How Asset Tracking Strategies Boost Business Performance?

Many big organizations do not pay attention to their assets, where they are located, and who is using them when organizations do not pay attention to their assets and pieces of equipment! Asset theft, asset misplacement, misuse, or personal asset utilization chances are more. Asset theft is a massive issue across the world & it is common in all industries.

According to Embroker, “Every year, businesses lose $50 billion as a result of employee theft.” It only leads to an organization’s unnecessary expenses. Therefore, asset tracking and its strategies are important for all industries!

What Is Asset Tracking? How Is Asset Tracking Done?

Asset tracking provides real-time information and the accurate location of each asset. It keeps track of the fixed asset movement with that you can get other information as well. What is the status of the asset? How frequently it is utilized, where it is located, and so on.

Asset tracking market size is growing at a great speed. According to the Research and Markets, “Asset Tracking Market was valued at USD 17.14 billion in 2020 and is expected to reach USD 34.82 billion by 2026 at a CAGR of 13.45% during the forecast period 2021”

For asset tracking, there are several asset tracking methods available in the market such as barcode QR code (Quick Response code), RFID (Radio-frequency identification), GPS (Global Positioning System), BLE (Bluetooth Low Energy), IoT (Internet of Things), NFC (near field communication).

All these technologies are utilized in asset tracking. Some of the methods are used inside premises and some are used outside premises of the organization. Especially when they send Products to the other organization.

Recommend To Read: Asset Tracking Best Practices in an Organization

What Are the Benefits of Asset Tracking for an Organization?

The benefits of asset tracking for an organization are highlighted below:

1. Accurate asset location anytime

2. Better depreciation management

3. Informed decision making

4. Helpful in maintaining compliance

5. Fast & effective asset auditing

6. Eliminates manual process

7. Spreadsheet utilization

What Are the Asset Tracking Strategies That Are Helpful in Business Growth?

Main asset tracking strategies that are helpful in business growth are given below:

1. Prioritize Assets

Deciding the priority of assets is a significant part of asset tracking strategy. Prioritizing assets will be helpful. To the maintenance team as they know the priority of assets. So, they plan their schedule accordingly.

With asset tracking, you can keep a sharp eye on your assets, especially those assets which have high priority. Prioritizing assets helps in delivering effective work.

Missed To Read: What Are the Benefits of Using Asset Tracking Labels and Tags?

2. Take Depreciation Tracking Benefit

Asset tracking is very helpful in depreciation Management. With asset tracking, you can record depreciation and manage the disposal of assets using configurable workflows.

Lots of organizations do not keep track of depreciation, so they do not take benefit of depreciation. Organizations can get the advantage of depreciation and tax.

With automated software, the organization can easily calculate taxes and keep track of asset life cycle so that decommissioning of an asset can be performed on time.

3. Implement Asset Tracking Technique

As we said earlier, in the market, there are several types of asset tracking techniques available. All these techniques have their own advantages & disadvantages as well. However, which technique fits into your business that you need to figure out.

For instance, a construction-based organization will have different requirements compared to a retail-based organization. Therefore, choosing the right asset management technology is a crucial part of asset management strategy.

4. Use Asset Tracking Software

An automated software eliminates manual processes & provides a systematic approach. An efficient asset management software should be able to give an effective solution to your asset management issues. Moreover, this software provides several other benefits to the organization.

For instance, you can check the movement history of assets anytime & easily avoid asset theft. Asset tracking software is very helpful in enhancing asset life & eliminates ghost assets as well.

Conclusion

So, these were the main asset tracking strategies, the end goal of these strategies is to boost assets and the organization’s performance. There is no doubt that asset tracking is a significant part of asset management and asset tracking contributes to boosting the bottom line.

Therefore, it is important that an organization performs asset tracking in an automated manner.

These days asset tracking is anything but a simple tracking tool. Asset tracking advances layered with problematic innovations like cloud, 5G, progressed investigation and AI can empower your business to open hidden esteem.

Your business can take leverage of analytics. It can gather important bits of knowledge to improve functional efficiencies. The possibility of conveying the asset tracking solution through the cloud has brought down the costs.

With the ascent of 5G innovation, the performance and reliability of asset king have increased as well. These different aspects make asset tracking exceptionally available and alluring.

Also Read: How to Keep Track of the Fixed Asset Movement at Different Locations?

Frequently Asked Questions (FAQs)

Q.1 - What Are Asset Tracking Tips for Organizations?

It is a crucial tip that one should know that there is a difference between asset tracking and inventory tracking. Another important tip is to keep every asset tagged & tracked. Make an informed decision based on accurate numbers and statistics, not just based on assumptions. Lots of organizations make decisions on assumptions. As a result, they do not get the expected result. Accurate data helps in making accurate decisions and setting future goals.

Q.2 - Does This Software Come with a Check-In & Check-Out Feature? Does This Feature Also Help in Asset Tracking?

Yes, this software comes with check-in/out & tracks assets between locations, employees, or departments using simple check-in/outs. This software helps in asset tracking as it makes employees responsible for using assets and returning m on a fixed date. The software alerts the team member about the asset.

Q.3 - What Are the Main Asset Tracking Software Features That You Should Be Looking For?

1. Work order management

2. Asset maintenance history

3. Checklist for maintenance

4. Check-in & check-out

5. Set reorder level

6. Cloud-based data access

7. Movement history