Why Is Asset Tracking Important?

Why Is Asset Tracking Important?

Asset tracking is a system that your business can implement to maintain better control over your critical tools and equipment. With asset tracking, your business will be able to:

  • View what you own
  • View the locations of equipment
  • Monitor who is in charge of critical assets
  • Monitor asset movements
  • Add crucial data, such as maintenance dates
  • Export, manage, and update a fixed asset register

All of these capabilities ultimately streamline your business’ existing operations, as well as prevent asset losses and thefts.

tools tracking system

What Is Asset Tracking?

Asset tracking is a procedure of logging unique assets onto a digital system. These assets will have their own profiles where a variety of information will be added.

This is where asset management software differs slightly from an inventory management system. With asset tracking, you get granular, specific information about unique assets and view trends this way, as opposed to tracking assets only in bulk.

You can also use asset tags to streamline your asset auditing, discovery, and tracking operations. With asset tags, you can track asset locations as well as update asset data when you have tools and equipment to hand.

Every scan of an asset’s tag updates the last seen location, the user who scanned it, the time of the scan, and opens the asset’s unique profile, automating a range of operations.

Helpful Asset Management Features

While logging and viewing your equipment has the immediate benefits of minimising losses and verifying ownership of a range of assets, your asset tracking software will be able to go further.

There’s no limit to the information you can add against your assets. So, you’ll be able to use your asset tracking system as an equipment checkout software, for example.

Then, you’ll also be able to track pre-emptive, routine, and reactive maintenance using speedy and effective issues management and reminders features.

Overall, this gives you a clear view of how assets are behaving, which assets have issues, which require downtime, and which assets need replacements, giving you a lot more control over many of your operations.

Fixed Asset Tracking Functionality

Your asset tracking app will also be able to fulfil a range of fixed asset tracking needs. Primarily, as each of your logged assets are added to an automated fixed asset register, you can instantly mitigate the risk of ghost and zombie assets.

Then, you will also be able to use depreciation features and customise your reports. This means that your reports can be tailored for auditors, insurance companies, your accounting team, and contractors.

Overall, the main benefit of a great asset tracking app is customisability, as being able to customise your app to your operations gives you the most ROI possible.

Asset tracking is crucial to your business because of the time and cost-saving benefits that it will provide you with. As you’ll already be undertaking many of the operations that your asset tracking system can automate, implementing a system is both crucial and easy to set up.

To find out more about how itemit’s asset tracking software can help your business save time and money, you’ll be able to 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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