How to Track Assets:
A Comprehensive Guide for Businesses

In today’s fast-paced business environment, effectively tracking assets is crucial for maintaining operational efficiency and security. From IT equipment to vehicles, knowing the location and status of your assets can significantly impact your bottom line. This blog post will explore the essentials of asset tracking, including what IT assets should be tracked, how to manage fixed assets, and the key differences between inventory and asset tracking.

What Do You Mean by Asset Tracking?

Asset tracking is the systematic approach of monitoring and managing the physical assets of an organization. This involves using various tools and technologies to keep tabs on the location, status, and utilization of assets, ensuring they are being used efficiently and effectively via the following breakdown:

  1. Identification of assets: each asset is assigned a unique identifier and is tracked using a GPS tracker. 
  2. Monitoring of assets- Assets are continuously tracked in real time with their location, condition and usage.
  3. Data Collection- Information about each asset is collected and stored in a cloud based platform.  
  4. Reporting- advanced reports are generated to provide key insights into the assets usage, lifecycle and performance. 

What Are the Benefits of Asset Tracking?

Asset tracking offers a multitude of benefits to organizations of all sizes and across various industries. By implementing an effective asset tracking system, businesses can achieve improved efficiency, cost savings, enhanced security, and better decision-making. Here are some key benefits of asset tracking:

  1. Improved Operational Efficiency with Real-Time Visibility: Asset tracking provides real-time information about the location, status, and usage of assets, enabling quicker decision-making and reducing the time spent searching for misplaced items.

  2. Cost Savings:  by reducing Loss and Theft, optimizing  Utilization and with preventative maintenance.

  3. Better Decision-Making: Via data driven insights and accurate reporting information at your fingertips. 

  4. Enhanced Customer Service

How Do You Keep Track of Fixed Assets?

Fixed assets, such as heavy machinery, equipment and even buildings require tracking to manage and maintenance schedules. Here are some methods:

  • GPS Asset Trackers: Allow for accurate, regular gps updates.
  • RFID tags: Attach asset tracking tags to assets for cost effective tracking.
  • Asset management software: Receives all the location updates from your GPS devices and RFID tags and displays them on one unified dashboard. Allows to set reminders for maintenance, and generate reports.
  • Regular audits: Conduct physical audits to verify the presence and condition of fixed assets.

What is the Best Way to Identify Assets?

To effectively identify assets:

  • Tagging: Use GPS Trackers, barcodes, QR codes, or RFID tags for easy scanning and identification.
  • Labeling: Clearly label assets with unique identifiers.
  • Database management: Maintain a detailed database with descriptions, purchase dates, and locations.

How Do Companies Keep Track of Assets?

Companies use various methods to track assets, including:

  • Asset management software: Centralizes asset information and automates tracking.
  • GPS tracking: For vehicles and mobile assets, GPS tracking provides real-time location data.
  • Spreadsheets: Smaller businesses might use spreadsheets for basic tracking, although this method can be prone to errors.

Who Needs Asset Tracking?

Asset tracking is essential for:

  • Businesses of all sizes: To manage equipment, reduce loss, and optimize resources.
  • Government agencies: To ensure accountability and manage public assets.
  • Healthcare providers: To track medical equipment and supplies.

How Do You Take an Asset List?

To create an asset list:

  • Inventory all assets: Conduct a thorough review of all physical and digital assets.
  • Categorize assets: Group assets by type, location, or department.
  • Record details: Include descriptions, purchase dates, values, and locations.

What is an Asset Management System?

An asset management system is software that helps businesses track and manage their assets throughout their lifecycle, from acquisition to disposal.

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