Let us help you answer some of the most basic asset tracking questions so you can understand the benefits and get a clearer picture of what asset tracking is and how it can help your organization.
Here are the 8 Common Asset Tracking FAQs:
1) What is asset tracking?
Asset tracking is the method of tracking and managing your physical assets (such as computers, equipment, tools, furniture, etc.) by using either a barcode or RFID tag. You can capture important information of the asset, such as the status or location, simply by scanning the asset tag. When a change is made, assets can be easily updated in a centralized catalog using a cloud based service, such as Grey Trunk.
2) What is the difference between barcode and RFID?
The best asset tracking software gives you the ability to scan both RFID and barcode asset tags.
Barcodes require line of sight, meaning you must physically find and scan each individual barcode with your mobile device’s camera.
RFID does not require line of sight. You can capture multiple tags at once if you are in range of the RFID tag. This is very useful when conducting inventory audits with asset management tracking software. Walk into a room, scan everything in seconds, and move onto the next location. RFID scanning does require an additional piece of hardware that Bluetooth connects to your mobile device.
3) Why asset tracking is important?
Every business needs to understand what assets they have purchased, where their assets are, and what the status of their assets are in. Many businesses are constantly searching for assets or losing assets which results in wasted productivity, duplicate purchases, and unnecessary purchasing which increase costs. Your goal is to get the most out of each asset you purchase.
4) What is a ghost asset?
A ghost asset is a fixed asset that is on a general ledger that cannot be account for because it is either physically missing or deemed unusable. The best way to eliminate ghost assets is by performing physical asset inventories on a regular scheduled using an asset tracking software. In a Gartner study, it is found that an average company will have anywhere from 15% – 30% of ghost assets in their inventory.
5) How can my company save money on insurance and taxes?
By lowering the amount of ghost assets that you have on your balance sheet, you will no longer be paying taxes and insurance on assets that are still listed on your balance sheets. Once you eliminate ghost assets, you will no longer be overpaying on income and property taxes for assets that are not actually owned anymore.
6) How to measure my ROI by implementing asset tracking?
The best ways to measure your ROI is by:
- the amount of time you save performing inventories and searching for assets
- increasing uptime and lifespan of individual asset
- reducing number of lost assets throughout your organization
7) What is the difference between asset tracking and inventory tracking?
Asset Tracking refers to tracking unique items of value that you own such as computers, equipment, tools, machines, furniture, etc. Each asset would have a unique Asset ID using either a barcode or RFID tag and then added to an asset tracking software.
Inventory Tracking refers to tracking items that are for resell or supplies. These are typically consumable or stock items and involves assigning each part a SKU (Stock Keeping Unit). These are associated on a transactional basis to determine item levels. This information lets you know what you have on the shelf and when you need to order more.
8) Why should I eliminate asset tracking with spreadsheets?
Using spreadsheets is an extremely manual process that is filled with data entry errors and lags in real time asset data. Spreadsheets can only have one person edit the spreadsheet at a time and typically can only be accessed on a desktop.
It has never been easier or more economical to get a mobile RFID asset management solution implemented for your business. Using RFID technology will help you save time and money by making your asset inventories more efficient and help you reduce lost equipment.
Check out www.greytrunkrfid.com for more info.
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