For large organizations, tracking the physical location of the assets can be tedious and time-consuming. Assets are considered valuable by every organization as they invest a lot in physical equipment, machinery, furniture, computers to run their business operation. It is important to manage the physical assets to reduce risk to the business. Medium and large businesses can’t manage the assets manually.
Technology plays a vital role in industries such as manufacturing, logistics, health care and warehousing. With advanced technologies, industries must adopt sophisticated practices to monitor and track their physical assets. Leveraging advanced technologies can help organizations to improve asset performance and avoid asset failure.
Asset Tracking System
An asset tracking system tracks the physical location of the assets using barcode labels or RFID tags. The software can manage the entire asset life cycle from procurement to asset disposal. The Asset tracking solution can provide real-time visibility into the asset location and generate various reports. It helps to identify when assets need to be repaired or replaced or disposed of. It monitors depreciation and helps to ascertain the net worth of the assets to be presented on financial statements.
Innovations in Asset Tracking
Several new technologies including Barcode, QR Code, RFID, GPS and Mobile technology are used to automate asset tracking.
Barcode is the oldest and effective asset tracking technology. Barcode labels are printed and stick to the asset, scanning the labels captured the asset data on to the system. Barcode technology is less expensive and easy to use.
Asset management mobile application can be installed on Mobile devices to track the assets in and around the workplace. There is no need for a barcode scanner as mobile devices have barcode scanning capability.
RFID asset tracking system uses RFID tags and RFID readers to locate the assets. RFID tags are attached to the assets and RFID readers are installed on the entry and exit points. RFID equipment automatically captures the location of the assets in real-time.
Bluetooth Low Energy (BLE) is a new asset tracking technique that uses wireless technology. It can be used for short-range communication and captures data in real-time. BLE readers capture data from BLE tags attached to the assets and provide real-time asset tracking.
Artificial Intelligence is being deployed in asset tracking. AI will bring in a new definition to asset management. AI innovations transform the way organizations make use of insights. AI can empower organizations on how to use asset data effectively and streamline business operations.
Asset tracking software can be integrated with ERP and other legacy systems.
- Eliminates spreadsheets and asset register
- Increases asset visibility
- Improved productivity
- Easy maintenance tracking
- Calculates Depreciation
- Error free reports
- Faster audits
- Reduce downtime
- Reduces administrative cost
The asset tracking system brings transparency in who owns the assets, where it is located, whether the asset is in use. Simplify asset management with our asset tracking software, FASoft. Learn more about our standalone asset tracking system, FASoft and how it can help in tracking your organization’s assets.
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