Asset tracking, also known as asset management, is a way of tracing physical assets. It can be done in various ways, including scanning barcode labels attached to the assets and using GPS tags to determine their location. Asset tracking is done for several reasons:

• To prevent loss and theft of assets
• To obtain important business information
• To capitalize on the efficiency of operations

Asset tracking enables companies to be more efficient, as it streamlines certain operations (such as the audit process), as well as addressing various other challenges. Whether you’re looking into implementing RFID inventory tracking systems or other asset tracking technology, you may want to learn more about how to track your assets efficiently.

Below are some tips you can use to achieve efficient asset tracking.

• Have A Clear Idea Of What To Track

It’s not enough to have a general idea of the assets you have. If you’d like to track them more efficiently, it’s important to have an updated list of all assets, as well as detailed information on the assets’ location, value, and purpose. Other important details you may want to include is when the asset is in use, who is using the asset, and each asset’s maintenance plan.

• Track Assets As Soon As You Receive Them

Asset tracking requires each item to be tagged and scanned. If asset tracking is a daily activity for your company, then it could help speed up operations to computerize tasks that are done frequently and to ensure instantaneous communication throughout the process. Make sure all your employees are aware of how assets are added into the system so that they can do so as soon as new assets arrive.

To mitigate the possibility of errors, make sure that the workers assigned to register assets on the system are well trained so that they aren’t easily overwhelmed during busy seasons. If an asset isn’t registered or entered into the system, it’s regarded as misplaced or lost, and the effort to locate missing assets may cost your company a lot in terms of resources and time.

• Prioritize The Needs Of Your Company

Before you make the decision to purchase an asset, you should have a clear idea of the fixed assets your company needs, as well as their requirements, and assess how each asset measures up against those requirements. This will save you the expense and inconvenience of purchasing an asset your company may not need.

• Designate Persons Responsible For The Assets

Delegation of work is an integral part of asset tracking, as it helps ensure that workers are engaged and also ensures accountability. Having specific people assigned to be responsible for the assets will make it easier to keep track of certain information, such as the following:

• The person who had or used a certain asset last
• The period of time an asset is held in a particular department
• The most favorable travel routes
• The effect of certain factors (like location, time of day, or user) on the performance of an asset.

• Address Any Potential Problems In Advance

Assets that are used regularly are often valuable, but the frequent use may cause them to break down more easily; thus, they need frequent maintenance. It’s important to dedicate some time, preferably weekly, to check on such assets and ensure that they’re in good condition.

If you believe an asset may be due for maintenance soon, you should go ahead and plan for the maintenance it needs, preferably scheduling it for a time when the asset won’t be in use. It’s important to be able to identify possible issues early; that way, you don’t have to deal with interruptions in your business operations.

• Know The Difference Between Asset Tracking And Inventory Tracking

Asset tracking is the management of company resources that are operational throughout, whose depreciation is monitored and which need regular maintenance. Inventory tracking, on the other hand, entails managing products for sale, distribution, and consumption. It also involves following up on how the products are received, stored, and shipped. Understanding the difference between the two will help ensure that inventory tracking is not being done in place of asset tracking and vice versa.

• Have Visibility On All Assets

It’s important to have visibility on the assets you have, those that are in excess as well as those that are available. Before you make an acquisition, consider the assets you have and whether an existing or underutilized asset can fulfill the need that acquisition was meant to solve. In doing so, you may be able to save on unnecessary costs.

Conclusion

Though asset tracking may seem like a tedious task, it’s crucial to ensure that your company is organized. Asset tracking software helps make the task less daunting and allows you to have smoother workflows and streamlined processes. With good software and the tips given above, you can make asset tracking more efficient for your company.