What’s an Asset Tracking System?

By August 29, 2016Asset Tracking, Blog

What's an Asset Tracking System

Corporate environments continue to grow, and with that growth, technology is advancing right along with it. Using traditional spreadsheets and ledgers to track a company’s assets are a thing of the past. They are being replaced with revolutionary technology that can simplify asset tracking. So let’s get back to basics … what’s an asset tracking system and how can it help your business or organization meet the growing demands to your business?

Asset tracking refers to the process of verifying the location, condition, and value of fixed assets. Fixed assets are the tangible items your organization uses to create value such as computers, phones, furniture, medical equipment, vehicles, machinery, etc. Poor management of these items can be costly, so it’s vital to have a system in place to track them. Asset tracking is about making sure your asset records match reality. It’s about staying in the know on the “who, what, when, where, and how much” of your assets.

The combination of hardware and software that work together to help you keep track of your assets is called an asset tracking system. Asset tracking systems can display, transmit, and capture encoded information about your assets; it also sends that information to an application that stores and interprets the data. That data can be generated into customized reports that calculate and organize data such as current asset value, depreciation, location and movement, use history and lost or damage to assets.

Asset tracking systems provide a comprehensive solution for companies that need assistance taking physical inventory, maintaining accountability, and controlling physical assets both on and off-site. It is very easy to lose track of the resources your business relies on if you’re still using outdated forms of asset management, especially when dealing with hundreds or even thousands of assets. Asset tracking systems make gathering and reporting asset information more manageable. You can set parameters that limit access, so that employees only see information that is relevant and necessary for them to do their jobs.

Asset tracking is important for all business types and organizations no matter their size. 30% of all organizations do not know what they own, where their assets are located or who is even using them. Company-owned resources are stored and shared throughout an office or spread out to multiple locations. Assets are moved when needed or made available for different projects. The challenge is how to keep track of all the movement and changes of possession over time.

With an asset tracking system, you can look on your desktop or mobile device to quickly find out where each asset is located and see who has possession. You can find out when it will be returned, shipped back, if it needs maintenance or when it will be made available again. By increasing asset accountability and enabling more efficient asset management, asset tracking systems provide data that helps multiple shareholders do their jobs better.

65% of fixed asset data is incomplete, inaccurate or altogether missing. Keeping track of an asset’s value throughout its lifecycle is important to the many business because of the effect on financial statements and taxes. Managing assets with a tracking system allows users to log purchase orders, plan maintenance, and detail the services performed for every individual asset. Tracking systems can create alerts when maintenance dates are approaching or if a critical update is needed.

When everyone in your organization has quick and easy access to information they need, they can all work smarter. They need to access information in a way that not only doesn’t impede workflow, but makes that workflow more productive. Asset Panda’s Asset Tracking and Management Platform is the most flexible and customizable system in the industry for tracking and managing assets. Going beyond fixed asset tracking, Asset Panda optimizes and streamlines everything from auditing to facilities management, equipment support ticketing, compliance, and purchase order management.

Asset Panda is highly configurable, so it can become whatever you need it to be, and adjust as your needs change. Asset Panda works the way you do, on devices you’re already using, both online and through our free Mobile App. This makes it easy for all your users to access the information they need, when they need it, from wherever they happen to be working.

Companies are utilizing Asset Panda to replace spreadsheets, expensive scanners and costly software for asset tracking and management. Asset Panda is designed to work the way you do, giving everyone in your organization quick and easy on-demand access to everything they need to know about your assets. With unlimited fields and configurations, Asset Panda can change as your needs change so that it’s always the perfect platform to meet goals or solve problems—about any number of assets and for any sized company, in any industry.

For more information on Asset Panda, or to start your free 14-day trial, visit assetpanda.com.

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