In the past, most fixed asset tracking was done using spreadsheets. Fixed asset management software and fixed asset inventory tags have revolutionised fixed asset tracking, allowing for more automation and a much higher ROI.
With fixed asset inventory tags, you’ll be able to:
- Save time
- Save money
- View your fixed asset register
- Lose fewer assets
- Mitigate risks related to theft and asset downtime
What is Fixed Asset Tracking?
Fixed asset tracking is the discipline of logging and monitoring your fixed assets. What are fixed assets? They’re permanent business fixtures that indirectly increase your revenue. Therefore, they’re not sold, but instead can be IT assets such as laptops and phones.
So, fixed asset tracking is the use of software to log digital copies of all of your assets. These digital copies will then have necessary data added to them.
This data can be location and usage history, but it can also be financial information and maintenance history to view which of your fixed assets are economical.
Then, you’ll be able to use fixed asset inventory tags to link your physical assets with these digital profiles.
The Types of Fixed Asset Inventory Tag
Fixed asset inventory tags come in many different shapes and sizes. One of the most cost-effective and useful types are QR codes. QR codes are useful as they are unique meaning you’ll be able to create and manage unique assets.
In other words, if you’re using barcodes, there’s a chance that they won’t be unique. What this means is that you won’t be able to attach these barcodes to multiple fixed assets, as you won’t be able to retrieve a unique digital profile.
QR codes are customisable, too, so you’ll be able to use metal QR code asset tags for the assets that go through more weathering and wear and tear.
Another option is using RFID fixed asset inventory tags, which are helpful for high-value assets as you can scan and audit from a distance. However, this can become costly and requires third-party hardware.
The Benefits of Fixed Asset Inventory Tags
Primarily, fixed asset inventory tags will save you time. As you’ll be able to create a full location history with ease, as well as update crucial fixed asset data instantly.
This time-saving will also save you money, as there’ll be less time required to update and manage any spreadsheets. Your fixed asset register is automatically created, meaning a lot of your processes are sped up with ease.
You’ll also be able to save money with the data you’re tracking. Fixed assets are visible in a single register, reducing the chance of accidental loss, but tracking maintenance can also save you money.
Knowing all of the usage and financial data related to your assets helps you make better business-focused decisions, as you’ll be able to view which assets are no longer running effectively with ease.
To find out more about how itemit’s fixed asset management software can help you track and manage your asset data, you can book a demo using the button below.
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