If managing your assets does not appear in your list of priorities, you need to revisit your list of must-dos immediately. Tracking assets continuously are necessary to learn everything there is to know about their history. The data that you collect can help you take the right investment decisions and get rid of non-performing assets, that eventually become liabilities.
The problem with tracking assets (especially the mobile ones) is that they keep on moving. To ensure their teams have vital info on their fingertips, many businesses rely on web-based asset management software. These software are equipped with the latest technology and intuitive features that make asset tracking as easy as 1,2,3.
Unlike traditional asset tracking systems that rely overly on manual intervention, web-based asset management software require little human interference. These software enable users to perform online asset management and equipment tracking from any part of the world. To streamline data entry processes, web-based asset management software use smartphones with bar code scanners.
Many web-based asset management software can be installed on smartphones, which is an incredibly useful functionality for teams on the move. Additionally, you don’t have to invest in expensive handheld scanners, which helps save costs.
Making a case for web-based asset management software
You need a web-based asset tracking management software if:
Locating assets is a daily struggle for your teams
Do your employees struggle to locate the exact location of assets? Or do the shipments often arrive late? If yes, you may benefit from a web-based asset tracking software. Many software allow users to include asset pictures and GPS locations, which makes locating them a breeze.
You are struggling to clamp down on thefts
Most web-based asset tracking software sends out alerts to relevant teams whenever an asset's location changes. Additionally, you can go through the asset's history to find out who handled it last. The functionality can be a potent theft deterrent.
You are struggling to meet regulatory compliance
Relevant industry trade bodies and government authorities set regulatory mechanisms for the particular industry. Governments come down heavily on companies who fail to comply with these regulations. If you are concerned about meeting industry norms, a web-based asset management software can help. These software record asset ownership throughout the different phases of an asset’s life cycle which helps improve accountability. Further many software help prepare different reports and run audits.
Different types of asset tracking
Before opting for a web-based asset tracking solution, you must clearly define the objective of your program. An honest assessment of your needs will help you choose the right software. Asset tracking can be broadly classified into four types.
Enterprise asset tracking
Enterprise asset tracking involves tracking fixed assets owned by the organization. Typically, enterprise asset tracking includes acquisition, maintenance, and depreciation management.
Public asset tracking
As the name suggests, public asset tracking involves overseeing public assets such as roads, electric grids, bridges, parks, airports, and schools. Most public asset tracking programs focus on extending the service life of public assets.
IT asset tracking
IT asset tracking entails keeping track of IT digital devices owned by an organization. Typically, IT asset tracking involves software and hardware updates. Performing these updating activities regularly helps with contract and license management.
Infrastructure asset tracking
Infrastructure asset tracking is similar to public asset tracking, with the only exception that it is not used for overseeing some assets that are monitored using public assets tracking systems. In infrastructure asset tracking, the emphasis is on rehabilitating and replacing infrastructure.
Benefits of using web-based asset tracking software
Studies suggest that almost 60-70 percent of software will migrate to the cloud by 2020. The hype surrounding cloud-based technology is real. Buoyed by the promise that cloud-based systems hold, many businesses are opting for web-based asset management software. Some substantial benefits of using these software are
Help perform in-depth analysis
Web-based asset management software record info related to asset utilization patterns, service and maintenance frequencies. The data analyzed and stored by these software can help make critical decisions such as whether to dispose of an asset or keep maintaining it. You can also use this info to determine your productive and non-productive assets.
Help speed up the entire process and avoid errors
Web-based asset management software require minimal human interference. Almost all processes are automated, which helps avoid errors. Bar codes, RFID tags, and QR codes help save time, speeding up the entire process. Additionally, these software send out regular updates, which helps your teams manage everything, even from a remote location.
Web-based asset management software come with a number of built-in features. These software send out GPS notifications which help track asset movement across locations. These functionalities help promote a culture of accountability and play an important role in curtailing fraudulent practices.
Analyzing data collected by your web-based asset tracking software will help you forecast trends and identify opportunities. Additionally, these software help address the problem of under stocking and overstocking and identify assets that are adding value to your business. Regular tracking can help keep a tab on your overhead costs and boost productivity, promoting overall efficiency.
Asset tag options
Web-based asset tracking software are compatible with a number of asset tag options. When selecting the type of label to use, some key factors to consider are your company’s size and the type of assets you intend to track.
RFID is the new kid on the block of tagging options. RFID tags are easy to use and more advanced than bar codes and QR codes. RFID tags include chips that are placed on assets to be tracked. An important benefit of RFID tags is that you don’t have to adjust your position in order to ensure that they are in the line of the scanner's sight. RFIDs use batteries which can add to your overhead costs. Usually, RFID tags are preferred by businesses that want to streamline their retail operation and warehouse management processes.
Bar codes are unique identification codes assigned to assets. Bar codes are available in 1D and 2D formats. Bar codes can be scanned using a handheld scanner or a mobile app. The minimal infrastructure requirements make bar codes the most popular tagging option. Additionally, bar codes are affordable and easy to use. If you have a number of assets with specific attributes, bar codes can be an ideal tagging option for you.
Most QR codes include black squares and a white background. QR codes can store more data than bar codes and are known for their superior readability. QR codes can be scanned using a mobile, which eliminates the need of carrying bulky handheld scanners. QR codes are preferred by businesses with offsite projects.
Web-based asset tracking software can be integrated with a number of other business software, which helps businesses scale up. The feature allows businesses to store data on different platforms. Integration with third-party applications promotes better coordination.
Stock procurement automation
When it comes to inventory management, under stocking and overstocking are two major problems that businesses face. To help address this issue, many web-based asset tracking software have built-in features that automate the stock procurement process. Many software allow users to set a threshold. Once that limit is achieved, the system generates a purchase order and sends it to the vendor.
Web-based asset management software allow you to customize tags that help avoid errors when maintaining asset records. You can use customized templates to store unique specifications on your asset tags. You can, for instance, include model number and manufacturer details on the asset tags of your items.
Things to consider when choosing the best asset tracking software for your business
Your asset management software must let you schedule your audit time frame, send out status updates regarding the process, and allow you to make adjustments for missing or unrecorded assets. Look for a software that allows you to audit from any mode. If a third party performs an audit, look for a software with a blind mode that restricts the info that users performing the audit can view.
Not every asset management info can be shared with all teams. To ensure only teams that are involved in asset management get access to asset management info, look for a software that allows you to set access categories. You can use this feature to decide who views what.
Report generation capabilities
Look for an asset management software that can generate actionable reports. While many software comes with pre-designed reports, you might want to take a look at solutions that allow you to create customized reports. Look for a software that allows you to schedule reports and decide who should get access to these reports.
Opt for a software that facilitates seamless communication. Look for an option that sends notifications regarding important events. Your software must allow you to set up automated emails and in-app notifications. Look for a software that sends important notifications related to audit checklists, funding, and asset use violations regularly to concerned team members.