Online Induction >> Asset Tracking Software
Published 14/01/2024

Asset Tracking Software: Best Tips, Guide and Setup

Keeping track of products in a warehouse is a tedious and time-consuming process. Manual tracking is full of errors, and the data obtained is unreliable. For better financial management and tracking the location of products, asset tracking software is used to manage all products within a warehouse. Well said; what is asset tracking software?

It is a system that contains information on all products within a warehouse and is used to track the location and aid in financial management. The asset tracking tool is fed with information on tags embedded in the products. The software sends a signal to identify the tag's location whenever a customer needs an object.

This software gives the quantitative record and physical monitoring of assets within a warehouse or a plant. An asset tracking software scans all tags within the warehouse for inventory management.

View Asset Tracking Templates, Forms and Examples

What's involved in asset tracking?

With the aid of asset tracking software, businesses can track the available assets, the location, transactions, appreciation, and depreciation of the assets. The software also generates reports regarding asset management.

Asset tracking software provides end-to-end tracking where the expiry of items is tracked. The tags embedded in the items contain all information about the items.

This software is widely used to monitor the location of plant and equipment. Automobiles have also implemented the use of asset tracking software. Companies are now using the software to keep track of their vehicles to increase transparency and accountability.

Asset labeling

The use of tags or batches to identify items within a warehouse is a modern technology for asset management. The tags are connected with the software, and a signal is used to track the tags. In some cases, RFID tags are attached to a unit such as a pallet or a crate.

Depending on the nature of the business, RFID tags may be attached to individual items or units. The RFID tags track the movement of items within the warehouse.

The RFID readers are used in libraries, supermarkets, shopping malls, general shops, vehicles, animals, and birds. The RFID tag sends radio signals whenever the item is within the range. In automobiles, the tags are attached in secret areas such as under the chassis where the driver cannot trace.

When the vehicle is in motion, the tag records the GPS, and the owner can trace its movement. The tags also record the nearby physical landmarks, such as market places which can aid in quick identification of the area. The increase in car hijacking has led to faster implementation of the technology.

For instance, suppose a commercial truck driver is instructed to deliver goods in a specific town, and the vehicle is seen moving in a different direction. In that case, the driver can be conducted, and if the vehicle is hijacked, the police are conducted to follow up.

Using QR codes to track assets

One of the most effective ways to track assets in the workplace is using QR codes. When scanned you can bring up details on the asset, check in and out, see work they has been done with the asset, by who, when and even expiry dates.

- setup a registry of active assets
- unique QR codes for each asset

Try creating some QR codes for assets right here using our online asset tracker:

Common Asset Types you might Track

- Common Workplace Equipment: this might include anything from construction equipment to medical devices

- Vehicles: companies often use asset tracking software to monitor the location, usage and maintenance needs of their vehicle fleets

- IT Assets: these can include hardware like servers, computers, laptops, printers, routers as well as software licenses and warranties

- Furniture and Fixtures: companies also use asset tracking software to keep track of desks, chairs, light fixtures and other pieces of office equipment

- Inventory: businesses use it to manage both raw materials and finished products

- Buildings and Real Estate assets

- Mobile Devices: as more companies support remote work, keeping track of laptops, tablets and other mobile devices becomes important

- Tools and Machinery: for manufacturers, asset tracking software can help manage everything from hammers to heavy-duty industrial machinery

- Leased or Rented Equipment

Asset management

Asset tracking is apart of asset manageement. Using asset tracking software provides a central platform for managing all assets in the workplace. A single dashboard facilitates easy and quick management of the assets. The benefit of using tags is that security is guaranteed.

Examples include using RFID tags have ranges within which they should be operating, and moving the object beyond the range triggers alarms, or the tags send automatic notifications.

If the object is being stolen, the security personnel is notified. Assets managed by tracking software have a longer lifespan due to accountability. The management is aware of the whereabouts of all assets and who is using a specific asset at any given time.

Asset tracking streamlines workflow because reports are generated in real-time. Plant and equipment can be monitored to know what items are running out of stock and items with low registered low sales. Expired items can also be tracked using the tags.

Technology is gaining momentum in the tracking of items from warehouses to automobiles. The use of asset tracking software provides a platform for managing all items owned by a company from a centralized dashboard. For easy management of assets, it is good to implement asset tracking software.

Try our online Asset Tracking Software