Asset Tracking and Asset Software:The Ultimate Guide

From IT equipment to tools, machinery, and office supplies, knowing what assets you have, where they are located, and who is using them can hugely enhance performance without adding expense. Asset Tracking and Asset Software come into this picture as the perfect solution.

In this definitive guide, we will cover everything you need to know about asset tracking, from its definition and benefits to how current asset software can transform your business operations. We will also provide you with actionable advice on how to implement a scalable asset tracking system in your company.

What is Asset Tracking?

Asset Tracking is the monitoring and maintenance of physical assets throughout their life cycle. It involves tracking the location, condition, usage, and ownership of assets, whether fixed or mobile. Organisations use asset tracking to gain visibility of critical assets, enable proper maintenance, reduce loss, and improve decision-making.

Asset. tracking can be done manually or with automated devices such as barcodes, QR codes, GPS, Bluetooth, or asset management software. The objective is to have accurate, up-to-date information about each asset your company owns.

 

 

Assets That Can Be Tracked:

• •  IT equipment (laptops, servers)

• • Vehicles and equipment

• • Office equipment

• • Tools and equipment

• • Medical devices

• • Warehouse inventory

What is Asset Software?

Asset Software (Asset Management Software) is software which allows organizations to automate asset tracking. It provides a central place from which the capture, change, and restoration of asset data is available, generally via web or mobile user interfaces.

Software takes everything from procurement and rollout through maintenance and disposal end to end with complete visibility and responsibility.

Principal Features of Asset Software:

• • Central database for assets

• • Tracking of location

• • Asset allocation to departments or personnel

• • Schedule of maintenance and repairs

• • Depreciation tracking

• • Compliance reporting

• • Custom alerts and audit logs

New asset software reduces the risk of human error as well as provides scalability and integration with ERP, finance, or HR systems.

Business Benefits of Asset Tracking and Software Solutions

An organized asset tracking system with certain asset software implemented can have multiple business benefits:

Increased Asset Visibility

With real-time updates, you have full awareness of where your assets are, who is utilizing them, and why. It eliminates guessing and asset loss.

Reduced Operation Expenses

Having an idea of what assets you already possess avoids unnecessary buying. Periodic maintenance reminders will also avoid surprise breakdowns at significant expenses.

Increased Productivity

Employees have less time spent hunting for tools, and IT or facilities staff can use automated reports and reminders more effectively.

Compliance with Regulations

Healthcare, manufacturing, and education markets are likely to require detailed asset reports. Asset software delivers date-stamped audit trails that are reliable.

Lifecycle Management Streamlined

Track each stage of an asset’s life cycle from procurement to retirement so you can make reasonable replacement or upgrade choices.

Choosing the Right Asset Tracking Software

There are numerous asset software solutions out there in the market, and therefore you need to choose one that best suits your business needs. The following should be taken into consideration when making a choice:

1. Ease of Use

Choose software with a simple user interface and mobile app support so your field team can update and monitor assets remotely.

2. Scalability

Choose a solution that grows with your business, dozens of assets to thousands of assets, spread over locations.

3. Options for Customization

Your solution must allow you to add custom fields, categories, and asset types to address your industry or workflow needs.

4. Options for Integration

Make sure that the solution is integratable into your current systems like ERP, CRM, accounting, or HR software.

5. Reporting and Analytics

Find rich reporting features to let you depreciate, track usage patterns, and export compliance-driven reports.

Asset Software Key Features

The strongest asset tracking software platforms possess:

Asset Tagging: Apply serial numbers like QR codes or barcodes to all items.

Real-Time Location Tracking: See where assets are on your premises or geographically.

Maintenance Scheduling: Schedule periodic maintenance reminders to optimize asset lifespan.

User Permissions: Restrict who can see, edit, or assign assets.

Reporting Tools: Finance, internal analysis, or audit design audit reports.

Mobile App Access: Offer remote or on-site tracking and asset updating.

Industries That Benefit from Asset Tracking

Healthcare: Track medical equipment, beds, and instruments to reduce loss and improve care delivery.

Manufacturing: Track machine usage, maintenance, and part inventory to achieve maximum uptime.

Corporate Offices: Track IT equipment, furniture, and AV installations with speed and accuracy.

Education: Track tablets, projectors, lab equipment, and other school assets.

Logistics & Warehousing: Check tools, bins, and transportation vehicles to avoid bottlenecks.

Setting Up an Asset Tracking System: Step-by-Step

1. 1. Inventory Your Current Assets

Conduct an in-depth asset audit and record baseline data.

2. 2. Tag and Classify Assets

Use barcodes, QR codes, or digital labels, and apply each one to a class.

3. 3. Choose Your Asset Software

Choose a system that fits your operational size and objectives.

4. 4. Train Your Employees

Ensure the right staff are trained on how to use the software and conduct routine procedures.

5. 5. Create Policies and Review Cycles

Create policies for asset check-outs, transfers, maintenance, and regular reviews.

FAQs: Quick Answers To Asset Tracking Questions

1. Can I track assets with spreadsheets?

Yes, but spreadsheets are very prone to error, non-real-time, and not much visibility. There is automation, centralization, and audit trail offered by asset tracking software, which is impossible to get out of spreadsheets.

2. Do I need hardware to track assets?

Not necessarily. Most start with QR codes, barcodes, or serial numbers, which are cheap and easy to implement. For more advanced needs, you can use GPS, NFC, or BLE (Bluetooth Low Energy) tags.

3. How often should I conduct asset audits?

This will depend on your business and compliance requirements. Quarterly or annual audits are standard for most companies. Asset software can, however, offer real-time audits and notifications for better tracking and reporting.

4. Is asset tracking suitable for small businesses?

Yes. Small businesses actually experience the greatest productivity and cost benefits. Most asset tracking solutions offer scalable packages to accommodate small teams and startups.

5. Can asset tracking aid in equipment maintenance?

Yes. Asset software includes maintenance scheduling functions that remind teams when services are due, reduce downtime, and maximize the use of expensive equipment.

6. How secure is asset tracking software?

Advanced asset software functionality such as user access, role-based access, audit trails, and cloud backups to secure your asset information and keep it out of the hands of unauthorized users.

7. How does inventory management differ from asset tracking?

Inventory management tracks products available for sale or consumption (i.e., raw materials, retail stock). Asset tracking tracks long-term business assets like equipment, IT assets, and tools.

8. Will the asset software interface with my existing systems?

Yes. Most current solutions connect with ERP systems, accounting packages, CRM packages, and HR systems for data sharing and process automation.

9. What type of assets can be tracked?

Common types of assets are:

• • IT equipment (printers, laptops)

• • Medical equipment

• • Equipment and fleets

• • Office equipment

• • Audio-visual and communication equipment

• • Inventory in warehouses and bins

10. How do I go about installing an asset tracking system?

Start with an audit of assets, tag your assets, and select a suitable asset software vendor. Don’t neglect to train personnel and define check-in/check-out procedures and auditing cycles.

11. Is cloud asset software better than on-premise?

For most companies, cloud-based systems are more scalable, simpler to update, and can be accessed from outside the building. On-premise systems will remain the option for organizations with high data control requirements.

12. Can employees be held accountable using asset tracking?

Yes. With check-in/check-out and assignment to personnel functionality, you can track asset responsibility and reduce misuse or loss.

13. How much does asset tracking software cost?

Cost varies based on features, number of users, and deployment size. Most vendors offer monthly subscription plans, with affordable options for SMEs and enterprise-level customizable solutions.

14. Does asset software include mobile device support?

Yes. Many highly rated offerings include mobile applications for iOS and Android to allow employees to scan, track, and modify asset data on the go.

15. What are asset tags, and are they required?

Asset tags, barcodes, QR codes, or serial number labels, are used to identify and track assets uniquely. They must be physically verified and are most often read with mobile apps or handheld scanners.

The Future of Asset Tracking Is Digital

In asset tracking and customized asset software investment is no longer merely best practice, it’s business-critical for growing companies. With greater visibility of your assets, loss prevention, and operations optimization, your company runs smarter, more transparently, and compliant. As a mid-market company or a large corporate, an updated asset tracking system gives you the platform to own your assets, reduce costs, and make smart business decisions.

Why Acube Infotech for Asset Tracking

We at Acube Infotech aim to offer tailored asset tracking and asset software solutions to Saudi Arabia, UAE, and international business companies. Our solutions are intuitive, scalable, and easy to integrate into your existing procedures. With or without the department or even across borders internationally, Acube Infotech provides your organization with end-to-end visibility and control.

Call us today for a complimentary consultation or a customized demo. Let’s create an asset tracking solution tailored to your company.