The cost of mismanaged, misplaced, or underutilized assets can cause a severe strain on a company’s bottom line, making it essential to track and manage assets. An asset management software provides a holistic overview of an asset’s life cycle, including its procurement, implementation, renewal, and disposal. While businesses can rely on spreadsheets to track their assets, utilizing asset management software to analyze each asset’s specific data allows them to make more informed decisions regarding asset management.
Besides helping you eliminate spreadsheets, asset tracking software also improves inventory management, tracks assets in one place, allows access to data at any time and anywhere, reduces stolen, misplaced, and lost assets. To choose the right asset management software, understand the asset’s life cycle, its compatibility with your organization’s existing technology, select proven systems, and look at ratings and reviews from reliable software rating companies. Here are the types of software you can use for better asset tracking and management.
Scheduling software gives you an overview of your assets on one quick calendar. Using the scheduling software, you can easily track and manage your assets as it allows you to see where your assets are being used, what they’re being used for, and how long they’ll be tied up. Regardless of the asset you want to track, the software provides custom fields that allow you to categorize your assets then filter them down to the one you’re looking for. This ensures that your assets aren’t underutilized, mismanaged, or misplaced because you can track them in real-time.
When choosing a scheduling software, ensure it’s accessible from anywhere and on any device, easy and quick to use, and can be integrated with other tools for streamlined operations. It should also have a cloud hosting option, allow demos, drag and drop functionality, let automation and stellar security.
Radio Frequency Identification (RFID) is an asset tracking technology that connects tangible assets to data collection systems like asset tracking software. It automates the process of locating and managing physical assets. This software loads an RFID tag with data then attaches it to the relevant asset. Using the RFID technology, you can track multiple assets in one go, collect real-time data, improve asset visibility, locate misplaced or lost assets and maximize inventory accuracy. With a real-time locating system, RFID reduces theft and loss of assets.
Bluetooth asset tracking utilizes wireless technology to build a connection between an item and a tracker. It uses radio waves to exchange over short periods. Besides generating a report on all enabled equipment physical condition, this technology can track the real-time location of all Bluetooth enabled assets. When using Bluetooth for asset tracking, consider tag costs and battery life dependence.
In barcode asset tracking, the data stored in unique barcodes are printed then assigned to specific assets. Using a mobile device or a scanner, the barcode is scanned to extract data. The data is then sent to a computer, decoded, and stored in the asset tracking software database. Barcodes are a cost-effective asset tracking solution that accelerates workflow.
A GPS communicates with satellites that circle the earth to track an exact location. A tracking device is usually attached to an asset to create a receiver signal that can be tracked through a smartphone or computer to receive real-time location updates. For example, if an organization runs a car renting business, they can attach the tracking device to the vehicles before giving them out to customers. This allows them to track the exact location of the car in case it’s stolen or lost.
QR codes are an advanced form of barcodes that hold more information and are ideal for asset management and tracking. They generate an asset’s digital data, including its last location, serial number, manufacturing date, profile, and other identification information. The use of QR codes enhances quick asset identification, tracks your asset’s transaction history, and allows you to know your asset’s status, lowering downtime.
NFC wirelessly transmits data using radio waves and can be used to track and manage assets. To track your assets using this technology, assign and attach an NFC tag to the asset. Using an NFC-enabled mobile device, scan the tag, then read, update, and revise the data that appears on your mobile device. The NFC technology gives a precise location of your asset, enhancing tracking.
When determining the proper asset tracking and management software for your business, consider the types of assets you have and how many you want to track. Decide whether you want an on-premise, cloud-based or mobile software. The ideal asset tracking and management should help streamline your processes while protecting your bottom line.