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Asset Tracking Software

Asset Tracking Software is a critical tool that allows organizations to monitor and manage their assets. With asset tracking software, companies can optimize asset utilization, reduce losses from theft and misplacement, improve regulatory compliance, and make smarter purchasing decisions.

What is Asset Tracking Software?

Physical assets are a major investment for companies in industries like manufacturing, healthcare, construction, transportation, oil, and gas, and more. But without an effective asset tracking system, organizations struggle with poor asset visibility, underutilization, preventable losses, and regulatory non-compliance. Asset tracking software solves these problems by providing complete visibility and control over valuable assets.

Asset tracking software automatically collects asset data like location, movement, status, ownership, and condition. This gives managers real-time insights into where assets are, whether they are in use or idle, and if they need maintenance or replacement. With an accurate asset registry and rich analytics, organizations can optimize asset allocation, minimize losses, improve regulatory compliance, and make data-driven purchase decisions.

How Does Asset Tracking Software Work?

Asset tracking software provides end-to-end visibility and control over valuable business assets. The software centralizes asset data from manual user inputs as well as automatic data capture technologies like barcodes, RFID, GPS, and more.

This consolidated data powers an asset registry that shows the current status, location, ownership, and usage of assets. Built-in analytics and reporting provide actionable insights into asset performance. Key capabilities like maintenance tracking, utilization monitoring, and end-of-life predictions facilitate data-driven decision making.

Key Processes enabled by Asset Tracking Software

Asset Tagging:Every asset is assigned a unique ID and tagged with a barcode, RFID tag, or other identifier. This enables tracking and links assets to their records in the system.
Inventory Management:Regular inventory counts validate assets registers and identify missing/lost assets. Some systems have self-service portals for inventory checks.
Status Monitoring:Asset status like operational, damaged, under maintenance, retired, etc. is updated in real-time via user inputs or sensor data.
Location Tracking:Sensors and user updates track asset movement. GPS-enabled tracking provides live location data. Location history provides auditable records.
Utilization Monitoring:Asset meters track usage levels and duration. Low utilization identifies underused assets. Live use data enables optimal scheduling.
Maintenance Management:Preventive maintenance is scheduled based on asset age, usage meters, and statistical failure data. Work orders and parts inventories streamline maintenance execution.
Check-in/Check-out:Employees assign assets to themselves when taking temporary possessions. Check-in confirms return. Keyless access via RFID/NFC speeds up this process.
Purchase/Warranty Tracking:New assets are onboarded with purchase details, warranty information, expected lifetime, etc. to inform future decisions.
End-of-life Management:Metrics like age, usage levels, repair costs predict end-of-life. Replacement parts are provisioned. Disposal or resale is systematically executed.

Key Benefits of Asset Tracking Software

Asset tracking software delivers powerful benefits that translate directly into ROI. Here are some of the top reasons for investing in a modern asset tracking system:

Improved Asset Visibility and Accountability

Asset tracking software provides 24/7 visibility into the status, condition, and location of assets from a single dashboard. Detailed asset histories improve accountability.

Increased Asset Utilization

Usage data identifies underutilized assets. Location tracking enables efficient real-time allocation. Maintenance data optimizes availability. All this drives up utilization rates.

Reduced Asset Loss from Theft and Misplacement

Live location data and usage meters discourage theft. Check-in/check-out creates access accountability. Regular inventories quickly identify missing assets.

Streamlined Regulatory Compliance

Maintenance records, asset performance data, and histories simplify compliance reporting. Tag-based access control improves security.

Data-Driven Purchasing and Hiring

Granular asset analytics guides right-sized procurement. Maintenance metrics inform realistic workforce planning.

Extended Asset Lifespan

Condition monitoring and preventive maintenance improves asset health and extends lifespans.

Improved Safety and Risk Management

Maintenance tracking, hazard monitoring, and location data reduces equipment failures that impact worker safety. Asset access control limits misuse.

Enhanced Customer Service

Asset and inventory visibility allows workers to locate items faster to improve service times. Well-maintained assets also improve reliability.

Critical Technologies for Asset Tracking

Asset tracking leverages a range of data capture technologies to provide accurate, real-time visibility. Choosing the right technologies can impact the performance, scalability, and cost-effectiveness of your tracking system.

Here are some key technologies to evaluate:

Barcodes

Printed barcodes containing asset IDs are the most commonly technology used. Barcode scanners read these tags to identify assets and update locations. Simple, inexpensive, and easy to scale.

RFID

RFID tags transmit asset data to nearby receivers. Enables automated location tracking and touchless check-in/check-out via RFID portals. More expensive than barcodes but very effective.

GPS

GPS satellite tracking provides live location data for assets like vehicles, containers, and other mobile assets. Requires installation of GPS/cellular transmitters. Highly accurate location data.

NFC

Near-field communication allows close-proximity RFID communication via mobile devices. Used for tap-based check-in/check-out and access control.

Sensors

Sensors monitor asset condition and environment. Temperature, motion, vibration and other sensors provide rich monitoring data. Key for remote assets.

Network Cameras

Live or recorded camera feeds can track assets and provide visual verification. Especially useful for securing remote assets.

Drones

Drones with RFID readers and cameras conduct autonomous audits of remote assets like cell towers. Provides automated verification.

This is just a sample of the many technologies available. Choosing the right mix provides cost-effective automated data collection. This complements manual user inputs like maintenance logs, inventory audits, and check-in records.

Who Needs Asset Tracking Software?

Virtually any organization with valuable business assets can benefit from asset tracking software. The capabilities align closely with common needs across industries:

Manufacturing

Manufacturers track every asset from production equipment to final products. Preventive maintenance avoids downtime. Inventory accuracy ensures optimal WIP and finished goods levels.

Transportation

Fleet tracking systems record real-time location and usage of vehicles and powered equipment for improved dispatch, maintenance, and supervision.

Oil and Gas

Critical infrastructure like rigs, pipelines, and turbines need monitoring for uptime and safety. Location tracking secures remote assets.

Healthcare

Expensive medical equipment like MRI machines are tracked for utilization. Tool management improves patient safety and OR turnover time. Asset-level data aids compliance.

Construction

Jobsite assets like excavators and generators need preventive maintenance. Tool tracking prevents losses. Equipment visibility improves rental return.

Retail

RFID-based inventory visibility improves omnichannel fulfillment. Check-in/check-out systems secure showroom goods. Backup generators maintain uptime.

Government and Military

Asset tracking improves accountability and readiness. Armories track firearms locations and issuance. Fleet systems record vehicle histories.

In general, asset-intensive industries get the most benefit. But even smaller organizations can achieve ROI with basic tracking of assets like computers, AV equipment, furniture, and smart devices.

Implementing Asset Tracking Software

Follow these best practices when rolling out an asset tracking system for maximum ROI:

Choose the Right Technology Mix

Barcodes, RFID, GPS, and sensors all have pros and cons. finalizing the right technologies per asset category balances capabilities and cost.

Phase Based on Priority

When transitioning from manual tracking, begin with the most critical assets. Use early successes to create excitement and momentum for the full rollout.

Simplify Tagging and Data Capture

Ergonomic handhelds, streamlined app UIs, and self-service workflows simplify daily interactions like inventory audits and maintenance logging.

Integrate with ERP and CMMS

Fetching financial data on assets and syncing repair work orders with the CMMS boosts data accuracy with minimal manual efforts.

Involve Stakeholders Early On

Training administrators, asset users, and other stakeholders improves buy-in. Participation in requirement planning also builds support.

Track since Day One

Assigning tags and creating asset records as soon as procurement is complete improves compliance and data accuracy.

Generate Quick Wins

Leverage low hanging fruit like instant visibility into asset location and condition to showcase benefits early on.

Maintain Accurate Data

Business rules, validations, and occasional physical audits help maintain high quality, reliable tracking records over the long term.

With some planning and smart execution, your asset tracking implementation will deliver value from day one while creating a foundation for more advanced capabilities like condition monitoring, utilization optimization, and predictive maintenance.

Conclusion

Asset tracking software has quickly evolved from a niche capability to an essential system that leading organizations rely on. Technological advances like GPS, RFID, and IoT sensors have made collecting and leveraging asset data easier than ever before. And the business impact is dramatic – improved CAPEX decisions, optimized utilization, reduced losses, and data-driven maintenance deliver a potent ROI.

With the right asset tracking partner, modern technologies, and a phased deployment approach, organizations can quickly launch into an era of unprecedented asset visibility. This “single source of truth” for asset data will continue paying dividends for years via data-driven operations and planning. If your asset portfolio includes anything mission-critical or expensive to replace, the time for asset tracking is now.

Frequently Asked Questions

What are some key benefits of asset tracking software?

Asset tracking improves visibility and accountability, increases asset utilization via improved scheduling and maintenance, reduces losses from theft and misplacement, simplifies regulatory compliance, and provides data to optimize capital spending.

What are the differences between fixed asset tracking vs. IT asset tracking software?

Fixed asset tracking focuses on physical assets like production equipment, generators, lab equipment, and facilities. IT asset tracking focuses on IT devices, software, accessories. IT systems provide more license and warranty management capabilities.

How exactly does asset tracking software work?

It aggregates asset data like location, status, and condition from manual inputs and auto-capture technologies like barcode scanners and GPS units. This populates a central asset repository that powers reporting, analytics, maintenance workflows, and more.

What are some key features to look for in asset tracking software?

Must-have features include asset tagging, detailed asset registry, status and location tracking, maintenance scheduling, utilization monitoring, access control capabilities like check in/check out, warrant, and license management, and analytics.

What are the advantages of RFID over barcodes for asset tracking?

RFID allows touchless automated location tracking and check in/check out via portals. RFID also works when assets are distant or obscured. But the tags are more expensive than printed barcodes.

What are some examples of assets that need tracking?

Critical assets like production equipment, servers, lab equipment, hand tools, vehicles, healthcare devices, inventory, firearms, and technology like laptops and tablets are all commonly tracked.

What are some challenges to be aware of with asset tracking software?

Capturing initial asset data, training users on consistent tagging and data entry, integrating with existing systems, and getting user buy-in throughout the organization can be challenging.

What are the differences between asset tracking vs inventory management vs inventory control?

Asset tracking is broader – it covers asset visibility, status, maintenance, access control, end-of-life management. Inventory management focuses on quantifying inventory. Inventory control optimizes those inventory levels.

How can you make sure asset tracking data remains accurate over time?

Regular physical inventory audits, system validations that identify data gaps, monitoring asset movements between locations, tying asset activity to users, and integration with procurement/ERP improve accuracy.

What types of assets don’t need tracking?

Inexpensive, universal materials like office supplies generally don’t warrant tracking. Soft assets like proprietary data, software, and designs are better managed through IT systems and documentation.