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Asset Management

Ask An Expert: How Can Fixed Asset Tracking Help Your Business?

By Dr. Alex Wong
April 12, 2024 • 3 min read
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Ask An Expert: How Can Fixed Asset Tracking Help Your Business?
Home 5 Asset Management 5 Ask An Expert: How Can Fixed Asset Tracking Help Your Business?
Would you like to have much more control over your fixed assets? These are assets that are an integral part of your business and they always stay in a fixed location. Assets such as this can consist of machinery, laptops, tools, equipment, and anything else that remains in one location. Tracking assets such as these is always a good idea as you can have more control over them than you think. This is all thanks to the use of a fixed asset register.

What A Fixed Asset Register Is

A fixed asset register is a software-based register that lists all of your assets. These are primarily fixed assets, although you can track those that are not fixed, should you wish to. 

Your asset register will be created as soon as you scan a QR code while using the right software. When you do this, you will see that you have created a register that can be filled with an abundance of information. This is primarily what this type of register is. Not only can you see that all of your fixed assets are in one place but you can also access a lot of info about them all. Being able to access everything is very convenient and why more businesses are using this type of software.

Business Asset Tracking

Creating An Asset Register

Creating an asset register is easy. There is nothing complicated about the process and you don’t need a degree in IT to understand how to use one. All that you need to do is use a QR code or an RFID tag on each of your assets. Simply attach the code or tag to the assets that you want to track. Scan the RFID tag and it will open up a profile for that particular asset. Then, you can simply populate the profile. In other words, add details about the asset to the profile. Do this one asset at a time so you know what’s what. 

The more details you add about your assets the better. This is simply because you could need the details at a later date. All that you’ll need to do is to open the relevant online profile and check its contents. If you’ve added warranty information, for example, being able to find it in the profile when you need it is very satisfying. It can also save a lot of time. 

Creating a fixed asset register could genuinely be one of the best things that you do for your business. You can stay organised, track your assets, and even create highly relevant data.

Do You Really Need To Track Your Fixed Assets?

Many people choose to track assets that are not fixed. Some people choose to track their fixed assets, but is it really necessary? Actually, yes, it is. 

When you make use of this type of asset register you can see 

  • Who has used each asset 
  • The date they were last repaired
  • When they’re for maintenance
  • How many times each asset has been used
  • The insurance and warranty details
  • Data reports that can be exported to PDF

Most fixed asset register software will offer you the opportunity to track your assets in a number of ways. Opt for software that allows you to track assets in multiple ways that may be advantageous for you.

Some Benefits Associated With Fixed Asset Tracking

When you enter the world of fixed asset tracking you’ll discover that it comes with many benefits. Some of these include:
  • Computers, machinery, and everything else can be checked in and out
  • You’ll spend less on maintenance thanks to the reminders you’ll set
  • You’ll also spend less on maintenance as issue reporting is easy
  • Exportable reports produce realistic data that could help your business
  • You can gain access to your tracking software via many different devices 
  • Updating your records is easy with the bulk actions feature
  • All of your assets can be organised into collections
  • Tracking the location of your fixed assets in a large building can save a lot of time 

These are just some of the benefits that are associated with using a fixed asset register. However, when you begin to use a register such as this you’ll discover there are many more.

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Asset Tracking Made Simple

Tracking your assets has never been easier. When you use software that works well it can make a big difference. You can find those fixed assets in no time at all and you can even increase security. As everything is tracked, far fewer assets are likely to go missing or become damaged. What this means is you’ll save money and your assets will be safer all of the time. This is asset tracking made simple.

Wish to speak with an expert about using a fixed asset register? Contact us today at team@itemit.com.

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Dr. Alex Wong

Article by

Dr. Alex Wong

Dr. Alex Wong is the CEO & Co-Founder of RedBite Solutions, a spin-out from the University of Cambridge and creators of itemit.For more than 2 decades, Alex’s innovations have disrupted industries and reimagined traditional solutions, delivering breakthrough results.A pioneer of the RFID EPC Network and IoT, Alex has shaped modern tracking technologies. RedBite powers the world’s largest RFID deployment across 60+ countries and launched itemit, a leading barcode, QR code, GPS & RFID SaaS tracking platform. Dr. Wong holds a PhD in Engineering from Cambridge and remains an embedded researcher, leading EU & Innovate UK projects to bridge research with real-world applications.

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