A Comprehensive Overview of Asset Tracking Best Practices

Posted by ryan on January 3rd, 2020

Are you familiar with the term ‘asset tracking’? Well, you need not to worry. This webcast will help you walk through the basics of asset tracking.

What is Asset Tracking?

Asset tracking is defined as the process of keeping track of your company’s physical assets and their information, including their location, status and due dates. Depending on your business, physical assets comprise of different kinds of equipment, IT devices, tools, or vehicles. The term asset tracking is often used interchangeably with the term asset management.

The ultimate goal of asset tracking is pretty simple: to save time and money. Tracking company assets provides valuable insights about the asset usage, like who is using what, where and when), maintenance and calibration schedules, and the need for new equipment. The data collected through asset tracking can be easily used to support decision making, avoid losses, and magnifying asset utilization rates.

Where can Asset Tracking be Used?

Different industries can benefit from asset tracking. However, the use cases may vary on the basis of business domain. Following are some of the examples:

Construction: Keeping track of commonly used tools across multiple work sites and warehouses.

Healthcare: Indoor tracking of medical equipment

Education: Ensuring that expensive laboratory equipment stays within the university campus area.

Leasing: Keeping records of leased equipment and generating customer invoicing information on the basis of actual usage.

Benefits of Asset Tracking

The benefits of asset tracking are wide, and nearly all contribute to a healthier bottom line for the business organizations that properly implement effective asset tracking processes. Some of the major benefits of asset tracking include:

Enhance efficiency and minimize costs

Adjust company records as equipment is redesigned between departments, and use the updated information in calculating taxes and cost for each department.

Quickly and easily locate assets any time and in real time.

Lower administration costs, as administrators do not need to track the assets manually.

Grow your organization and scale your asset tracking as required.

Track and minimize the asset loss and utilize the assets more efficaciously.

Enhance customer service through improved asset tracking and management practices.

Ensure accountability and accuracy with asset loss and management.

Proper asset tracking is required for regulatory compliance within certain industries.

Get real time reports on the status of each asset and enhance the accuracy of your asset management.