Talygen

Monday, July 15, 2024 | Blog

When you hear "assets," you might first think of your bank account. However, "assets" actually refer to the physical things you own. For a company, assets are essential things like machines, vehicles, tools, or office supplies. These assets are vital for daily operations, so tracking them is crucial. It helps you monitor all the equipment, tools, and materials you own. Let's look at asset tracking, operation, and advantages, particularly with cloud-based asset management software.

Understanding Asset Tracking

In business, asset tracking means knowing where your physical assets are and their current status. It helps organizations make the most of their equipment and supplies. Asset management system software tracks these items efficiently using tools like barcodes, QR codes, RFID tags, and specialized software. It is required to minimize breakdowns, reduce repair costs, and ensure factories run smoothly.

Advantages of Asset Tracking

Whether your organization is just starting or has been around for a while, managing your assets well brings many benefits:

  • Centralized Asset InformationKeep all asset details in one place for easy access, making management simpler and more efficient.
  • Advanced TrackingUse mobile barcode scanning, GPS, and RFID technology to know where your assets are in real time.
  • Better EfficiencyAutomate tasks, reduce costs and streamline operations with cloud-based asset management.
  • Maintenance AlertsManage any asset type, size, or volume in real-time with a single dashboard.
  • Secure Asset TransfersTransfer assets safely between locations, track them during transit, and resolve disputes over lost or damaged items.
  • Real-Time AvailabilityQuickly see if assets are in use, reserved, or available, and avoid scheduling conflicts.
  • Enhanced SecurityMonitor assets with GPS, know who is using them, and protect valuable items with robust security features.
  • Easy Deployment and Data ManagementAdd new assets quickly, configure them, and assign them to users. Use barcodes/QR codes, keep detailed records, and store data securely in the cloud.
  • Detailed Reports for Better DecisionsQuick access to detailed reports through an online dashboard, analyzing data and making informed decisions to optimize asset use and planning.

A cloud-based digital asset management system does more than make things run smoothly. It helps your organization plan better and grow wiser.

What Information Should You Track with Simple Asset Management Software?

Tracking the correct information helps you manage your assets better. Here are some essential details to keep track of with simple asset management software:

Asset Name

It is the name you use for the asset, whether a technical name or a simple label.

Location

Know where the asset is located, which is easy for fixed assets. For movable assets, keep track of where they are and where they are expected to be.

Purpose

Know what the asset is used for and how it fits into your organization's operations. It helps you plan and use it effectively.

People Involved

Track who has access to the asset and who is responsible for it. It includes who uses it and who maintains it. Knowing this helps in accountability and proper usage.

Performance Tracking

Monitor how well the asset is working. Keep an eye on maintenance to ensure it runs efficiently.

Maintenance Plan

Record past maintenance activities, including what was done, when, and by whom. This helps you better plan future maintenance.

Issues and Downtime

Note any times when the asset doesn't work correctly and why, which helps find patterns and prevent future problems.

Lifespan

Track the asset's expected life and when it might need replacement or upgrades. This is important for managing the asset's lifecycle.

Remaining Useful Life (RUL)

Estimate the asset's length before needing replacement for proper budgeting and future planning.

Using simple asset management software to track these details ensures you can manage assets efficiently, save money, and improve productivity.

How to Track Assets?

Various methods are available to track your essential equipment and tools depending on your needs. Here's an overview of common ways:

Barcode Tracking

Many more significant assets already have barcode labels. Mobile scanner apps or QR code scanners can manage these items digitally. This method allows easy access to information, ideal for businesses with multiple locations or field workers.

Barcode Tracking

Many more significant assets already have barcode labels. Mobile scanner apps or QR code scanners can manage these items digitally. This method allows easy access to information, ideal for businesses with multiple locations or field workers.

RFID Tracking

RFID tags use radio signals to broadcast asset locations automatically. This method is reliable but requires handheld scanners. Consider how many scanners you need for effective use.

GPS Tracking

Attach GPS devices to assets to track their locations via cellular networks or satellites. This system provides real-time updates over long distances and includes features like geofencing alerts. GPS trackers can be mobile or hardwired into more extensive equipment, offering a user-friendly dashboard for fleet management

Choosing the right asset management software features like barcode, RFID, or GPS tracking depends on your asset tracking needs. These tools simplify monitoring, ensuring efficient management and reducing the risk of asset loss or misuse.

Conclusion

While they may sound similar, asset management and asset tracking are different concepts. Asset tracking can be done independently or as part of asset management.

Think about any organization—a company that makes things, moves goods, or builds stuff—they all depend on physical things like trucks and tools to do their daily work.

These assets must work well throughout their lifespan. That's where the best digital asset management software comes in. It sets up a systematic way to oversee these resources, including keeping track of important information about them. Get in touch to know more.

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