What is an Asset Tracking System?
Asset tracking systems are comprised of desktop software, a mobile application, barcode scanners, and barcode labels. These ingredients provide the means to locate physical objects, collect data on its usage and whereabouts, and report on all activity. The system enables businesses of any size to effectively track a collection of assets from when the items are purchased or received, until they are shipped or disposed.
How Does Asset Tracking Work?
Basically, using the hardware with the software helps you identify what you have, monitor the changes in physical location, and account for cost and changes in book value over time.
Know What You Have
Most assets have a unique identifier, such as a serial number or a barcode, so that the item can be individually recognized and tracked. Using the barcode printer will allow you to create your own barcodes and make labels that include critical information such as project name, company logo, asset category, and more. A barcode scanning device allows you to read each barcode so that you can count assets faster and more accurately without having to write anything down manually.
Find Out Where, Who, and When
Locating assets is a critical task for many businesses. Typically, company-owned resources are stored and then shared throughout an office or spread out to multiple locations. Assets are moved when needed by individuals or to be made available for different projects. The challenging part is keeping track of all the movement and changes of possession over time.
With an asset tracking system you can look on your pc to quickly find out where each asset is located and see who the assigned custodian is. Furthermore, if an item has been checked out or reserved for a period of time, you can find out when it will be returned, shipped back, or made available again.
Track Cost and Value
Over time assets age and need to be fixed or maintained. These services are needed to ensure assets retain value and remain usable to the business. Keeping track of asset value throughout its lifecycle is important to the many business because of the effect on financial statements and taxes.
Managing your assets with a tracking system allows you to log purchase order info, planned maintenance activities, and the details of the services performed in a digital database. You can even create alerts that are automatically sent when the dates are approaching. Calculating each asset’s value can be done in the software at any time, with your choice of depreciation method.
Why Do You Need It?
Because a software system is the logical leap forward from using spreadsheets or paper-based log sheets to manage assets. Asset tracking systems provide a comprehensive solution for companies that need help taking physical inventory, maintaining accountability, and controlling physical assets both on and off-site. It is very easy to lose track of the resources your business still relies on outdated forms of asset management, especially when dealing with hundreds of assets.
IT Asset Management
IT assets (i.e. IT equipment) are purchased and then deployed or implemented at work stations across multiple locations. Then business needs and personnel change, which scramble the IT setup. This common sequence of events is incredibly difficult to track because of the speed and unpredictability of which it occurs. Monitoring the costs, usage, product details, and locations of the assets accurately is a critical challenge. In order to stay ahead of this potential liability, asset control solutions such as Passport help streamline tracking efforts and reduce associated expenses.
What Can I Track?
- Laptops, smartphones, tablets
- Hardware & machinery
- Computer accessories
- Construction tools
- Medical equipment
- Fixtures and installations
- Delivery receipts
- Medical records
- Financial records
- Legal documents and contracts
- Licenses and forms
- Work/Labor hours
- Duration at site locations
- Project time