What Is Asset Tracking? 

Every business has physical assets it needs to keep track of; asset-tracking devices make this easier.

 

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What Are Asset Tracking Systems?

Think of an asset tracking system as an upgrade on the cluttered and error-prone spreadsheets that some businesses are still relying on today. 

They track and centralise all essential information about your assets, such as location, usage, and condition, on one system. This helps streamline workflows, improve efficiency, and, most importantly, save you time and money. 

Asset tracking software is cloud-based and can be downloaded onto your devices of choice, so whether you're in the boardroom or the stockroom, you will have complete visibility on all key metrics. 

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5 Types of Asset Tracking Technologies 

Not all asset tracking systems are created equal; some will be more appropriate for your company than others. Here is a quick rundown of the top 5 asset tracking system categories.

Barcode Asset Tracking 

Similar to the barcodes you scan at the self-checkout of the supermarket before it tells you there is an unexpected item in the bagging area.

These are printed, attached to your asset, and then manually scanned in and out of the system. 

A great advantage of these is that they are relatively affordable to implement and won't require any expensive additional hardware, as some systems will come with in-built scanners.

QR Code Asset Tracking

They work in the same way that barcodes do, where you manually scan your assets in and out of the system and are similar to the ones a lot of restaurants have implemented to view their menus. 

One advantage that QR codes have over traditional barcodes is that they can still be read even if they are damaged, and for many of them, all you need is your phone. 

RFID Asset Tracking

Radio frequency identification asset tracking devices come in two types. 

- Active RFID asset tracking 
- Passive RFID asset tracking

Both use radio waves to track your assets, but the main difference between the two is that active systems have built-in batteries, while passive ones rely on an external power source to keep going. 

GPS Asset Tracking

Global positioning systems use satellites to track your assets, often in real-time and over a larger coverage area. These can only be used outside, which makes them perfect for vehicle-based assets. 

You've most likely used the same technology in your car as a satnav - maybe you even changed the voice to Yoda for a laugh, only for it to become really, really annoying after a couple of minutes. 

Bluetooth Low Energy Asset Tracking

These use Bluetooth technology to track and monitor your assets at highly accurate levels.

These asset-tracking devices have a problem with distance, but this can be easily solved by placing Bluetooth beacons around your premises.  

 

Benefits of Asset Tracking

There's more to asset tracking than just seeing the location and status of your assets. We've listed four more ways asset monitoring devices can benefit your business. 

Customisable to Fit You

No two businesses are the same, so why shouldn't that be the case for asset-tracking systems? 

Your systems can be tailored to highlight the key metrics that make your business tick so you can assess any situation with just the push of a button. 

They can be as simple or as in-depth as you like, making them widely available, user-friendly, and simple to learn. 

Boost Security 

Digital audit trails for each asset can be created so you know where it has been and who it has been with the help of clock-in/clock-out features and the option to assign responsibility to a client, customer, or vendor. 

You can stop thefts that impact your bottom line by using geofencing features, which will send you a notification if the asset crosses a specified border. 

Improve Productivity 

Knowing exactly where everything is at all times will prevent wasted hours looking for ghost tools or time spent looking for assets that are currently in use.

With critical data centralised in one easy-to-use system, everything you and your staff need is available at just a few touches of a button, streamlining everything from stock takes to sales. 

Asset tracking devices can also integrate into the systems you already have in place, which will enhance workflows with faster and easier asset updates and management. 

Increase Asset Lifecycle 

You can easily track the purchase date, price, and disposal plans of individual assets, giving you increased visibility over the long-term health of your assets. 

Reminders can be set up for preemptive, planned, and routine maintenance, increasing the longevity of your assets and avoiding any unwanted downtime caused by unsuitable tools. 

How to Get Asset Tracking for Your Business

Now that you're an asset-tracking expert, it's time to get the right system for your business. 

Whether you're new to asset tracking or you're looking to get a better deal, we can help. 

All you have to do is tap the button below, answer a few quick questions about your business, and based on the answers, we will source up to 5 non-committal asset tracking quotes for you to compare, completely free of charge. 

 

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FAQs: Your Asset Tracking Questions Answered


Asset tracking is an effective way of keeping on top of essential details of your assets, such as locations, usage, maintenance, and status, to improve the effectiveness of your business. 

This can be carried out by a range of different asset-tracking technologies, each with its own pros and cons.

Each asset tracking system relies on different ways to work. Some will use simple barcodes, while others will use satellites to track assets over long distances. 

This will depend on your specific needs. 

If you want to track assets over a long distance, then GPS asset tracking systems will be the most suitable for you. 

If all of your assets are internal, then something like RFID asset tracking may be more appropriate. 

Asset trackers will often come with customisable dashboards that can display important information such as: 

 

Asset name

Unique identification number 

Location 

Previous users 

Reservation information

Images

User notes

Maintenance history 

 


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