The Most Common Asset Tracking Uses

Asset tracking is a huge part of successful organisational management. The most successful enterprises around the world are harnessing the power of effective asset tracking to increase productivity and maximise their profits.

It’s no surprise that asset management software is taking the business world by storm. Not only that, its wide range of benefits and versatile functionality has also attracted governments, military agencies and individual users to implement asset tracking technology for their respective uses. 

If you’re not sure whether you need an asset tracking solution or not, discovering the most common uses for asset tracking might help you make your decision. This way, you can learn about the various ways itemit is used in different industries and possibly identify how you can use it for your needs.

• Fixed Asset Register

• IT Asset Management

• Equipment Check-in and Checkout Software

• High-value Asset Management

• Digital Asset Tracking

• Personal Use

One of the most common uses for asset tracking is keeping a fixed asset register. A fixed asset register logs, tracks and manages permanent business assets that can’t be readily converted into cash.

It wouldn’t be wrong to say that every business must maintain an up-to-date fixed asset register. It gives you summarised information on what assets your business has, and what they are worth. 

It enables an organisation to record and maintain accurate financial and non-financial data for each fixed asset. This way, it can easily evaluate its assets when needed. Plus, there are many other benefits of using a fixed asset register.

Fixed asset management represents a wide umbrella that involves tracking every asset an organisation intends to use or own for more than a year. Within this umbrella, IT assets are the most commonly tracked asset type across the world. 

Apart from a few primary sector industries, all other segments of the economy involve the intensive use of IT assets from computers, laptops, and smartphones to USB sticks, scanners and photocopiers. If you think about it, you might not be able to identify more than a few industries that do not need all these devices to function.

Such widespread use of IT assets calls for IT asset management. This involves keeping track of all IT assets including hardware and software you own.

Asset tracking comes in handy when employees have to frequently take company-issued assets out of the workplace. itemit can also be used as an equipment checkout software solution. It enables employees to book assets in advance so they can take them without any difficulty when need be. 

You can track assets in real-time as they are moved in and out of the workplace. Every asset detail from its location to who has it can is just a few touches away with itemit. This application reduces the risk of asset theft to a bare minimum and develops a sense of accountability among employees to keep assets in good shape.

Logging, tracking and managing high-value assets like works of art, jewellery, historical artefacts, high-value wines, valuable documents or anything that’s considered precious is another common use of asset tracking. Asset tracking software can be used to securely track and manage your precious collections and keep an eye on insurance details, asset valuations and locations from a mobile app or web portal.

With itemit, you can record important information like insurance details, current valuation, insured value and so on. This way you can have a complete and easy-to-access financial record of your high-value assets safely stored with itemit. So, whenever you need to audit your assets, simply download the asset register pdf report.

What’s more, the location of an asset is updated each time it’s scanned with the itemit app. All in all, High-value asset management is a great way to keep an eye on high-value assets from a single interface.

Businesses today own more than just the brick and mortar assets of the past. The digital revolution has brought about new phenomena such as NFTs (Non-fungible tokens) and Cryptocurrencies. These are considered as digital assets in the modern world, and like all assets, they must be tracked for a range of asset details. 

Unlike physical assets, you won’t be tracking digital assets for their location and maintenance status. But there’s a whole different set of asset details you need to record for digital assets. With itemit, you can review all digital assets from one portal rather than having to go on different platforms.

We all are aware of asset tracking for business and workplace management. But did you know you could also use itemit as a free household inventory app?

You can keep an inventory of collectables like books, antiques or bottles of wine, organise stuff for better storage and also keep track of household items if you’re moving your house.

itemit’s asset tracking software is a flexible system that you can use for a surprisingly wide range of uses. Different businesses can have different applications which results in a unique set of uses and benefits for every business. 

itemit is not just for single-person use. It can be shared by all employees or members of an organisation. This level of shareability means that the system can be split between different departments for different uses and to track different assets.

To find out more ways you can use asset tracking software, you can contact the team at team@itemit.com. You can also fill in the form below to start your 14-day free trial.

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