Asset tracking is a crucial asset management element that helps organizations maintain a precise record of their possessions while enhancing asset visibility. It minimizes the risk of asset loss, theft, or misplacement, which helps save the money the company would have used to cater to unnecessary replacements.
Asset tracking makes it easier to determine the maintenance that has been done on your equipment and tools to ensure they remain in pristine working condition. With the right asset-tracking techniques, your company can make the most of its assets. Discussed below are five key asset-tracking tips.
Use a real-time location system (RTLS)
Knowing precisely where your assets are in real-time, with whom, and in what condition can help prevent costly issues and instances of last-minute maintenance needs or duplicate purchases. A real-time location system helps to identify and track the location of an asset and people in real time.
A real-time location system provides continuous instant information, unlike traditional systems, which provide periodic updates. Knowing your assets’ location in real-time helps to enhance security and improve operations. Click here to learn all about real-time location services
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Identify what you need to track
When it comes to asset tracking, determining what to track is crucial. If your business runs many machines during production, downtimes, and runtimes are vital in figuring out each asset’s usefulness for your operations. If you operate a transport company, each vehicle’s location is key to determining an appropriate schedule. If you’re first beginning with asset tracking, decide the equipment, cars, and machines you need to track, plus the data you intend to gather.
Assign unique identification numbers to every asset
Companies in the construction sector will hardly be able to run without a significant number of assets to ensure business success and project completion. However, tracking all the construction materials, tools, and machinery can be pretty difficult, particularly when you have many similar pieces. Assigning a unique asset identification or tracking number to each asset can help avoid confusion while ascertaining efficient asset tracking.
Since every identification number is different, it sets all your assets apart from each other for instant recognition in your asset tracking system. Unique tracking numbers will help departments and managers with procedures such as maintenance, accounting, and reordering.
Track new assets immediately after they arrive
When new machines are installed, or new equipment pieces arrive, you might be tempted to put the new assets straight to work. Nevertheless, if you want to ensure efficient asset tracking, you should promptly incorporate the new assets into your asset tracking system. This makes it easier to monitor downtime, runtime, and maintenance expenses from the very start and to get a detailed analysis of how much these new assets cost your business compared to how much they generate.
Use asset-tracking software
Many organizations track their assets by maintaining spreadsheet records or traditional paper registers, which can hamper productivity and business growth. This is where great asset-tracking software comes in. It empowers you with better asset organization, streamlined processes, and comprehensive records of critical asset information. The best asset tracking software provides detailed reporting and analytics, which allows instant generation of reports designed to your organization’s needs.
Endnote
Asset tracking is a crucial asset management task you shouldn’t ignore. Consider implementing these key asset-tracking tips to promote business success and growth.
