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What is an Asset Tracking System?

Asset Tracking System

The internet has connected people and businesses in ways that were once unthinkable, leading to new opportunities for businesses of all sizes. One such opportunity is the power of an asset tracking system.

Asset tracking gives businesses powerful oversight and control over some of their biggest investments. In this article, we’ll explain asset tracking; what it does, how it works, and of course, how it can make your life easier.

What is Asset Tracking?

Asset tracking organizes and monitors a business’ high-value property and provides an overview of where items are located, their condition, and who is responsible for them.

Examples of physical assets can include vehicles, computers and equipment. Essentially, if it can be moved or stolen, it can (and should) be tracked.

The goal of asset tracking is to ensure that physical assets are accounted for and managed effectively. By keeping track of its assets, businesses can make sure that they are being used efficiently and appropriately.

Asset Tracking Systems – What Are They and How Do They Work?

Asset tracking is more than having a list of inventory or remembering where to place things in a facility. It requires a complete overview of  an organization’s valuable property, along with the ability to monitor and manage it effectively. 

Asset tracking systems are comprehensive solutions designed to help businesses keep tabs on their important items. They work by assigning a unique identifier to each physical asset, which can then be used to track and manage the item throughout its lifecycle.

There are many different types of asset tracking systems available on the market, but they all share some common features. Typically, an asset tracking system will include:

  • A physical device that is attached to the asset (such as a tag or label)
  • A software application for tracking and managing the asset
  • A database for storing asset information
  • A means of communicating asset data (such as RFID, NFC, or GPS)

Common Features of Asset Tracking Systems

While there is a wide range of asset tracking systems on the market, they all share some common features. 

Real-Time Tracking

This is perhaps the most important feature of an asset tracking system. By knowing where your assets are at all times, you can ensure that they are being used efficiently and prevent them from being lost or stolen.

Historical Tracking

In addition to real-time tracking, most asset tracking systems offer historical tracking. This means that you can see where your assets have been and who has had them in their possession. This can be useful for processes such as auditing or investigating theft.

Alerts and Notifications

Asset tracking systems can send alerts and notifications when an asset is moved or if it goes outside of a certain area. This ensures that assets are where they are supposed to be and that they are being used properly.

Reporting and Analytics

Many asset tracking systems have reporting and analytics features, allowing businesses to track trends and optimize their asset management strategies.

The Benefits of Using an Asset Tracking System

Data and Analytics

Asset tracking systems come with advanced data analytics and reporting capabilities that consolidate information into easy-to-read reports. This is an invaluable tool when auditing your assets and/or investigating theft, damage or loss. 

It can also be helpful when gauging the overall status of your investments by collecting information about asset lifespan, usage and depreciation.

Enhanced Productivity and Efficiency

By keeping track of your assets, you can ensure that they are being used efficiently and appropriately at all times.  

This can lead to increased productivity and efficiency within your business operations. In addition, an asset tracking system can help you to avoid costly downtime by making it easier to locate and retrieve assets when they are needed.

Improved Security

Asset tracking systems can improve security in your business. By knowing where your assets are at all times, you can prevent them from being lost or stolen. 

Alerts and notifications can make this even easier to do, as you will immediately be made  aware if an asset goes outside of a certain area.

Greater Peace of Mind

By using an asset tracking system, you can enjoy greater peace of mind knowing that your assets are properly managed and accounted for. This is an invaluable investment for any business, big or small.

Scalability

Asset tracking systems can be easily scaled up or down to suit the needs of your business. This makes them a versatile and flexible solution that can be applied to a variety of different businesses and industries.

Thanks to improved technology and outstanding innovation, the business world is increasingly connected. Through the use of asset tracking, dash cam solutions, GPS trackers and telematics, it’s possible to manage your entire fleet operations from one central location. 

Asset tracking makes these processes more convenient and can also lead to increased efficiency and productivity. If you’re not using an asset tracking system in your business, now is the time to start. 

Contact us at GoFleet and ask your consultant about the possibilities of asset tracking.

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