Asset Tracking Tips For Your Business

Asset tracking is not nice to have. It’s an essential process known as asset management, and it tracks your business’s physical assets. It’s necessary for compliance, maintenance and replacement of physical equipment and product.

Without a system in place, theft is a real threat. Also, the physical assets may break down, cause harm and non-compliance to health and safety rules and gravely impact the business operations and viability.

Asset tracking also manages your inventory, and it can be time-consuming hence the use of real-time systems. Therefore, asset tracking allows businesses to overcome multiple challenges, allowing companies to become more efficient and improve their business’s bottom line by making the most effective use of available resources to get results.

Asset Tracking Systems, Applications & Tools

Software solutions that facilitate and streamline data collection and analysis are required, and to know what you need, first, do an assets audit.

To decide on which software package(s) to purchase to best suit the asset tracking and management requirements for your particular business, you need to define and prioritize fixed assets, which will indicate the what basic requirements your chosen software will have to meet.

Then you need to work out which software package is likely to work best for you based on what you know. Third, try out the software to ensure all the features and applications are necessary or valuable for your particular business before finally deciding which software to buy.

Ensuring that you have the best available information on hand for when you make crucial decisions use a fully integrated, functional and flexible enterprise asset management (EAM) and an application lifecycle management (ALM) system.

An ALM system is an integrated system of people, tools, and processes that manage the lifecycle of an application from a concept to its retirement. An EAM is a similar system that controls the maintenance of physical assets throughout each asset’s lifecycle.

EAM, on the other hand, is used to plan, optimize, execute, and track the required maintenance activities with the relevant skills, priorities information, materials and tools. This covers the design, construction, commissioning, operations, maintenance and decommissioning or replacement of assets.

It is thus challenging to effectively track assets from beginning to end without these systems.

Track All New Company Assets

Have a system dedicated to identifying every asset that comes into the company to determine those liable to security scares.

“Adding a new fixed asset’s information to a tracking system before the asset leaves the purchaser’s hands is recommended. It ensures that an asset doesn’t disappear before its presence has even been acknowledged.” – Jennifer VanBaren, What Are the Best Tips for Fixed Asset Tracking.

Use Tracking Number System

To avoid confusion, always stick to the number system to track your assets, as it ensures that each asset within your company can be tracked using its own unique number. “Use asset tags like bespoke custom labeling, which can aid in asset management and improve the security of a company and its physical assets”.

Create An Assets Database

Most assets may be tracked and accounted for during the initial tracking exercise. However, there is a high chance of losing assets if no database exists on which assets have been recorded. “It’s a good idea to begin by creating a database of your assets. In that way, you can check to see if an asset is already in your inventory database instantly after each scan” – Asset Tracking – Inventory Control Best Practices, codeREADr.