How to Track High Value Assets for Loss Prevention
Today, it has become a necessity for companies in the business world to ensure their assets, which is not only a safeguard but a strategic move. The assets of high value from IT equipment and medical devices to construction tools and manufacturing machinery, are the major investments that a company makes. Sadly, these assets are also the ones that are exposed to getting lost, stolen, or misplaced.
To efficiently conquer these difficulties, many organizations are implementing RFID Asset Management and RFID Asset Tracking systems. These upgrades offer accountability, control, and visibility, the three elements which, combined, allow enterprises to reduce the amount of lost items, and increase their operationsal efficiency to the maximum.
This is the blog where we are going to discuss how RFID technology revolutionizes asset tracking and how your business can leverage it for effective loss prevention.
The Challenge of Tracking High Value Assets
Most high value assets are moved so that they pass through different departments, locations, or even regions. The traditional methods, such as spreadsheet or barcode scanning systems, still require manual input and periodic checks. Consequently, it becomes quite easy for human errors, delays, and inaccuracies to occur.
Common asset management challenges include:
- Theft or Unauthorized Movement: Laptops, machinery, and other equipment are the most valuable items that are at the risk of being stolen if not properly monitored.
- Asset Misplacement: In large organizations, assets may be relocated or borrowed without logging, which leads to loss or confusion.
- Inefficient Manual Tracking: The process of staff manually scanning or updating records is very time-consuming and is usually inaccurate.
- Lack of Real Time Visibility: Traditional systems are not able to offer live updates about the location or usage of an asset.
Eventually, these problems can be financial costs, compliance risks, productivity slowdowns, and more if there is no good enough tracking system to handle them.
Why RFID Is the Future of Asset Tracking
Radio Frequency Identification (RFID) technology is one of the best ways to make the monitoring of the assets more efficient, faster, and less prone to errors. This technology employs radio waves through which an RFID tag communicates with the reader to send data about the asset, its location, and the last time it moved and got.
Again, in comparison with barcodes, RFID holds a significant advantage in that direct scanning is not a must. This implies that assets can be identified and tracked automatically even if they are located in closed cupboards, are on their way through the entrance of the gate, or are scattered throughout the large facility.
The benefits of using RFID as Asset Tracking are:
- Real Time Monitoring: Know the location of any asset on your premises in no time.
- Automation: The automatic data capture and updates help you get rid of manual work.
- Accuracy: By using tracking and writing systems, you do not need to worry about errors caused by human beings anymore.
- Security: Monitor unauthorized movement or opening of the product.
- Scalability: It is now easy and comfortable to control thousands of assets in various locations with no effort at all.
If your business depends heavily on expensive or vital equipment, then you can never go wrong with RFID Asset Tracking as it is one of the surest ways to prevent missing items.
How Asset Tracking by RFID Works
An RFID system is composed of three major elements:
- RFID Tags: These are the labels attached to the items, storing a unique ID that defines each one. The tags may be passive (powered by the signals from the reader) or active (battery-powered for longer distance).
- RFID Readers: These are located at the most important checkpoints such as entry/exit points, storage areas, or workstations. The reader devices perform the reading of the tag data automatically as the assets come near.
- RFID Software Platform: This is the place where all the data is gathered, processed, and presented in real time charts. The users can locate asset movement, create reports along with different settings of alerts for break of normal conditions.
If an asset is relocated within a facility, RFID readers perform the recording of the event automatically, indicating the location, time, and person who handled it. This automated system results in a transparent and traceable record of every asset’s lifecycle.
Applications of RFID Asset Management
RFID technology is a versatile solution that can be used in any industry to protect, as well as, monitor the different kinds of the most valuable assets. Every sector is reaping the benefits in the following ways:
1. Corporate Offices
Asset tracking with RFID is used by companies to keep a check on laptops, projectors, servers, and IT accessories. In this way not only is it ensured that every single item is being accounted for but also that the occurrences of the losses due to the transfers between employees or theft incidents are minimized.
2. Healthcare Facilities
Hospitals are able to keep track of infusion pumps, wheelchairs, and medical devices, which are only some of the critical equipment. Through RFID medical devices are always there when and where needed avoiding downtime and thus, patient care is improving.
3. Construction and Engineering
Tools, vehicles, and heavy equipment are able to be tagged and tracked so as to eliminate the possibility of their loss or misuse. Using RFID one can better the distribution of the equipment and support the worker’s compliance through this accountability.
4. Manufacturing Plants
The use of RFID allows companies to keep a watch on the production of the tools, molds, and machines in real-time and thus, maintenance schedules can be adhered to and the occurrence of the disappearance of the assets can be prevented.
5. Government and Defense
The government organizations in the public sector install RFID to keep security for arms, documents, and high value stocks, thus, not only maintaining the strict control and compliance standards but also ensuring that through them no breaches or leaks take place.
Why Choose Acube Infotech for RFID Asset Management
At Acube Infotech, we are specialists in delivering smart RFID Asset Tracking and management solutions which are just perfect for the business of your company. Our systems provide you with real time tracking, easy integration, and strong analytics, which facilitate you to save the most valuable assets of your company in a cost efficient way. Using our cutting edge RFID solutions, you are able to: Monitor high value assets at any time of the day or night.
With our advanced RFID solutions, you can:
- Gain 24/7 visibility of all high value assets.
- Prevent losses and unauthorized movement.
- fast, accurate asset audits.
- Improve security and compliance.
Conclusion
Losing high value assets is not only expensive, but the loss can also affect the normal functioning of your company, expose you to security risks, and also negatively influence your image. The use of RFID Asset Tracking allows companies to become part of the solution rather than the problem; this is the safest way to have every item not only visible but also traceable and secure.
You can, therefore, with the help of a reliable partner like Acube Infotech, make asset security your winning business move, thus improving your productivity, lowering your exposure to risks, and becoming more efficient in your management.