Why Every Business Needs Fixed Asset Tracking Software in 2024

It’s a sunny morning and your marketing team is energized. After months of work, it’s finally time to present your newest campaign to the boss. The presentation slides are ready to go, your sales pitch is memorized like the back of your hand and your colleagues are dressed to impress. You’re brimming with confidence as you walk into the room five minutes early to set up. It seems like all of the pieces are in place until you come to the terrible realization that the projector is broken. Unfortunately, you have no idea where to find a spare. As your team scrambles to find a solution, you can’t help but wonder if this situation could have been avoided with the help of fixed asset tracking software.

With the power of fixed asset tracking, the problem above becomes much less common. To boost the lifespan and effectiveness of your tools/equipment, fixed asset tracking and fixed asset management software are essential for your business in 2024 and beyond. From machinery to IT assets and vehicles, several things need to be monitored for maximum efficiency. There are three main methods for tracking an organization’s fixed assets:

1. Spreadsheets
2. Barcodes
3. UHF RFID

All of these methods have pros and cons. This article dives into the details to help your business figure out the best one for its application.

Why Fixed Asset Tracking Software is Important

There are several reasons that your company would want to implement fixed asset tracking software in 2024 and beyond:

1. Operational Efficiency: By tracking fixed assets, your organization can make sure that they’re being used effectively. By scheduling maintenance with Grey Trunk RFID, your assets will be ready when you need them. When your assets are in good shape, more things will get done.
2. Compliance and Reporting: From financial reports to complying with government regulations, knowing where your assets are at is a must.
3. Cost Management: With fixed asset tracking software, a business can manage assets with scheduled maintenance. This leads to cost savings since less cash is spent on repairs.
4. Loss Prevention: The chances of losing your assets or having them stolen are reduced when you keep an accurate asset inventory that lets you know their current location and overall status.

Tracking Fixed Assets with Spreadsheets

When it comes to tracking your fixed assets, a spreadsheet might be the first thing that your business thinks of. Because they’re commonly used, many organizations gravitate towards them as an easy-to-use choice. They’re an option that can work for a business regardless of its scale.

Advantages of Using Spreadsheets

1. Cost-Effective: If an organization wants to use a spreadsheet, it’ll most likely be inexpensive. Common software in an office setting can be used for spreadsheets, including Google Sheets and Excel.
2. Customizable: Custom fields and formulas are some of the reasons that businesses use spreadsheets for their fixed asset tracking. This lets them easily find the asset information they need.
3. Accessibility: Because most of a company’s workers know how to use spreadsheets, there’s not a large requirement for training on the software.

Challenges of Using Spreadsheets

1. Error-Prone: Manual data entry often leads to mistakes. The element of human error can result in reporting and tracking that doesn’t accurately reflect what’s going on.
2. Time-Consuming: Going through spreadsheets that have massive amounts of data is not an easy task. Hours of time might have to be spend updating a spreadsheet for a big inventory.
3. Limited Scalability: When your business is dealing with a large amount of items, your spreadsheet will be tricky to manage and a bit clunky.

Best Practices for Using Spreadsheets

If you’re looking to get the most our of your spreadsheets, the following tips will help you with asset tracking:

• Standardize Data Entry: Before you begin entering your assets, it’s a smart idea to create a template so that your data is put in the same way every time. This will reduce confusion and prevent errors from occurring.
• Regular Audits: If you want to make sure that you have accurate information, performing audits is a must. They help to make sure that data is current and correct. When you discover an error, be sure to update your spreadsheet to fix it.
• Automate Where Possible: Macros and functions are your best friends when it comes to asset tracking with spreadsheets. They can generate reports and make calculations to save time.
• Backup Data Regularly: Deleting things by mistake and corrupted data are issues you’ll want to avoid. Backing up data is an excellent practice that can save your company from a lot of headaches.

Tracking Fixed Assets with Barcodes

Using a barcode system lets you have a more automated experience when it comes to fixed asset tracking. To use a barcode, you simply put it onto the asset and scan with your barcode reader. After that, the information that you’ve scanned will be uploaded to the Grey Trunk RFID Asset Tracking Software application.

Advantages of Using Barcodes with Fixed Asset Tracking Software

1. Increased Accuracy: By entering the data through scanning barcodes, you lower the risk of an employee making a mistake during manual entry.
2. Efficiency: Tracking your assets becomes much faster, which lets your company save time and get more done.
3. Asset Position Updates: Once you’ve scanned your asset with a barcode, the system will update with the newest information on its position and status.

Challenges of Using Barcodes with Fixed Asset Tracking Software

1. Initial Setup Cost: Products have to be purchased to get your barcode system up and running. These include barcode scanners, tags and software.
2. Physical Wear and Tear: As barcodes are used, they will take some damage. Replacements will be necessary once a barcode is no longer readable.
3. Dependency on Hardware: If you don’t have a scanner on hand, your barcode system isn’t going to be useful for inventory tracking.

Implementing a Barcode System

With the step-by-step guide below, your business can implement a fixed asset tracking software system into its operations.

1. Asset Tagging: Make sure to grab some tough barcode labels (like the ones from Metalcraft) and put them in a scannable location that’s still out of harm’s way. Be sure to have an individual, unique label for each asset you want to tag.
2. Software Integration: Asset management software such as Grey Trunk RFID works with barcode tags, which means that it can easily slot into your asset tracking system.
3. Training: Teaching your employees about both barcode scanners and Grey Trunk’s software is an important step.
4. Maintenance: Keep your scanners and barcode labels in good shape so that everything runs as it should.

Tracking Fixed Assets with UHF RFID

Ultra-High Frequency (UHF) RFID doesn’t require line-of-sight when your assets are being scanned. Because of this, may organizations prefer it for their fixed asset tracking needs. There are several benefits that contribute to this.

Advantages of Using UHF RFID with Fixed Asset Tracking Software

1. Improved Tracking: It’s easier to scan your assets with UHF RFID than it is to track them with different methods. This is due to line-of-sight not being a requirement. As assets are scanned or checked in/out, they give employees/managers an update on their current status.
2. Durability: Tough environmental conditions are no problem for a UHF RFID tag. In comparison to barcodes, they can stand up to quite a bit.
3. Enhanced Data Capacity: If you’re looking for something that will store a lot of information, UHF RFID tags are a better choice than barcodes.

Challenges of Using UHF RFID

1. High Initial Investment: There’s a larger initial cost that comes with setting up your RFID system. An asset tracking software, RFID tags and RFID readers must be purchased for the system to work.
2. Complexity: RFID systems can be a bit confusing at first glance. If you’re used to using a spreadsheet or barcodes, there’s a bit of a learning curve before your business can utilize the power of RFID.
3. Interference Issues: Depending on the tag, metals and liquids can interrupt the signal from your UHF RFID tags. This can make it difficult to retrieve the data you need.

Steps to Implement UHF RFID

Those who are considering the use of UHF RFID in their business will want to follow these steps:

1. Feasibility Study: During this step, you’ll investigate RFID technology and figure out if it will suite the needs of your business and the working conditions within it.
2. Pilot Testing: Do a “trial run” during this phase to identify potential problems and make sure that your RFID system is doing what you intended it to.
3. Full Deployment: This is where you deploy your RFID system throughout the organization.
4. Training/Support: Train your staff to let them know how the RFID system works and how to maintain/troubleshoot it if necessary.

Choosing the Best Asset Tracking Software

To determine the best asset tracking software for your organization, there are many factors that you’ll want to consider.

1. Cloud-Based/Mobile Solutions: Make sure that your asset tracking provider has a mobile application and cloud-based storage that’ll safely store your data.
2. Customization: Each company has its own asset tracking needs, so use a system like Grey Trunk RFID Asset Tracking Software. This will allow you to use features like custom asset fields, on-demand or automatic reports and category customization for your assets.
3. RFID Capabilities: Find a solution that has compatibility with both RFID and barcode.
4. Unlimited Sub-Users: Having to pay for individual licenses can be costly. It’s a wise idea to find a software that doesn’t limit your sub-users, allowing your new employees to easily track what they need to.
5. ROI – Return on Investment: Your asset tracking software should reduce the amount of time it takes to search for lost items. In addition, you want to maintain your equipment and lose less items.

Conclusion

Putting together a fixed asset tracking system is one of the most beneficial things your business can do in 2024. From increased asset usage to lower costs and following the proper regulations, it can assist with solving a multitude of problems. Spreadsheets are economical and they can be customized, but human error makes them fall short. A barcode system is accurate but it has a bit of an upfront cost. If you decide to use UHF RFID, it has enhanced data capacity and the labels are tough. However, using it may be overwhelming at first and there are some high initial costs. Once your business has finished examining what it needs, you can pick the means of asset tracking that suits it best.

Related Articles:

• Steps on Switching to an RFID Asset Tracking System
• RFID Inventory Tracking vs. RFID Fixed Asset Tracking
• RFID Fixed Asset Tracking: How to Get Started