What is Asset Tracking?

Asset tracking is the process of organizing and documenting information related to assets, typically in a business setting. Today, asset tracking software makes asset tracking easy. However, asset tracking is still conducted via more time-consuming, outdated methods—like keeping track of information in spreadsheets and even with just a pen and paper. In this post, we will be taking a look at the way technology can be used to ease the process of asset tracking and what additional features are available with these methods.

Asset Tracking Software

Asset tracking software, like Enasys, is essential for businesses in the modern age. Organizations that are still using spreadsheets and analog methods for asset tracking often don’t know how much time, money, and frustration an asset tracking system could have saved their team until after they make the switch. 

Beyond just the digital aspect and consolidation of documented information that asset tracking software provides, platforms also offer valuable features that allow for even more efficiency in the day-to-day functioning of an organization. In the following sections, we will cover some of the features that many asset tracking software platforms provide and discuss the business benefits of these capabilities. 

Asset tracking software for maintenance information

When running a business of any size, the function of assets is essential to the company’s operation. Most high-value assets need routine maintenance to ensure that the asset remains functional for as long as possible. Remembering when assets are due for regular maintenance can be a challenge, especially at scale. Asset tracking software makes keeping up with an asset’s maintenance needs easy with automated reminders when routine maintenance is due—on an asset-by-asset basis.

Additionally, asset tracking software provides a central location for all information relating to an asset to be stored long-term, so records and notes of maintenance conducted on an asset throughout the years are always documented and organized when that information needs to be recalled. 

Asset tracking software for inventory 

Inventory features in most asset tracking software platforms allow for multiple time-saving functions. First, inventory can be conducted incredibly quickly with an asset tracking system that utilizes RFID tags and hand scanners. RFID scanners can scan all RFID tags in a 30-foot radius with a simple scanner wave so inventory can be conducted in exponentially less time than running inventory by scanning each asset’s barcode individually. The time savings of this alone is a massive draw for organizations, but this method also increases the accuracy of the inventory when it is conducted. Enasys customers in the past have reported that after implementing their asset tracking system with RFID tags, they found that their company had nearly 50% more assets than had been documented in past years. 

Additionally, calculating the depreciated value of assets is automatic and seamless with asset tracking software. After the routine inventory process is conducted, the platform can take the asset’s value from its profile, calculate the depreciated value, and send that information directly to accounting software for the finance team to use. This feature is available regardless of the hardware used in the asset tracking system, meaning even if the system uses barcodes rather than RFID. 

Asset tracking software for finding lost or misplaced assets 

Capabilities for finding lost or misplaced assets are dependent on what hardware is used in an asset tracking system. 

RFID tags, readers, antennas, and hand scanners in an asset tracking system: finding lost or misplaced assets

RFID tags paired with hand scanners and a facility with readers and antennas installed allow for an asset tracking system to be a real-time location system. In a real-time location system, an asset’s location is continuously tracked. Due to continuous tracking, a user can use asset tracking software to find the exact location of an asset at any given time and explore a log of where that asset has traveled within the facility. 

RFID tags and hand scanners in an asset tracking system: finding lost or misplaced assets

In an RFID-based asset tracking system that does not contain readers and antennas, assets can be found when misplaced. Enasys’ asset tracking platform uses a Geiger counter feature to assist users in finding a misplaced asset. 

In this type of system, though, tracking an asset’s movement is a manual process. Logs can be made in asset tracking software for where the item was taken and where it was last placed, but this requires users to input that information with each use—meaning human error could occur.

Barcodes in an asset tracking system: finding lost or misplaced assets 

Barcode-based asset tracking systems have the most manual process of the available options. Locating misplaced assets relies on manual input of location information each time an asset is moved. Asset tracking software streamlines the location information for each asset compared to spreadsheet or pen and paper methods, but the process is still manual. This type of system is an excellent option for organizations with assets that do not move around often, like heavy desks for example, or smaller organizations that do not have a large volume of assets to track. 

Asset tracking software for chain of custody 

Similar to how the location of an asset can be tracked manually in asset tracking software, the chain of custody for an asset can be tracked via a check-in check-out function, which is also a manual process.  To track the chain of custody, a user must document that they are checking an asset out and checking an asset back in in the software platform. This information is stored in the asset’s profile along with the location where the asset was left upon check-in. 

This functionality is available with all hardware options; however, with real-time location system hardware, the asset’s profile also shows the asset’s movement around the trackable area and the name of who has the asset checked out while it moved. 

Although the check-in check-out feature requires manual entry by users in most situations, the data collected is valuable for management in multiple ways. From figuring out what assets are being used most, to who was the last to use an asset that was left broken, and more, there are significant benefits from tracking the chain of custody in an asset tracking system. 

Asset Tracking Summary 

Don’t make a mistake and wait to reap the benefits of an asset tracking system. Enasys makes the setup of asset tracking systems quick and painless. Speak with an asset tracking expert directly; contact us today.

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