Asset tracking software is used by a company to locate, list, and manage anything it owns that has monetary value. Asset tracking software is mainly used for physical or tangible assets such as equipment, vehicles, facilities, furniture, computers, electronic devices, and tools. Companies can also own intangible assets such as documents, contracts, and digital files and media, but they are tracked and managed better using a digital asset management system. A system that tracks and manages both hardware and software is an IT asset management software.
Asset tracking is an important business process. In the past, this was a purely manual activity. Assets were physically located and inspected, and descriptions and other details about the assets were recorded on paper or spreadsheets. The method is tiring and tedious, and information gets outdated quickly, leaving companies with inaccurate data for their financial calculations.
Modern technology has equipped users with more accurate tools for their asset tracking. Asset tracking software includes communication tools that automatically update a central system with information from the field or other remote location. Some systems are compatible with hand-held scanners capable of reading barcodes and QR codes. Others are paired with mobile devices that use the device’s camera together with scanner applications. Still, others communicate with smart and active tags, labels, or cards embedded with technology that can communicate over a range of distances. Using different radio frequency technologies such as bluetooth, NFC, wi-fi, RFID, and GPS, asset tracking software can recognize an asset in many ways. It can be through contact when a card is tapped or through satellites when a container is transported overseas.
Asset tracking software provides companies with essential information such as:
- Responsible person or department
- Current status or working condition
- Last user
- Maintenance schedule
Asset tracking software is used by a company to manage and monitor items for its use. In contrast, inventory software is used by a company to manage its stock of products for customers. Some similar features exist in both software, such as barcode reading, but each may have other tools more suited for their individual purpose. Asset tracking features can also be included in other systems such as computerized maintenance management software, facilities management, fleet maintenance, field service management, and managed service provider software.
The use of asset tracking software for a business allows employees to quickly track and manage assets with less physical demand. A company can manage schedules, reservations, repairs, and recovery ahead of time to improve utilization. The software also helps prevent loss, avoid duplicate purchases, and create replacement plans. More importantly, a company can get accurate data about their assets, so they can minimize assumptions and make better decisions.