The definition of an asset is, “something valuable that an entity owns, benefits from, or has use of, in generating income.” The definition of asset tracking is “the method of tracking physical assets, either by scanning barcode labels attached to the assets or by using tags using GPS or RFID which broadcast their location.” Now that we have the basic definitions covered, the next logical thought in putting those two together is how does asset tracking work?
Managing and locating assets is a key challenge for almost any business, large or small. Employees spend wasteful time searching for critical equipment which can lead to costly delays, missed deadlines, wasted labor and potentially unhappy customers. Asset management today is more than counting pieces of equipment or technology and logging those numbers into a ledger or electronic spreadsheet. Companies are realizing that knowing an asset’s value over its life cycle helps companies of all sizes saves money spent per asset and they will actually get the most value out of each asset.
Asset tracking solves numerous business challenges by allowing companies to become more efficient and boost the bottom line by creating a one-stop-shop to log, view and share every bit of information about each individual asset — from where it is, who has it, when it will return, any maintenance needed or certifications to update. After a company recognizes the need for asset tracking, there are a few key points to consider on how asset tracking works and choosing the system that is best fit for their business now and in the future:
Know what you need to track. By integrating an asset management system, companies can increase the availability of equipment or necessary tools to employees and reduce the overall costs for maintenance or replacement by having real-time access to all assets and their status.
Evaluate reporting functionality. When selecting an asset tracking tool ensure it contains the reporting function that fits your company now and if it grows in the future. Look at the dashboards and if you can customize your reports. You want a tool that works with you in the way you need it to – it should be scalable — not the way that a software program “thinks” you need it to work.
Determine responsibility. Important assets need to have an assigned owner who is responsible for establishing and maintaining appropriate rules to protect those assets. From the moment an asset is received, it needs to be entered into the system and thus the cycle is set for accurate tracking.
How mobile are you? Employees and the tools they use for day-to-day operations are constantly on the move. Make sure that your selected asset tracking tool moves with you and your employees. Mobile apps that keep up with today’s ever-changing technology are critical. And the ability to do more with less is more important than ever. Utilizing smartphones and tablets that employees already have and maintaining data in the cloud are common features that have made a world of difference in companies using asset tracking systems.
Barcodes and scanning. A basic function of asset tracking relies on being able to assign a unique identification number to each item you need to keep track of. By scanning the barcode of an item using a handheld scanner, you are instantly able to track the movement of those items as they change hands and move about. This eliminates the guesswork and wasted time typically associated with hunting down an item. This is especially helpful if you have items that are out on the road and frequently changing hands. The data recorded by the point and shoot of a barcode scanner allows companies to make informed decisions about how many assets should be allocated to a particular location, how frequently (or infrequently) an asset is used, and if it’s being used to the best of its ability. Once your items are scanned tagged and in your system, you can scan a barcode at any time and be able to access all of the identification information associated with that asset. You’ll also be able to account for it during audits and inventories, and update its use history, location, condition, and other details as needed.
With an asset tracking tool like Asset Panda on your side, everything you need to know about your company’s assets lives in the palm of your hand. Asset Panda saw a need to consolidate the functions of several software applications into one platform, and this industry-leading system closes the communication loop between every department through its mobile enterprise service desk platform. Whether online or through our Mobile App, Asset Panda’s intuitive interface makes it easy to work from anywhere, on devices you’re already using. That means everyone in your organization has quick and easy on-demand access to everything they need to know about your assets.
Clients can generate automated reports about each one of their assets. A built-in mobile barcode scanner helps them quickly locate specific items by searching items they’ve already logged into Asset Panda. Users across an organization can schedule service and maintenance requests within Asset Panda’s mobile app. Furthermore, customers have real time tracking ability, which ensures data integrity, efficiency, and accountability.
From its flexibility and configurability to the ease of use and unbeatable value, Asset Panda truly stands alone in the marketplace. Give it a try free for 14 days and you’ll see how asset tracking will work for you!