What is Asset Tracking?

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What is Asset Tracking?
Image Credit: Wikimedia Illustration: IFA Team

Not so familiar with the term asset tracking? In this brief blog post, we’ll walk you through the basics.

What?

Asset tracking is the process of keeping track of your company’s physical assets and their information (location, status, due dates, etc.). Depending on your business, physical assets can mean different kinds of equipment, IT devices, tools, or vehicles, for example. The term asset tracking is often used interchangeably with the term asset management.

Why?

The ultimate goal of asset tracking is simple: to save time and money. Tracking company assets provides invaluable information about asset usage (who is using what, where and when), maintenance and calibration schedules, and need for new equipment. The data collected via asset tracking can be used to support decision making, prevent losses, and maximize asset utilization rates.

Where?

Various industries can benefit from asset tracking. However, the use cases can vary depending on the business domain. Here are some examples:

Construction: Keeping track of commonly used tools across multiple work sites and warehouses.
Healthcare: Indoor tracking of medical equipment.
Education: Making sure expensive laboratory equipment stays within university campus area (geofencing).
Leasing: Keeping records of leased equipment and generating customer invoicing information based on actual usage.

How?

There are many ways to track assets. Some companies do it manually by using pen and paper or Excel sheets. However, the most efficient way to track your company assets is to utilize an asset tracking software (here’s how to choose the right asset management software).

Better yet, deploy a solution that comes with a mobile application and scannable asset tags. The mobile application lets you easily check and update asset information on the go. The tags, in turn, are used to identify assets and they act as links between the physical items and their information in the database. Technology options for asset tags are vast: examples include barcodes, QR codes, NFC, GPS, and beacons.

Written by Anni Junnila, Marketing Specialist at Trackinno.