What do you mean by Asset Tracking System?
Asset Tracking is the ultimate process of keeping a track record of the assets to known the status, location, and maintenance schedule. You can easily identify whether your assets need to be repaired or replaced. It all works through real-time barcode labels, barcode scanners, RFID and GPS tags, and a professional asset management software solution. An Asset barcode system contributes significantly in scanning the entire assets to give a quantitative record, tracking the movement of several devices and IT equipment for monitoring the assets. Besides that, this software helps your business in collecting and capturing asset’s crucial data & information on the status and area of the organization. Through this, you can minimize the total costs of obtaining, maintaining, and operating assets.
Why enterprises should incorporate Asset Tracking System in their operation?
An Asset tracking system does miracles to your business not only by controlling the cost but also in streamline the activities with complete accuracy. Let’s discuss more in detail about the significance of the asset tracking system.
# 1: Helps in the identification of ghost assets
Ghost assets are those assets that are either lost, stolen or unusable but still shown active in your fixed asset register. They are listed as a business asset but are not physically accounted in the workplace. Therefore, these need to be eliminated in order to reduce the taxation bill statement of a company.
This is possible only when you incorporate a professional and right asset tracking system. With the barcode or RFID tags, you can get to know about all the functionality required to confirm that assets are tracked and monitored for over the whole asset life cycle right from purchasing to its final disposal. Also, it will help you in identifying and eliminating the pesky ghost assets.
#2: You can extend the life of assets
Whenever you invest in an asset, you expect for revenue generation based on its working condition. So before your asset tracking plan gets executed, you need to have complete knowledge about its productivity, maintenance, and support system.
With an asset tracking system, you will be able to find out the capability and capacity of your assets and track whether it is working properly or not. Simultaneously, if you are working with any existing asset, then you can learn whether it requires repair services or not. Such a smart evaluation with not only save your additional expenses but also extend the life of an asset.
#3: Streamline auditing and daily operational activities
Auditing is one of the important parts when it comes to verification of the list of assets that your organization owns. Moreover, it contributes crucially when it comes to calculating the taxes. With the asset tracking system, the entire process gets simple and normalized. Besides that, this system also streamlines the daily operational and fixed asset tracking activities.
Through this, you will be able to identify and eliminate the unwanted steps for daily operations and increase the productivity of your organization. Since they are tagged with RFID tags, you can automatically scan with no manual efforts keeping your employee concentrated on another important activity.
#4: Enables in asset recovery and GPS positioning
Asset recovery enables barcode identification on every asset and lets you proceed with advanced technology by coordinating with GPS. Due to this, you can easily find the lost or misplaced assets in order to identify the last location of the asset. Besides enabling asset recovery, it helps you in sound and informed decision-making. Moreover, looking towards the growth in technological advancement, SAP Asset Tracking has developed this enterprise asset management (EAM) solution with a standard-oriented approach. This software is specifically designed for facilitating comprehensive asset management and the whole asset lifecycle.
The Final Words
Thus, Asset Tracking System is all here to save your time, money, and business. It contributes crucially to increasing the productivity of your organization and spot duplicate records for data security. Therefore, consult the professionals and get the right asset tracking software to your business to add value to your operational activities and set stock thresholds.