How Do Companies Keep Track Of Assets?

Asset tracking refers to the method of monitoring and managing physical assets with technology: RFID tags, QR codes, barcodes, and GPS. This allows a firm to know in real time where their assets are, what condition and status they are in, and whether their number has decreased or increased. Asset tracking is putting systems in place that manage company equipment, machinery, and tools to reduce instances of theft and loss.

It gives an asset a digital record that it carries throughout its life. The record may include maintenance schedules, location history, and information about users, among others, and this makes the approach important for companies as they do asset management.

Key reasons you should adopt asset tracking in your company include an immense list of benefits accruing to the business, regardless of size. Here are some of those advantages:

• Enhanced Visibility: Asset tracking allows you to have complete visibility regarding the location of your assets, who uses them, and for what purpose. It helps optimise assets for maximum use.
• Reduced Costs: Recording assets and usage could highlight where you do not have to spend extra money. You won’t be so likely to buy extra equipment when what you already have will work, nor will you replace items that have merely been misplaced.
• Improved Maintenance: With notifications for scheduled maintenance or repairs, you are able to keep equipment running and prolong the life cycle of your assets. You’ll catch problems before they become expensive to fix.
• Better Security: Knowing the location of your assets at any given moment enhances security and reduces theft and loss. An asset-tracking system adds another level of accountability within an organisation.
• Regulatory Compliance: Many industries have set regulations on how equipment should be tracked and managed. Asset tracking helps comply with these set standards in industries; hence, avoidance of penalties and fines.

Generally, asset tracking is a very important tool in the management of a company’s equipment, thereby offering companies a competitive advantage in their asset management.

Asset tracking has undergone significant modifications since its inception. Initially, companies relied on manual systems, which included spreadsheets and even written logs, for tracking their assets. These were time-consuming, prone to errors, and required limited or no real-time insight whatsoever.

Asset tracking started using barcodes and scanners as the technology progressed, for which more comprehensive data is preferred. Indeed, barcodes made it easier to record business assets, but again, it is a manual approach.

Nowadays, companies track assets with advanced technologies like RFID, QR code, GPS, and cloud-based software. All the modern techniques allow tracking automatically; it means tracking the assets in real-time without human interference. RFID tags and GPS trackers brought a revolution in resource tracking in companies by providing accuracy, visibility, and efficiency in tracking.

Cloud-based asset tracking solutions, of which itemit is one, took it further and enabled businesses to access their asset data from anywhere at any time. Now, the evolution of asset tracking has so far enabled companies to trace their assets with organized consistency while enabling efficiency, security, and cost savings.

From time to time, equipment, machinery, and tools can fail to work as well as they should. When this occurs, it makes sense to send the asset for maintenance. However, it is not always clear which tool, for example, needs to be repaired. The good news is that itemit can help with this.

Should something go wrong with a machine, users can send an alert to the maintenance team asking them to repair it. Our asset tracking system also allows you to set up a maintenance schedule. Sending out alerts when a piece of equipment needs its yearly check, for example, ensures equipment is in better working order.

Regular maintenance checks help to keep equipment functioning efficiently, prevent unexpected breakdowns, and ultimately save costs. Having an effective company tools and equipment policy that includes scheduled maintenance ensures that your company’s valuable resources are managed effectively.

When you know what assets you have, where they are, and who is using them, you automatically improve security. Our tracking system takes the guesswork out of tracking all of your assets. Within just a few moments, you can track your most important assets. You can have control over who uses which assets, and you can even see which ones need to be repaired.

The enhanced security provided by tracking solutions is invaluable to any company. With a clear record of every item, fewer assets are likely to go missing or be stolen. When you implement company asset tracking with a reliable system, security concerns can become a thing of the past.

Auditing assets within your firm is another way of record keeping. Regular auditing provides great insight into whether these assets are well utilised and accounted for. Tracking assets this way ensures that no equipment gets misplaced or lost.

RFID tags and QR codes combine with digital audits. You can conduct an automated scan instead, collecting data without having to count each asset manually. This makes company equipment management a whole lot easier and faster to handle; you will hence be able to track your equipment across the company without any hustle.

You understand productivity and efficiency when you know the location of your assets and who is using them. Because employees won’t have to look around anymore for the equipment they need, they can get it instantly with the help of asset tracking. This simply reduces downtime while maintaining a smooth workflow.

With a capable asset tracking system, your business will increase levels of productivity and efficiency. When your team is able to access all the tools they need fast, it is easier for them to do their work; this is another great reason for implementing a solution for tracking equipment across your company.

An effective system of asset tracking reduces operational costs through better asset utilisation and a reduction in waste. With an accurate overview of your company’s assets, you will make sure those assets are put to use in the best possible way. That means fewer useless assets are lying idle, and you will be less likely to spend money to replace or stock more than what is required.

Keep your machinery and equipment well serviced and reduce downtime to save on repair costs. This will also help you avoid frequently costly emergency replacements. Company asset tracking means better resource utilisation, reduced operational costs, and increased profitability.

Most industries have strict regulatory requirements around equipment and asset management. Non-compliance with these may lead to fines, penalties, and sometimes reputational damage. Companies will be ensured of remaining compliant with relevant regulations through the use of an efficient tracking system for assets.

The asset tracking software helps in managing detailed records of the assets for maintenance history, usage data, and audit trails. This information can be invaluable to prove your compliance during inspections or audits. Knowing equipment tracking in a company keeps you at a better advantage in terms of meeting industry standards and incurring regulatory compliance.

A very important feature of asset tracking in a company is how the asset in question goes through its full lifecycle, from acquiring it to eliminating it. In simple terms, each and every piece of equipment and tool has an operating life. By monitoring the lifecycle of the particular equipment, you can determine when and how to repair, replace, or retire it.

With an asset tracking system, you can trace the age, usage, and condition of each asset. You can tell when an asset nears the end of its useful life, and you can plan for its replacement in due time. This way, you proactively act to avoid surprise interruptions of your operation and ensure that assets are always in good working order.

Perhaps the most convincing feature of the asset tracking system is the generation of customised reports and insights. You can have in-depth reporting to analyse asset usage, maintenance history, and overall efficiency. These reports can help you identify patterns, make data-driven decisions, and facilitate continuous improvement over your asset management processes.

Customisable reports will also allow you to track the KPIs associated with asset utilisation, maintenance costs, and downtime. This level of visibility equips you with information that will guide strategic decisions concerning the general goals and objectives set by your company. Knowing how to track equipment companywide allows you to optimise asset performance and make your whole business run more smoothly.

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