How itemit Can Help With Loaning Out Equipment

July 12, 2022 • 3 min read
Why A Fixed Asset Register Can Be Beneficial To Your Business
Home 5 Equipment Management 5 How itemit Can Help With Loaning Out Equipment
Loaning out your equipment is a great way to generate extra revenue for your business. But, inevitably, loaning out a piece of your business comes with its risks as well as its complexities when done at scale. Equipment loan software can help alleviate many of the challenges and risks involved in renting out your kit so you can enjoy all the benefits.
Hardware Asset Management


What Is Equipment Loan Software?

Equipment loan software is a tool for capturing all the necessary information for any equipment loan agreement. Using this software you can record the name of the asset being loaned, the borrower’s details, the duration of the loan, and the rental price. Recording all these details in a centralised system provides you with an overview of all your loan agreements in one place. But the true MVP of equipment loan software is that you can keep track of the asset’s location once the borrower has checked it out.

The Benefits of Equipment Loan Software

1. A centralised system

itemit provides a dashboard that enables businesses to generate administrative reports and gain an overview of potential issues or asset utilisation via actionable analytics. This capability unlocks new levels of organisation and visibility for you and your team, allowing for better planning, asset management and scheduling.

2. Smoother invoicing

The software allows you to record the rent or charges for loaning out a piece of equipment easily. It also records the date it was checked out by the borrower and when it was brought back in. This means calculating loan charges and creating invoices is as easy as it gets. On top of that, all members of your team can see which items are loaned out at any point in time.

3. Straightforward bookings

Our equipment loan software has an in-built booking system making it straightforward and simple for someone to borrow your equipment. The system records all the necessary details of the borrower and you can even use it to reserve a piece of equipment for a particular borrower. The scheduling capabilities of equipment loan software means you can easily manage when equipment is out of action for maintenance and repairs.

4. Unique asset identity

A risk of loaning out equipment is not knowing whether you get the same piece back. This can be on purpose or accidentally when dealing with multiple, identical-looking assets. This issue can easily be solved with asset tags. Using asset tags can supercharge the benefits of using equipment loan software. Tagging gives each of your assets a unique identity so you can never mistake what equipment is yours.

5. Quicker loan agreements

As equipment loan software provides a centralised, all-inclusive system you can track, update and manage equipment loans and lenders swiftly. Our easy-to-use online database can be accessed from multiple devices by multiple users, meaning managers and employees can both be responsible for equipment loaning. Users can quickly see how many items are available with a given timeframe and book equipment in a few clicks, taking the burden off one person.

How Equipment Loan Software Can Help You

Equipment loan software can benefit many different industries such as transportation, construction, manufacturing, rental, healthcare, pharmaceuticals, entertainment and more. Any business that is involved in renting out their assets, from bikes to camera gear, can use equipment loan software to minimise the risks and challenges associated with it. itemit provides a complete solution that can transform your current equipment loaning process. With a suite of features that you can use to track, locate, manage and book equipment you can completely streamline your operations and maximise your kit’s return on investment.

itemit’s Equipment Loan Software

itemit gives you a centralised platform to track all your loaned and available equipment. Our state-of-the-art equipment tracking solution is an automated, transparent and effective tracking system that reduces the gaps in your asset management and lets you lend your equipment without a worry. With an intuitive interface, excellent support, and an extensive feature set, you can easily grow your business. itemit also offers other asset management purposes like fixed asset management, inventory management and IT asset management.

To find out more about itemit’s equipment loan software and how it will help you, you can contact our team at team@itemit.com that’s always happy to answer your queries. You can also fill in the form below to start your 14-day free trial.

Itemit App

Try itemit

Choose a better way to track your assets. Start your free 14-day trial now!

Beyond money saved, good inventory tracking makes operations smoother:

  • Faster picking and packing
  • Less time hunting for missing items
  • Better use of warehouse space
  • More productive employees
  • Smoother workflows between departments

These operational improvements create competitive advantages that make the inventory tracking process excellence a strategic asset.

Article by

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.

Choose a better way to track your assets

Start your free 14-day trial now. Instant access. No credit card details required.

Home 5 Equipment Management 5 How itemit Can Help With Loaning Out Equipment

Asset tracking providers often present customers with two primary options: GPS technology or QR codes. These technologies frequently compete for market share, with many businesses unaware that they can serve similar functions. However, QR codes typically outperform GPS in versatility and functionality.

For businesses maintaining ICT asset registers or monitoring vehicle fleets, understanding the strengths and limitations of each system matters.

Let's examine these technologies alongside newer options like RFID and NFC to help you make better decisions about asset management.

GPS Tracking Technology Explained

GPS has become commonplace for drivers navigating unfamiliar routes. This satellite-based technology constantly transmits signals to your device, pinpointing your exact location. For asset tracking, GPS functions similarly by showing where specific items are located.

An interesting historical note: GPS was first developed for military applications before becoming available for civilian and commercial use.

Companies typically deploy GPS tracking for vehicle fleets, though many organisations also use it to monitor warehouse assets that move between locations. For complete information about managing physical business property, our guide on Fixed Assets provides valuable insights.

GPS for Business Asset Tracking

GPS tracking offers several distinct advantages for business asset management:

  • Real-time monitoring: GPS provides location data without requiring staff intervention, reducing human error while enabling 24/7 surveillance.
  • Geographic precision: Modern GPS systems achieve accuracy within 3-5 meters, sufficient for most commercial applications.
  • Theft recovery: According to insurance industry data, the ability to track stolen equipment improves recovery rates by up to 85%.
  • Movement history: Most GPS platforms store historical movement data, allowing businesses to analyse usage patterns and optimise asset deployment.
  • Geofencing capabilities: Companies can establish virtual boundaries that trigger alerts when assets leave designated areas, enhancing security protocols.
GPS technology

However, GPS technology brings notable limitations for comprehensive asset management:

  • Update frequency constraints: Standard business GPS systems refresh every 10-15 minutes, creating blind spots in high-speed movement scenarios.
  • Battery dependency: Active GPS trackers require power sources, necessitating regular maintenance or charging cycles.
  • Signal interference issues: GPS performance deteriorates inside buildings, underground locations, or areas with heavy concrete or metal infrastructure.
  • Implementation costs: Quality GPS hardware typically costs $50-300 per unit plus ongoing subscription fees ranging from $10-25 monthly per device.
  • Size and attachment challenges: GPS trackers remain too bulky for smaller assets and require secure mounting systems to prevent removal.
  • Limited data capacity: Unlike tag-based alternatives, GPS primarily delivers location data without storing extensive asset details.

These constraints explain why many operations managers complement GPS with alternative asset tracking tags that address these limitations. For stationary assets or equipment housed primarily indoors, passive tracking systems often deliver better value and functionality.

QR Code Technology

QR (Quick Response) codes resemble traditional barcodes but store significantly more information in their square matrix pattern. Nearly any smartphone or tablet can scan and interpret QR codes within seconds, making them highly accessible.

QR codes have quietly integrated into daily life—restaurants place them on tables for digital menus, theatres use them for seat-based ordering, and marketers embed them in advertisements for instant website access.

Like GPS, QR codes help monitor asset registers and track locations. However, they offer expanded functionality beyond simple location data. For those building IT equipment inventories, What is an IT Asset Register? explains key implementation concepts.

QR Codes in Practice

For businesses implementing QR code asset management, several key advantages emerge:

  • Information density: A single QR code can store up to 4,296 alphanumeric characters, enabling comprehensive asset profiles including serial numbers, purchase dates, warranty information, maintenance histories, and responsible departments.
  • Cost efficiency: QR labels cost between $0.05 and $0.30 per unit with no recurring fees, representing 70-95% cost savings compared to active tracking technologies.
  • Implementation simplicity: Deployment requires minimal technical expertise—standard label printers generate QR codes that attach via adhesive backing or cable ties.
  • Device compatibility: Over 97% of modern smartphones can scan QR codes without additional hardware or specialised apps.
  • Customisation options: Enterprise QR solutions allow for custom branding, colour-coding by department, and tamper-evident features.
  • Dynamic updating: Cloud-connected QR systems enable real-time information updates without replacing physical tags.

Integration capabilities: Modern QR systems integrate with ERP, CMMS, and accounting software through standard APIs, creating unified data ecosystems.

QR system

However, QR technology presents several notable limitations:

  • Scan dependency: QR codes remain passive—they require manual scanning rather than automatically broadcasting locations.
  • Line-of-sight requirement: Tags must be visible and accessible to be scanned, which can be challenging for assets in hard-to-reach locations.
  • Environmental vulnerabilities: Standard QR labels can degrade from UV exposure, abrasion, or harsh chemicals, though industrial-grade options mitigate this issue.
  • Security considerations: Public QR codes can be replaced or duplicated without sophisticated tampering detection, creating potential security vulnerabilities.
  • Process reliance: Effectiveness depends entirely on consistent scanning protocols and staff compliance.
  • Location triangulation limits: Without supplementary technologies, QR codes cannot provide autonomous location data.

To address these limitations, many organisations implement hybrid systems where QR codes work alongside checkpoint scanners at entry/exit points or integrate with Wi-Fi positioning systems for approximate indoor location data. This approach balances QR's information richness with improved location awareness without the full cost of active GPS or RFID asset tags.

RFID and NFC: Advanced Asset Tracking Alternatives

RFID vs NFC technologies represent sophisticated alternatives to traditional tracking methods, each with distinct operational characteristics:

RFID Technology Specifications

RFID asset tags operate through radio frequency identification in three primary frequency ranges:

  • Low Frequency (LF, 125-134 kHz): 10cm read range, slower data transmission, excellent performance around metals and liquids, commonly used for animal tracking and access control
  • High Frequency (HF, 13.56 MHz): 10-30cm read range, moderate data speeds, used extensively in library books, pharmaceuticals, and payment cards
  • Ultra-High Frequency (UHF, 856-960 MHz): 3-15m read range, fastest data transmission, susceptible to interference from liquids and metals, widely deployed in supply chain tracking and retail inventory

RFID implementation offers distinct advantages:

  • Batch scanning capability: A single reader can simultaneously capture 200+ tags per second, reducing inventory time by up to 95% compared to barcode methods
  • Non-line-of-sight reading: Tags function even when covered, dirty, or embedded within products
  • Durability: Industrial-grade tags withstand temperatures from -40°F to 400°F, chemical exposure, and mechanical stress
  • Data security: Enterprise RFID systems employ encryption standards like AES-128 to prevent unauthorised access
  • Automated inventory: Fixed RFID portals at entry/exit points create autonomous tracking without human intervention

Hardware costs present the primary barrier to RFID adoption:

  • Tag costs: $0.10-$0.50 for passive paper tags; $2-$25 for hardened industrial tags
  • Reader costs: $500-$2,000 for handheld units; $1,500-$5,000 for fixed portal readers
  • Infrastructure costs: Enterprise implementations typically require middleware ($5,000-$25,000) plus integration services

NFC Technology Applications

RFID asset tags operate through radio frequency identification in three primary frequency ranges:

  • Low Frequency (LF, 125-134 kHz): 10cm read range, slower data transmission, excellent performance around metals and liquids, commonly used for animal tracking and access control
  • High Frequency (HF, 13.56 MHz): 10-30cm read range, moderate data speeds, used extensively in library books, pharmaceuticals, and payment cards
  • Ultra-High Frequency (UHF, 856-960 MHz): 3-15m read range, fastest data transmission, susceptible to interference from liquids and metals, widely deployed in supply chain tracking and retail inventory

RFID implementation offers distinct advantages:

  • Batch scanning capability: A single reader can simultaneously capture 200+ tags per second, reducing inventory time by up to 95% compared to barcode methods
  • Non-line-of-sight reading: Tags function even when covered, dirty, or embedded within products
  • Durability: Industrial-grade tags withstand temperatures from -40°F to 400°F, chemical exposure, and mechanical stress
  • Data security: Enterprise RFID systems employ encryption standards like AES-128 to prevent unauthorised access
  • Automated inventory: Fixed RFID portals at entry/exit points create autonomous tracking without human intervention

Hardware costs present the primary barrier to RFID adoption:

  • Tag costs: $0.10-$0.50 for passive paper tags; $2-$25 for hardened industrial tags
  • Reader costs: $500-$2,000 for handheld units; $1,500-$5,000 for fixed portal readers
  • Infrastructure costs: Enterprise implementations typically require middleware ($5,000-$25,000) plus integration services

This is Heading 3

This is Heading 4

Experience asset visibility
Itemit App

Try itemit

Choose a better way to track your assets. Start your free 14-day trial now!

Keep Learning

itemit Blog

Tips, guides, industry best practices, and news.