There’s no doubt that the lack of proper asset tracking, especially in SMEs, turns out to be costly. For instance, ambiguous usage patterns and locations of movable assets often result in scheduling disagreements and asset losses. It ultimately reduces the ROA or returns on assets.
When it comes to current assets, if they lack transparent movement, businesses will find it challenging to predict their required amount. Consequently, these enterprises end up with stock-outs or excessive stocks.
If there’s no sound asset tracking system present in your business, you’ll face the risk of not meeting the regulated industry compliance standards. And even if your business meets those standards, it will involve a considerable amount of manual labor.
So, you may be wondering whether there’s any possible solution to enhance production planning, drive higher ROA, and meet the industry regulations. The solution is to achieve optimal transparency in the asset movement with the help of an asset tracking software solution.
This article will help you understand what an asset tracking solution is, what benefits it offers, what type of assets you can track, and more. So, continue reading.
Asset Tracking Solution - A Precise Definition
Consider all the physical assets you have. It’s most likely that your business has more assets than you know, and if you do, you must improve your asset tracking practices. Asset tracking solutions, also sometimes referred to as asset management solutions are the methods used to track your movable assets.
These methods include using GPS, barcode labels on the assets, or RFID tags to discover their locations. Asset tracking is as crucial as inventory management as it’s crucial to know the status, location, and maintenance schedule of your enterprise’s moveable assets.
There’s no denying that asset tracking solutions become essential to businesses’ end results and compliance as you’ll have to locate and replace the missing or lost moveable assets, along with those that have reached their lifecycle’s end.
Advantages of Using Asset Tracking Solutions
- It is imperative to have an in-depth asset management solution for each asset. If you’re just a startup, you must understand and have an idea of what adds value, what you should eliminate, and what you could possibly sell to increase the space in your workspace.
- An asset tracking solution helps you get a complete insight into what you possess to let you know what needs to get upgraded or which one needs replacement to make your business stay at the cutting edge of your industry. You can reduce costs and explore more efficient approaches to conduct things.
- Plus, there will be an increase in productivity among your administrative employees as they’ll have a detailed, precise insight into the materials to reference.
- Implementing an asset tracking solution into your business is worthwhile as it helps you keep and preserve precise company data and records. It enables you to understand the taxes you must pay due to the precise breakdowns for all departments.
- Asset tracking is considered an effective solution for recordkeeping in many industries, so it’s always best to stay ahead of the competitors.
Types of Assets You Can Track With Asset Tracking Solutions
You can use the advanced modern asset tracking software to track a wide-ranging array of assets:
1. Moveable Assets
When it comes to tracking moveable industrial assets, having transparency of their locations builds a base to gain valuable insight about their utilization too. For instance, your business can use a customized asset tracking solution to monitor and keep track of the locations and utilizations of its onshore vehicles.
Let’s say that you’re an oil and gas company. In that case, you’ll be able to ensure a high level of transparency in tracking the locations and utilization patterns of your oil drilling rigs while reducing downtime and enhancing asset utilization.
2. Regulated Industry Assets
Advanced asset tracking technologies enable asset management in regulated industries like healthcare. For instance, in laboratory diagnostics, accurate laboratory sample management determines the test results’ precision, influencing patient care and therapeutic decisions.
In such a case, the laboratory needs to leverage an asset tracking solution for optimizing its sample labeling, transportation, storage, and disposal procedures in compliance with the ISO standards. Here, the tracking solution can utilize barcodes along with cloud databases to ensure efficient storage of data linked to the lab samples’ properties and locations.
Consequently, the lab assistants and other personnel can access real-time data about the lab samples’ requisition dates, types, locations, and statuses.
To make sure you’re trustworthy and consistent in inventory tracking, you need to keep these things in mind:
- The conditions to which the inventory items are subject to
- The volume of the inventory
- The sturdiness and temperature sensitivity of the inventory
- Whether the inventory comes in packages or individual assets
Depending on these conditions, it’s possible to opt for an effective asset tracking method and devise a solution architecture that avoids signal collisions and ensures consistent tracking of extensive inventories.
Asset Tracking Solutions: Available Choices
With the widespread availability of ready-to-use asset tracking solutions on the market, you may need to opt for something out-of-the-box.
As per the experts, most of the ready-made asset monitoring softwares comes with limited features and may fail to meet the clients’ local labor regulations and unique requirements.
So, it is best to opt for ready-to-use software only when your business has to deal with a small volume of assets and avoids the need for any particular functionality.
Meanwhile, if you operate in a regulated industry with an asset acquisition that is large and diverse, you may need to consider other options.
In such a case, your business will need something with excellent reporting capabilities and specific features that enables accurate integration with other enterprise systems. The best all-in-one solution for this will be a customized asset tracking software designed explicitly for your business needs.
Final Thoughts: It’s Time To Enhance Your Asset Management
So, take your business asset management to the next level by introducing one of the most advanced and beneficial asset tracking software solutions. Get in touch with prominent industry leaders with experience in offering such solutions.
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