What is asset tracking?

Asset tracking is a crucial tool for businesses and organizations that rely on their physical assets to operate their day to day operations. Whether you’re a logistics company managing a fleet of vehicles or a healthcare provider ensuring the availability of medical equipment, keeping track of your assets can significantly impact your bottom line. This blog post will answer key questions about asset tracking, its importance, and its applications across various industries.

What do you mean by asset tracking?

Asset tracking refers to the process of monitoring, tracking and in general managing physical assets such as equipment, vehicles, tools, and inventory, using various technologies- in our case GPS battery or solar-powered trackers using various technologies. The goal is to know the real-time location, status, and condition of assets to ensure optimal usage, security, and maintenance.

How do you track assets?

Assets can be tracked using several different distinct technologies, including:

  1. GPS Tracking: Asset GPS tracking devices attached to assets send real-time location data via cellular networks.
  2. Barcode/RFID Systems: Barcodes or RFID asset tracking tags are scanned to update the asset’s location and status in the management system.
  3. IoT Sensors: Internet of Things (IoT) devices monitor various parameters like temperature, usage, and condition, providing comprehensive asset data. IoT sensors can be LoRa powered or can run on cellular networks.

Who needs asset tracking?

Asset tracking is an essential tool for any organization that relies on physical assets for its day to day operations. This includes:

  • Logistics and transportation companies
  • Construction firms
  • Healthcare providers
  • Manufacturing plants
  • Rental and leasing services
  • And more

What is the difference between inventory and asset tracking?

Inventory tracking involves managing the stock levels, orders, sales, and deliveries of products or materials within a business. Asset tracking, however, focuses on monitoring the location, usage, and maintenance of valuable physical assets, such as vehicles, machinery, equipment, containers and more.

What is the objective of asset tracking?

The primary objective of asset tracking is to enhance the efficiency, security, and utilization of physical or remote assets and to improve management, decision making and the bottom line for logistic companies. By knowing the precise location and status of each asset, businesses can reduce losses, optimize maintenance schedules, improve operational efficiency, and make informed decisions.

Why is asset tracking important?

Asset tracking is important for several reasons:

  • Enhanced Security: Real-time monitoring reduces the risk of theft and unauthorized usage.
  • Operational Efficiency: Accurate tracking helps in optimal asset allocation and utilization.
  • Cost Savings: Prevents loss and damage, reducing replacement and repair costs.
  • Compliance: Ensures assets meet regulatory standards and maintenance requirements.

What is an example of asset inventory?

An example of asset inventory could be a construction company tracking its fleet of vehicles, heavy machinery, and tools. Each item is tagged and monitored to ensure it is available when needed, monitoring usage, properly maintained, and secure from theft or misplacement via geofencing alerting.

What are the three methods of tracking inventory?

  1. Barcode Systems: Items are tagged with barcodes that are scanned to update inventory levels.
  2. RFID Systems: Radio-Frequency Identification asset tracking tags are used for automated tracking and updates.
  3. Manual Tracking: Physical counts and records are maintained, although this method is less efficient and prone to errors.
  4. GPS Tracking: Heavy Machinery and tools are tagged with GPS trackers working over cellular networks or LoRa networks for automated tracking, location tracking and updates.

What is the difference between asset tracking and asset management?

Asset tracking is a component of asset management that focuses specifically on monitoring the location and status of assets. Asset management, on the other hand, encompasses a broader scope, including the procurement, deployment, maintenance, and disposal of assets throughout their lifecycle.

How do companies keep track of assets?

Companies use various technologies and systems to keep track of assets, including:

  • GPS Tracking Devices: For real-time location monitoring.
  • Asset Management Software: Integrates data from various tracking devices and provides a comprehensive overview.
  • Barcode/RFID Systems: For quick and accurate updates on asset status.

What is an asset checklist?

An asset checklist is a documented list of all assets owned by a company, including details such as the asset’s description, location, condition, and maintenance schedule. It helps in regular audits and ensures all assets are accounted for and properly managed.

Which industries are mostly using asset tracking software?

Industries that heavily rely on asset tracking software include:

  • Logistics and Transportation
  • Construction
  • Healthcare
  • Manufacturing
  • Retail
  • Education
  • Energy and Utilities

What is the best way to track assets and liabilities?

The best way to track assets and liabilities is by using comprehensive asset management software that integrates tracking technologies (GPS, RFID, etc.) and provides financial management tools. This ensures real-time visibility and accurate reporting for both physical assets and financial liabilities.

What are the 3 main asset management types?

  1. Physical Asset Management: Focuses on managing physical assets like machinery, vehicles, and equipment.
  2. Financial Asset Management: Deals with managing financial assets, such as stocks, bonds, and real estate.
  3. Digital Asset Management: Involves managing digital assets like software, licenses, and intellectual property.

What is asset management in simple terms?

Asset management is the systematic process of developing, operating, maintaining, and disposing of assets in a cost-effective manner. It ensures that assets are utilized efficiently, maintained properly, and replaced or disposed of when no longer useful.

What are the two types of asset management?

  1. Operational Asset Management: Focuses on the day-to-day management and maintenance of physical assets.
  2. Financial Asset Management: Involves managing investments and financial portfolios to maximize returns and minimize risks.

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