How Does Asset Tracking Work? – A Guide To Efficiency and Savings (2024)

When you really think about all your physical assets, it might surprise you at just how many there are.

To make the most of your resources, it’s crucial to fine-tune your asset tracking practices. Asset tracking, or asset management, usually involves scanning barcodelabels or using GPS and RFID tags to pinpoint your asset’s location.

Every business should be prioritising asset tracking alongside inventory management as it offers valuable information on the whereabouts, status, maintenance schedule and other important details regarding your organisation’s physical assets.

Effective asset tracking is the cornerstone of successful business operations. It enables organisations to optimise resource allocation, reduce operational costs, ensure compliance and enhance overall productivity.

How Does Asset Tracking Work?

Asset tracking involves monitoring and managing an organisation’s physical assets, which can range from office equipment to vehicles, IT assets, machinery and more.

While it can sometimes be considered time-consuming and costly, there are asset tracking methods that can save time and money, such as asset management software.

The ultimate objective of any asset tracking system is to optimise asset control efficiency while minimising equipment loss. With asset management software, you can track your assets in real time, leading to more efficient production planning and reduced downtime.

Assetspire’s asset management software can also schedule necessary maintenance and servicing, including preventive maintenance. Not only that, but it also includes barcode technology, enabling fixed assets to be scanned for accurate and efficient tracking.

Data is collected via barcodes to assist with asset tracking. Each asset is given a unique barcode, enabling individual recognition and tracking. These barcodes contain vital business-related information, such as location, service history, ROI and more. Barcode scanners decipher each barcode, facilitating quicker and more accurate asset counting without the risk of human error. With Assetspire, you can even use your smartphone to scan barcodes.

Why You Should Be Asset Tracking

Of the many benefits of asset tracking, the ones to note are:

• Enhanced Efficiency and Cost Reduction: Streamline records as equipment is transferred between departments, providing updated information for tax and departmental cost calculations.
• Instant Asset Location: Locate assets quickly and in real time, reducing the resources required for additional asset tracking.
• Lower Administrative Costs: Eliminate the need for manual asset tracking and locating, leading to reduced administrative expenses.
• Reduce Asset Loss: Accurately track and reduce asset loss while enhancing the effective use of assets.
• Scalability:you can monitor, manage and scale your asset tracking in line with your company’s growth.
• Enhanced Accountability: Establish accountability and accuracy in asset loss and management.
• Efficient Space Utilisation: Improve company space organisation by identifying co-accessed items and wasted space, enhancing the physical system’s structure.
• Regulatory Compliance: In many industries, accurate asset tracking is a prerequisite for regulatory compliance.
• Real-Time Reporting: Get real-time reports on all assets, increasing the accuracy of asset management.

Implementing Effective Asset Tracking Procedures

Once you have chosen your barcode method and asset management software (Assetspire’s, of course), it’s crucial to establish procedures that ensure asset tracking success. The best practices for implementing and maintaining an efficient asset tracking system involve:

• Data Collection and Entry: Asset management software will enable accurate data collection, entry and validation.
• Asset Tagging: Barcode label assets for easy identification and tracking.
• Regular Auditing and Verification: Routine auditsmaintain data accuracy and detect discrepancies.
• Employee Training:Ensure your team understands the asset tracking system and follows best practices.

Integration with Asset Management Software

Asset tracking software plays a pivotal role in streamlining operations. Integrating asset tracking with asset management software can bring a multitude of benefits.

• Centralised Data Storage: Asset management software offers a central database for all asset-related information.
• Automation: Automating asset tracking processes minimises manual errors and saves time.
• Reporting and Analytics: Asset management software can be leveraged to generate insightful reports and data analysis.
• Alerts and Notifications: Receive real-time notifications about maintenance schedules, loss prevention and compliance deadlines.

Maintaining Data Accuracy and Consistency

Inaccurate data can lead to costly errors and inefficiencies. In order to ensure data accuracy and consistency in your asset tracking system you’ll need:

• Data Validation: Validate data at each entry point and during audits.
• Regular Updates: Keep asset information current by updating records as assets change status or location. Your asset management software can do this for you.
• Standardised Procedures: Implementing standardised procedures across your organisation can prevent data discrepancies.
• Data Cleanup: Periodically cleaning up outdated or irrelevant data will maintain an efficient system.

Asset Tracking for Compliance and Auditing

Many industries have specific compliance requirements related to asset management. For example, CSRDregulations affecting some businesses using EU data centres have strict compliance guidelines.

• Industry-Specific Regulations: Smart asset management solutions, like Assetspire’s, will meet the regulatory requirements for various industries, such as healthcare, finance or education.
• Documentation and Reporting: Asset tracking systems help maintain the necessary documentation and can even generate compliance reports.
• Audit Preparedness: Ensure that your business is always ready for an audit with accurate and up-to-date asset records.

Maximising Asset Utilisation and Cost Efficiency

Asset tracking isn’t just about keeping tabs on assets, It’s also about optimising their usage and reducing unnecessary costs.

• Resource Allocation: Ensure that assets are allocated efficiently and not underutilised.
• Preventive Maintenance: Schedule and conduct timely preventive maintenance to extend asset life cycles.
• Loss Prevention: Prevent asset loss through real-time tracking and alerts.
• Cost Reduction: Reduce operational costs through better asset management and utilisation.

Scalability and Future-Proofing

As your business grows, your asset tracking needs will evolve. Scale your asset tracking system and future-proof it against changing requirements as your business evolves.

• Scalability: Expand your asset tracking system to accommodate more assets and locations.
• Integration Capabilities: Choose an asset tracking solution that is compatible with future technologies and software.
• Adapting to Technological Advances: Prepare your business for emerging technologies and trends with asset tracking.

Unlock the Full Potential Of Your Assets With Assetspire

By understanding the technologies, implementing efficient procedures and maintaining data accuracy, your business can unlock the full potential of their assets, reduce costs, ensure compliance and achieve operational excellence.

Asset tracking isn’t just a best practice. It’s a strategic advantage in today’s competitive business landscape and can streamline your operations.

With Assetspire, you can gain complete visibility into exactly what assets you have, where they are and how they are being utilised, giving invaluable insight into departmental and specific asset spend.

What’s more, you can access all this data through our user-friendly app. The ‘quick add’ feature simplifies the process of applying and scanning barcodes for speedy data capture – no need for a separate barcode scanner, your smartphone can handle it.

Manage your assets, any time of day, anywhere and by any member of staff. Retrieve essential information, such as your asset’s location, who last had it, check in/check out statuses, maintenance schedules, purchase details and more, even if you’re not onsite.

Join our other successful clients and save time, money and improve the efficiency of your asset management processes with Assetspire.

Experience the time and cost savings for yourself, along with improved efficiency that Assetspire can bring to your asset management processes.

Try the free demotoday.