Barcode Asset Tracking Software in the Workplace

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If there was ever a time to consider implementing barcode asset tracking software in the workplace, it’s now.

With each passing year, technology plays a larger role in our work and home lives. Artificial intelligence (AI), Machine Learning (ML), the cloud and the Internet of Things (IoT) all are having an impact on how we communicate, share and use data. And, with the unfortunate arrival of the global pandemic, the business world has had to rely on technology more than it ever has – and that includes even the most digital-savvy organizations.

A Timely Tool

Barcode asset tracking software is an invaluable tool within this environment for several reasons. First, the majority of organizations are taking a hard look at their expenses right now and considering where they can make adjustments. Barcode asset tracking software delivers increased efficiencies that result in better fixed asset lifecycle management, especially around asset maintenance. Under normal circumstances, keeping up with preventive maintenance on your fixed assets is a challenge, as each asset likely has its own schedule and unique maintenance history to consider.

Preventive maintenance may seem like an unnecessary expense – especially now – but, in fact, it can prevent expensive repairs, breakdowns, security and compliance breaches, and/or premature asset replacements later. Barcode asset tracking software simplifies the task of tracking maintenance schedules by allowing users to set up customized reminders and alerts. This information -- and all information related to the lifecycle of fixed assets, for that matter – lives in a single, easily accessible location, saving users considerable time and eliminating frustration.

The Need for Predictive Maintenance

The Enterprise Asset Management market is expected to grow from $5.1 billion in 2019 to $8.2 billion by 2024. That’s according to a report issued by Markets and Markets which explains that this projected growth is being driven by increasing demand for cloud-based EAM solutions and the need to gain a 360-degree view of assets. Predictive maintenance solutions are expected to represent the fastest-growing segment in the market thanks to increasing demand for technologies like AI and ML ”for predicting and preventing system errors and reducing overall maintenance cost.”

Further, the report says that North America will hold the largest market size during the forecast period due to stringent regulatory compliances, growth in the number of EAM vendors and increased government support. “Heavy investments made by private and public sectors for managing vital assets and equipment, resulting in an increased demand for EAM solutions and services used to increase the asset life cycle and reduce overall maintenance cost is a major factor fueling the growth of the market,” the report adds.

Of course, not all barcode asset tracking software is created equal, and it must be supported by the right processes and culture – specifically, one that encourages communication among all stakeholders involved in the lifecycle of fixed assets.

What to Look For

In a Feb. 26, 2020, blog post (“Top Asset Technology Trends to Watch in 2020”), SAP-Centric EAM & Supply Chain states that “EAM [Enterprise Asset Management] must be combined with proper strategies and management so organizations can gain access to natural and real-time visibility into the use of their assets.”

The best barcode asset tracking software allows for an unlimited number of users, which in turn raises the bar on organizational accountability and accuracy. Asset Panda offers clients of every size and industry sector an intuitive, streamlined approach to asset management with a mobile app that lets them track their fixed assets any way they want. Robust and customizable features, IoT preparedness via an open API, and the ability to add an unlimited number of users are just a few of the benefits you’ll enjoy. To learn more, go to assetpanda.com

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