Managing a large number of assets in a company can be both physically and mentally taxing, especially if manual admin practices are in use. You can streamline asset tracking processes by eliminating time consumption, human error, and outdated information with automated asset tracking.
With GPS technology advancing faster than many people imagined, we are only beginning to realise the true value that this technology adds to a variety of industries and businesses. One of the most promising uses of this technology is asset tracking.
Managing any fleet business, especially one that has a large number of assets can often prove to be an operational headache. The process of manually updating documents whenever an asset is acquired and deleting information when it is no longer needed can be a tiresome task that could leave plenty of mistakes behind.
Take human error and time-wasting out of the equation with asset tracking tools and always be up to date with business assets.
Asset tracking is simply the act of tracking a business’s physical assets, as well as any information related to the assets, such as location, status and arrival of assets. This is achieved by equipping the assets with a GPS tracking system.
Physical assets could include any equipment, technology, or machinery that an entity uses to provide a service to themselves or their customers.
Before the rise of automated technology, managers usually took matters into their own hands, tracking assets through simple notes, but nowadays, asset management software is the popular option for accurately recording and keeping track of the many assets under the business.
Asset management is a powerful and complete asset management solution that collects and compiles insightful data while tracking the entire life cycle of an asset. Fleet managers can use the software to gain full insight into their on-site assets, including their working hours, employee usage, movements and most importantly, location.
The use of asset management software (AMS) eliminates the need to manually check the status of every asset a company owns, as automatic reports provide a clear and easy-to-understand analysis of each asset in no time.
While GPS tracking is the most popular method, there is more than one way of tracking assets. You can also equip items with asset tags like QR codes, NFC, barcodes, beacons, RFID tags and many more.
Depending on what kind of asset you want to be tracked, you can use the following tracking methods:
Barcode: These are usually printed on large physical assets. The barcode has to be scanned to access information and the data can be retrieved from any asset tracking tool that keeps an up-to-date log of all assets. Since this is electronic, all employees can have access to the data right from their mobile devices.
Radio frequency identification: RFID is a form of wireless communication that broadcasts your assets' location at any time. These require handheld scanners to read the devices.
GPS-Based Asset Tracking: GPS tracking devices can interact via cellular networks or satellites and communicate over long distances while keeping accurate, up-to-date logs for employees.
Most types of mobile GPS asset tracking devices allow for custom alerts, notifications and even geofence set-up around any area for the safety and protection of your machinery.
Tags are used to identify assets and act as a link between the physical items and the information about these items in the database.
Each asset tag has its own benefits and suits different tracking environments.
This technology is mainly used for the gathering and compiling of asset information. It improves businesses by maximising asset efficiency, minimising the cost of lost or underutilised assets and allows an entity to gain a top-down, bottom-up view of assets, both tangible and intangible.
The tangible assets mentioned are tools, vehicles, equipment, generators, IT devices, and even the tracking of people, pets and livestock. While intangible items are assets such as contracts, patents, trademarks, copyrights and software.
Depending on the nature of a business and its asset priority list, asset management software can improve efficiency in tracking any number of these items and keep an up-to-date log of their usage, or lack thereof.
With this, you can be aware of which assets add value to the business, what needs upgrading, replacement, or simply which assets you can sell to make up room in your workspace for a better addition, all from an asset registry.
A well-implemented asset management software provides you with credible insight into your acquired assets and provides you with the following benefits:
An asset register is created from the successful gathering of information through asset management software. With the various asset data provided, managers gain the opportunity to make better-informed decisions when it comes to purchasing, maintenance, and operation.
Asset registers have all asset information, including:
Readily available via a cloud-based asset management app that managers have clearance to use through any communication device (phone, laptop, computer, tablet).
Both of these are used by asset management tools in similar ways, for different reasons. While most enterprises are moving from manual on-premise processing to digital cloud-based management. These two methods can still work to improve your business:
On-premise: This operates through manual data entry of asset information and is mostly suited for managing asset inventory through a handheld device or manual inspection without the use of direct system access.
Cloud-based: This gathers both data collected by humans and machines, effectively producing an all-in-one asset registry platform, sharing both data types and creating a place easily accessible by both managers and employees alike, without the back and forth of looking for specific information.
To simplify, If you own a smaller business, require a cost-effective method and want full control of the data, the software and the server, then on-premise processing is more suited for you, while if you have a bigger business that uses internet-enabled equipment/machinery and wants 24/7 access to the system through a smartphone or internet-enabled device, then you should go for cloud-based digital asset management.
Constantly keeping track of hundreds or even thousands of assets could prove to be too much for the average manager. Asset tracking software enables any manager to be up to date with the comings and goings of assets at a constant rate.
No matter what manual method is used in tracking assets, it's often not enough to keep up to date with the operations of a business. An AMS will speed up the process of data entry and inform the business in real-time of what it owns, what's generating revenue and what is costing them.
In the right hands, and with the right software, asset management software can:
Every asset has 5 main stages in its life cycle; planning, acquisition, use, maintenance and eventually disposal. This cycle informs the manager of how long an asset will be operational, enabling the business to get the most out of its limited lifespan.
Let's take a closer look at these stages:
This stage establishes a need or a problem in the business that the asset would resolve. A management system would analyse trends and data to identify which asset is needed and what value it will add to the business.
After you've found the perfect asset for your business, the next step is to acquire the asset. This step includes the purchasing of the asset, transportation, assembly, as well as installation (if installation is needed).
Inspection of the asset is also done during this stage. Before the asset gets installed, we first need to check if there are any physical, design or engineering defects, properly assessing if it's able to do the tasks it's been procured for.
Now that you've obtained the asset, it's time to use it where it's needed. This is the stage where we see the true value of the asset and benefit from the revenue and returns gained. To further extend the use of the asset, a maintenance strategy should be drafted and implemented to avoid early signs of deterioration.
Create a thorough maintenance plan for your asset and stick to it with regular checkups. Whether it’s a time-based or condition-based schedule, perform the necessary maintenance to keep your assets operational. Investing in the health of your assets will prove to be beneficial for your business in the long run. An asset with a long life cycle means the business will get the most out of the asset.
During this stage, the asset is no longer worth the cost of maintenance. This is where the asset is either disposed of, sold, repurposed, thrown away or recycled. If the asset is still useful in some other way, then it will be planned for and acquired again, starting over its life cycle, servicing a new need.
Depending on which stage an asset is in, a well-managed asset life cycle can greatly benefit both the asset and the business by:
Asset management tools can be as diverse as the assets they manage. Certain business assets require specific asset management solutions to efficiently track them. Each solution caters to specific assets and provides unique benefits.
Take a look at the following types of asset management software and find what would work best for your business:
Fixed assets are usually large physical items that operate daily and generate income for the company. These assets usually stay in the same position following installation, like large appliances and machinery. These are important items that are typically the most expensive assets a business has invested in and require constant monitoring and tracking to keep them operational at all times.
These assets are listed on a balance sheet under Property, Plant, and Equipment (PP&E) and depreciate throughout their life cycle. Intangible assets such as copyrights and patents also fall into this category.
They include:
• Infrastructure
• Buildings and property
• Land
• Machinery and equipment
• Office equipment
• Vehicles
• Furniture
An IT asset management system monitors company-owned devices such as tangible computers, routers, and IT hardware, as well as intangible items like software subscriptions (SaaS), licences, patents and digital and cloud assets.
IT asset management helps provide security and build a strong technological footing for the future. It involves a system for storing, retrieving, organising, and sharing information, both online and in-house.
Digital Asset Management is the process of handling, organising and storing digital media files and metadata. This method of management is best used for intangible digital assets consisting of images, audio files, and video content.
The industries that usually use this method are; advertising, sales, and e-commerce.
Digital Asset Management enables all digital assets to be stored in one central location in a type of ‘digital library’. This single source of access provides quicker distribution. One of the most important aspects of digital media is security. Without DAM software, there is a higher chance of losing or misplacing critical digital media or data.
Software asset management (SAM) tools are used as a form of reclaiming budget and maximising savings by actively managing the purchasing, usage and deployment of software assets. It actively controls and protects the software of businesses.
It enables businesses to:
• Track and monitor software licences
• Perform SaaS and software licence management
• Gain insight into unexpected costs and expenditures
• Stay compliant and avoid unexpected software compliance fees
• Understand the life cycle of software content
An enterprise asset management system combines software, systems, and services to control and maintain operational assets while measuring the performance of assets, allowing businesses to fully utilise an asset’s life.
An EAM system provides functions such as:
• Work order management
• Maintenance planning and scheduling
• Asset analytics and reporting
• Purchasing and procurement management
For a variety of reasons, both private and public organisations must maintain accurate asset records. To achieve this, asset management software is used. FAM streamlines the process of tracking and managing data for businesses and comes with complete visibility into asset costs, usage, and return on investments.
The benefits of this asset tracking tool are as follows:
The fleet industry is among the long list of industries that utilise this technology daily. Since asset management has such a wide variety of benefits, it can be moulded to fit any business model and optimise workflow the more it is used.
For a fleet to operate smoothly, a business needs to use GPS technology hand in hand with fleet software tools. Asset management tools would further help in the tracking and monitoring of businesses’ fleet assets.
AMS enables fleet managers to gather various amounts of data. Including driver behaviour details, fleet maintenance plans, and fuel costs. Allowing fleet businesses to focus on other departments, such as:
Depending on the needs and wants of your business, the answer to this question could be quite varied, as what consists of the best asset management software for one company might not fit the mould for another.
To further narrow down the number of options, there are a few factors to consider:
If you’re looking for a company that will help you find the best solution to solve your asset tracking, fleet management or workforce optimisation problems, Cartrack can do the following, and more for your business:
Cartrack understands the various aspects involved in running a business efficiently. That’s why we offer several world-class management tools that help you manage, not just your fleets and employees but also all your assets, from on-sight machinery to financial paperwork.
Contact us and take the first step toward improving the way you handle business assets.
Remove time consumption, human error and outdated information from the equation and implement automated asset tracking software.
