Before the rise of commercial technology, many organizations used to track their assets using manual logbooks. But this technique proved to be time consuming and difficult.
That led to a trend for many companies to start recording the details of their assets in spreadsheets. However, this still requires manual data entry and leads to typographical errors.
Leading-edge companies, on the other hand, are moving towards automation. They use cloud-based asset tracking solutions to keep accurate records of asset data in the cloud.
If you're part of this latest wave of companies, you're on the right track. This article gives you tips on how to track your assets well.
Types of asset tagging mechanisms
Before diving into the tricks to better track your assets, here are the tracking system options available to you.
Barcode labelling
Barcode labelling became a reality in the 1970s and, to this day, remains the most widely used asset tracking technique. Its popularity stems from the various benefits of barcode labels.
First of all, they are affordable. You can print barcode tags in a variety of sizes and can fit almost any material.
To automate the tracking of your goods, just scan the barcode label of an item. By doing so, you save time and are productive.
The barcode reader reads the information on the asset. It then stores it in a cloud database, preventing typographical errors.
However, barcodes also have disadvantages. For example, barcode labels must be within the visible field of view of a barcode reader. That means that barcode labels are useless for tracking goods in remote locations.
RFID tagging
Unlike barcode labels, RFID tags are more advanced and offer more functionality.
An RFID tag uses radio waves to transmit data about goods to a reader. It is perfect for tracking goods that are not easily accessible, unlike barcode labels.
RFID tags also allow companies to scan multiple tools simultaneously, speeding up the process of data documentation.
By using an RFID asset tracking system, you can:
- Increase asset visibility as it allows you to locate everything you've misplaced or lost immediately
- Improve employee productivity. RFID technology does not require an asset or item to be in your field of vision for you to locate it
- Mitigate hazards, theft, and loss
GPS active tracking
GPS tags are ideal for tracking goods in transit. They also allow companies to record the location coordinates of each asset actively.
Active GPS tags send signals to the appropriate satellites so you can locate your goods anywhere in the world.
Now that you know the difference between the different types of asset tagging systems, it is vital for you to become familiar with acceptable tracking practices.
5 tips to better track your assets
Here are some tips that will allow you to track your assets in the most efficient way possible.
1. Know what you need to track
If your goal is to track your assets, the first thing to do is to know in detail what you have to trace and when you have to do it.
It is, therefore, essential that you know and keep in mind the maintenance schedule. Then, make sure you also know about equipment uptime and downtime, as well as the number of people assigned to a machine.
Implementing an RFID based asset management system into an organization's daily routine can help increase the amount of production equipment available. As a result, revenue can skyrocket. You will also save on production costs.
What's more, a lower overall cost will help make services better and maintain programs.
2. Know about your company's priorities
For good asset management, you need to know the exact quantity of a product and its visibility and identify priority tasks.
Before making a purchasing decision, you should always evaluate and prioritize your company's needs.
You have to highlight your capital asset requirements based on requirements. Next, you must to evaluate how each product meets your needs.
To do this, you need to look for the best tracking tool by looking for the asset management program that collects the metrics you need to measure product performance.
3. Beware of the track of assets that comes to your company
The best advice for asset tracking will be to count and recognize your organization's assets from the start.
In order to add new asset details, you should not overlook the feed of an asset before delivering it to a client.
This will ensure that an asset does not disappear before its presence is recognized and vital information recorded.
You should also use different tracking numbers to anticipate problems with duplicate serial numbers.
Duplicate numbers can cause confusion and compromise data integrity and the accuracy of a customer's balance sheet and inventory, which will reduce your rental revenues and impact customer satisfaction.
4. Beware of balance costs, opportunities, and risks against assets
Asset management involves balancing costs, opportunities, and risks against the required performance of assets to achieve the organization's desired goals.
Balancing allows you to take an analytical approach to manage an asset through the various stages of its life cycle, which typically begins with the identification of an asset need, through to its disposal liability, to its disposal.
5. Master the difference between inventory tracking and asset tracking
Asset tracking and inventory management are sometimes used interchangeably. But there are critical differences between these functions.
Unquestionably, both types of solutions aim to improve resource optimization and reduce operational costs.
But while both inventory and asset management systems imply the use of tracking items, the difference between them lies in how you trace each. More importantly, the difference between inventory management and asset tracking lies in why you track them.
Basically :
- Assets equal what you own.
- Inventory equals what you sell or consume.
More explicitly, asset tracking involves managing internal resources that require continuous operation, monitoring items on loan, and monitoring amortization, maintenance, and warranty contracts.
On the other hand, inventory tracking involves managing products sold, distributed, or consumed with the monitoring of receipt, storage, shipment, and sale of products.
Asset tracking and management are essential because they allow your company to control and manage assets using a more systematic approach.
The advantages of asset management and tracking include improved asset productivity and efficiency. The above tips will only put your company in a better position to increase your return on investment, so make sure you apply them well.
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