Asset Tracking – A Small Business Guide
Written by: Marion Hanson, Last updated:13th September 2024
When searching through all your physical assets it may surprise you just how many there are; It is crucial to perfect your asset-tracking practices to make the most of these resources.
These practices involve scanning barcode labels or using GPS and RFID tags to pinpoint your asset’s location.
Every business, including yours, should prioritise asset tracking and inventory management because it offers valuable information about asset status, scheduled maintenance and other important information.
This allows for successful business operations. It enables organisations to optimise resource allocation, reduce operational costs, ensure compliance and enhance overall productivity.
How Does Asset Tracking Work?
Asset tracking involves overseeing and managing an organisation’s physical assets, which can include anything from office equipment to vehicles, IT assets, machinery, and more.
Although it is sometimes viewed as time-consuming and expensive, there are asset tracking methods, such as asset management software, that can save both time and money.
The main goal of any asset tracking system is to enhance asset control efficiency while reducing equipment loss. Asset management software allows for real-time asset tracking, leading to more efficient production planning and minimised downtime.
An asset management software can also schedule necessary maintenance and servicing, including preventive maintenance. Additionally, it incorporates barcode technology, allowing fixed assets to be scanned for accurate and efficient tracking.
Data is gathered via barcodes to aid in asset tracking. Each asset is assigned a unique barcode, enabling individual recognition and tracking. These barcodes contain essential business information, such as location, service history, ROI, and more. Barcode scanners read each barcode, facilitating faster and more accurate asset counting while eliminating the risk of human error.
The Benefits of Asset Tracking
There are many benefits of telematic asset tracking, some key ones include:
Enhanced Efficiency and Cost Reduction
Streamline record-keeping as equipment is transferred between departments, ensuring updated information for tax and departmental cost calculations.
Instant Asset Location
Quickly locate assets in real-time, reducing the resources needed for additional asset tracking.
Lower Administrative Costs
Eliminate the need for manual asset tracking and locating, leading to reduced administrative expenses.
Reduce Asset Loss
Accurately track and minimise asset loss while enhancing the effective use of assets.
Scalability
Monitor, manage, and scale your asset tracking in line with your company’s growth.
Enhanced Accountability
Establish accountability and accuracy in asset management and loss prevention.
Efficient Space Utilisation
Improve company space organisation by identifying co-accessed items and wasted space, enhancing the physical system’s structure.
Regulatory Compliance
In many industries, accurate asset tracking is essential for regulatory compliance.
Real-Time Reporting
Obtain real-time reports on all assets, increasing the accuracy of asset management.
Resource Allocation
Ensure assets are allocated efficiently to avoid underutilisation, this allows your budget to be used efficiently without any wastage.
Preventive Maintenance
Schedule and conduct timely preventive maintenance to extend asset life cycles.
Loss Prevention
Prevent asset loss with real-time tracking and alerts.
Cost Reduction
Reduce operational costs through better asset management and utilisation.
Implementing Asset Tracking
Here are a couple of things to think about before implementing these telematics into your company.
User Training
Comprehensive training should be provided for users to maximise the effectiveness of the asset tracking system.
Scalability
Ensure the system can grow with your organisation, accommodating an increasing number of assets over time.
Compliance
Ensure the asset tracking system complies with industry regulations and standards.
Cost
Consider the total cost of ownership, including initial setup, maintenance, and potential upgrades.
Mobility
Consider the ability to track assets using apps on mobile devices for greater flexibility and convenience whilst on the move.
Implementing Effective Asset Tracking Procedures Into a Business
Over time it is natural for your business to grow, with your asset tracking needs changing as a result of this. You must scale your asset tracking system and future-proof it to meet these evolving requirements.
Data Collection and Entry
Asset management software ensures precise data collection, entry, and validation.
Asset Tagging
Use barcodes to label assets for easy identification and tracking.
Regular Auditing and Verification
Conduct routine audits to maintain data accuracy and detect discrepancies.
Employee Training
Ensure your team understands the asset tracking system and follows best practices.
Integration with Asset Management Software
Asset management tracking software allows for streamlined operations and integrating asset tracking with this software can bring even further benefits.
Centralised Data Storage
Asset management software provides a central database for all asset-related information.
Automation
Automating asset tracking processes minimises manual errors and saves time.
Reporting and Analytics
Use asset management software to generate insightful reports and perform data analysis.
Alerts and Notifications
Receive real-time notifications about maintenance schedules, loss prevention, and compliance deadlines.
Maintaining Business Data Accuracy and Consistency
Inaccurate data can not only lead to inefficiencies but also costly errors. To ensure data accuracy and consistency are achieved through your asset tracking systems, you will need:
Data Validation
Ensure data accuracy by validating entries at each point and during audits.
Regular Updates
Keep asset information current by updating records as assets change status or location, facilitated by your asset management software.
Standardised Procedures
Implement standardised procedures across your organisation to prevent data discrepancies.
Data Cleanup
Periodically clean up outdated or irrelevant data to maintain an efficient system.
How Asset Tracking Aids Compliance
Many industries have specific compliance requirements related to asset management.
Industry-Specific Regulations
Smart asset management solutions meet regulatory requirements for various industries, including but not limited to healthcare, finance, and education.
Documentation and Reporting
Asset tracking systems help maintain necessary documentation and generate compliance reports.
Audit Preparedness
Ensure your business is always ready for an audit with accurate and up-to-date asset records.
Scalability and Future-Proofing
As your business grows, your asset-tracking needs will need to adapt and evolve. Be sure to scale your asset tracking system and future-proof it against changing requirements.
Scalability
Expand your asset tracking system to accommodate more assets and locations.
Integration Capabilities
Choose an asset-tracking solution that is compatible with future technologies and software.
Adapting to Technological Advances
Prepare your business for emerging technologies and trends with asset tracking.
Unlock the Full Potential Of Your Assets With Fuel Card Services
Telematics systems are essential for efficient asset tracking. By integrating telematics with asset management, you gain real-time insights into asset location, usage, and performance.
This service integration helps optimise asset utilisation, reduce operational costs, and enhance overall asset management efficiency.
Have you got further questions for us? Get in touch with our friendly team today.
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