In this article, we will discuss the importance of asset tracking for businesses and organizations. Managing your purchases and your organizations most important purchases is very difficult, especially when you are growing. Below you will find:
- What is Asset Tracking?
- Benefits of RFID Asset Tracking
- Why Implement an Asset Tracking system?
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 or database using a cloud based service, such as Grey Trunk RFID.
There are many industries that use a cloud based software to track assets using RFID or barcode. Some industries include:
- Lawn and Landscaping
- Construction for Tools and Equipment
- Medical
- Education
- IT Assets including servers, laptops, and tablets
- Banking and Finance
Benefits of RFID Asset Tracking
Increased Efficiency
RFID allows you to scan all assets within range of your antenna/reader in seconds. Line of sight to the tag is no longer needed. For example, when a barcode system is used, you physically have to scan each individual asset’s barcode tag. With RFID, you can walk into a room with a handheld reader and capture all assets instantly.
Reduce Lost Assets
Having an accurate and up to date asset inventory will eliminate “ghost” assets and prevent you from buying assets you already have within your organization. Therefore, ghost assets are assets that are recorded but are missing or unusable. Having an accurate fixed asset history will give you a better understand of the condition and locations of your assets and who is responsible for them.
Scalability
As your business continues to grow, efficiently adding and tracking assets become even more critical. Having an asset management system in place will allow your team members to stay on top of critical changes to any assets plus this will provide an accurate record of assets for accounting. Because our fixed asset database is up to date, there is no more scrambling doing last-minute inventories for an audit.
Data Accuracy
RFID technology eliminates human error and increases the accuracy of your data collection. If you are still using an excel file, you can now eliminate human input error. Or if you are using barcode, you can eliminate the chances of forgetting to scan an asset during your inventory. Collecting data through RFID is 99.9% accurate so you can rest assured you are capturing and entering the correct Asset ID number.
Why Implement Asset Tracking Software?
Simply put, an excel file is out of date. To keep your records accurate and up to date about every asset you own, your team needs to be on the same page.
Storing your assets in a fixed asset tracking software database allows members of your organization to view, edit, check out, and perform many more actions. When a change happens to the asset, it updates in real time so the asset information is accurate and up to date. No more manually updating the spreadsheets.
What you can do with fixed asset tracking software:
- View every asset you have in your company
- View details and history of individual assets
- Know where and who your assets are checked out to and when they are due back
- View the locations of assets
- Generate specific reports with detail information about your assets
- Calculate depreciation, set maintenance alerts, and store documents for individual assets
As your business continues to grow, start to consider how you are going to keep track of all the assets that your company will keep purchasing to maintain functioning at high levels. RFID is now becoming a staple in asset tracking as the best technology to efficiently, accurately, and effectively track and inventory your assets throughout your entire organization.
To start your 30 Day Free Trial, visit www.greytrunkrfid.com to create your account today.
Want to see a demo? Schedule one with us today.
If you want to see an overview of how an asset management system could work, check out this video.
