written Down Value, units of production method, or even the straight-line method. The choice is, of course, up to you. Once you have calculated for depreciation you’ll also need to make sure that any relevant insurance and tax values are updated. Don’t forget to add all of the relevant information to your asset register app, should you wish to.

Every business will have ghost assets. Assets such as these are those that have either broken down or been lost. They are likely to still be in the system and accounted for. However, they no longer work or they are no longer available to work. Think of that printer that is stuck in the corner of the office that hasn’t worked for 4 months. Consider that machine on your site that has broken down and is still in need of a spare part. These are known as ghost assets, along with any other asset that is lost or has been stolen. 

If you can repair damaged assets quickly or retrieve lost assets, they could be used again. As a result, they will benefit your business once more. If you cannot retrieve or use the ghost assets, they still need to be accounted for.

Once your ghost assets have been dealt with and your asset register app is looking good, there’s still a little more to be done. Your next step is to confirm all of your assets’ valuation. By now, you should have a very good idea of how much each asset is worth. Each asset’s value may be more or less than you think. However, once you have those figures, you can now move on with your financial reporting and audit compliance. Just make sure that you are aware of any regulatory requirements. Keep them in mind at every stage of your financial reporting.

It is possible to make auditing easy if you use a reliable asset register app. When you update and add financial information to your app, it can make financial reports seem easier. Ideally, you will use an app that allows you to export reports. If you don’t, you may well find that financial reporting and audit compliance are not as straightforward as you think. When you can stay on top of all of your financial reporting, it can make running your business much easier. 

If you would like to speak with an expert about using an asset register app to aid in your financial reporting and compliance contact us now at team@itemit.com.

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Artificial intelligence has well and truly made an appearance in the media of late. It has also appeared in many homes and workplaces. With the latter in mind, the role of artificial intelligence (AI) can help with asset tracking solutions. But how exactly can it do this and is AI really going to make a difference in the workplace? A lot of industries think so. 

Let’s see how AI can help to improve tracking assets.

Product inspections at the end of the manufacturing process are important. Manufacturers need to make sure that the assets they sell to their clients/customers are in perfect condition. When you use AI in the workplace and alongside asset tracking solutions, quality inspections can be improved dramatically.

It may be possible to see which parts consistently fail inspections. You may also be able to see exactly why some parts fail. As a result, you could make amends. If this was not enough, AI could also help you to see how manufacturing processes are going. This can help to identify errors in the production process. What this means is that you can make changes as and when they are needed. This can save your business both time and money.

When artificial intelligence is used alongside asset tracking solutions data is created. You could, for example, see how each asset is used and how often. Additionally, it could be possible to create data that has not been created before. What this means is that you can have a lot of information to hand that could prove to be highly beneficial for your business. If this was not enough, depending on the software you choose, you could export your reports. This ultimately means that analysing the data and showing your team members could be relatively easy. 

When you have more data to hand about all of your assets you could have the opportunity to move your business in a new direction. You could also see where your business is not performing quite well. Consequently, improvements could be made in productivity, manufacturing, and/or other areas.

Managing an inventory is never easy. If you have more than a few assets, managing them can occasionally seem impossible. When you use artificial intelligence alongside your asset tracking solutions, however, inventory management gets a lot easier.

AI alongside or coupled with tracking solutions results in more data. As we have already seen, it’s possible to generate data that allows for better inventory management. You could, for example:

• See exactly where your assets are
• Know who is using your equipment and why
• Understand how often your assets are used
• Get reports about the maintenance status of each asset 
• Allow your users to access the assets they need, when they need them

When you are able to do all of the above, it can make life much easier. Some asset tracking tools offer you the chance to do some of the above. However, it’s unlikely to let you do all of the above the same way that AI would. 

Did you know that artificial intelligence could also help you to base future purchases on historical data? Your software will know what assets were ordered, what has sold, how many you have left, and whether there were any issues. With this information, you may find that your sales and orders are more accurate. There may also be the opportunity for you to see which products/services sell well and which perhaps need to be pushed a little more. 

You may not have been privy to information as accurate as this without the use of AI alongside your tracking solutions. This ultimately means that you could be missing out. Now is the time to use software that uses AI to help you track your assets.

Would you like to speak with an expert about asset tracking solutions and AI? Contact us today at team@itemit.com.

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