Understanding How Asset Tracking System Advances Business Performance

Innovation of new technologies has made companies change the ways of moving their physical assets, which, in turn, has given rise to customized technological solutions to carry out efficient asset tracking. You can combine these tools with other processes to develop a unique asset tracking system. Asset tracking refers to a company’s investments in its physical resources and infrastructure to make the most use of them. By 2025, the asset management system market will reach more than 27 billion USD. Read this blog to know more about it.

What Is an Asset Tracking System?

The most difficult one to manage is the physical assets of all types of assets. But using IoT-based asset tracking devices will make your job much easier.

Asset management systems deal with every important aspect related to an organization’s physical assets. You can efficiently carry out every stage of asset management, including commissioning, maintaining, operating, repairing, tracking, and disposal of commercial assets. This way, you will be able to improve the overall performance of your business.

What Are the Features You Can Find in an Asset Tracking Device?

Having a proper monitoring system is more relevant because you have to deal with a range of asset types, including human resources and physical objects. Using an asset tracker will help you with the real-time identification of equipment and devices and find practical solutions to staff issues.

Features you will find in a tracking device include:

• Geo-fencing of assets and humans
• Use of BLE technology
• Theft detection
• Inventory tracking
• Real-time alerts and notifications
• Presence, attendance, and location services

What Are the Two Basic Types of Asset Management?

The two primary types of asset management include the following.

Enterprise Asset Management (EAM)

This type of asset management deals with managing the information systems implemented to manage other organizational assets.

Inventory Management

Inventory management helps users enter the information in a centralized system to track software licenses, physical tools, and contracts.

How Do Asset Tracking Systems Help Businesses Improve Their Performance?

Developing an efficient asset tracking system will allow your company to improve operations and deliver top-quality performance. There are several ways an asset management system can help your company improve its performance.

Establishing GPS Positioning and Asset Recovery

You may find it challenging to track a large number of assets, especially if one asset gets misplaced. Tracking that specific asset will require a heavy workforce, and you will need to invest ample time to carry out the process. It gives rise to delays in production, customers losing their trust in your company, and a significant increase in the costs.

But, deploying an adequate ATS will help you avoid such issues because it integrates a GPS positioning system. For example, if you have a fleet management company, having an ATS will help you track the movement of your cars and gain better control over their activity.

When monitoring your employees and vehicles, you can make the most of the digital maps with routes.

Allowing Real-time Asset Management

Asset tracking devices also allow companies to check the exact status of their business assets. You can track them instantly when they arrive or are moved to a particular location in real-time.

An asset management system also makes data management much more manageable. Even if there are route delays or deviations, it will not be a difficult task to resolve these issues.

Your software will also identify if there are any duplicate records. Once detected, it will be immediately removed from the system.

Improving Customer Service

A real-time asset tracking and management system will help your customers keep an eye on the shipment of the order they have placed. It will, in turn, enhance loyalty.

A well-rounded asset tracking system will also help you improve your internal process and explore more unique business opportunities.

Last but not least, maintaining real-time asset movement records will also make sure that you stay compliant with the regulations and pass external and internal audits. This way, you will be able to enhance your brand image and build a stable and loyal customer base.

Boosting Productivity

Using an efficient ATS will also help your company track how many assets are functioning correctly. This number will help you calculate the lifecycle of the assets.

RFID (radio frequency identification) tags can be put on assets when scanned. Warehouses mostly use this technology to keep a proper record of goods with various details like quantity, size, place of transportation, and date of manufacture. In addition, hospitals use it to track staff, patients, visitors, and medical equipment.

Using a top-quality asset tracker will relieve your employees from record-keeping tasks, which consume a lot of time. They can utilize that time in focusing on productive aspects to improve business performance.

Reducing Repair and Maintenance Costs

Your asset management system will provide you with crucial real-time information about the condition of your equipment so that you can know whether it needs any repair or replacement. Thus, you can save a lot on maintenance and repair costs.

Additionally, you can replace the damaged equipment components timely.

Conclusion

An extensive range of asset tracking systems is found in the market to help companies make their asset management and data tracking easy and smooth. Organizations of every size utilize these applications for gathering important inventory information. So, implementing a quality asset management device will help you track the status and location of your assets with about 100% accuracy.