7 Tips for Asset Tracking

StrategyDriven Managing Your Business Article | 7 Tips for Asset TrackingA company’s worth is directly connected to its total assets. The assets may seem irrelevant to the public’s view but are the bedrock of the entire enterprise.

Construction work doesn’t happen with forklifts, bulldozers, etc. A taxi company has to maintain a fleet of vehicles for its company to be successful. Manually keeping track of the physical assets is time-consuming and eats into other duties.

Many companies are turning to asset tracking to collect and gather important information about machines, vehicles, or equipment the business uses. Each asset is fitted with a device that tracks key statistics, such as runtime, downtime, location, and work orders.

GPS sensors, RFID chips, or QR codes are the devices most often used for asset tracking. Tamper evident stickers ensure that the sensors aren’t messed with. What are seven tips companies should know about asset tracking?

What Assets to Track?

The type of business will determine which assets to track. For example, a construction company may be more interested in which assets are used the most. For that, they would track an asset’s runtime and downtime.

On the other hand, a taxi company would track the location of the vehicles in their fleet.

Use Unique Tracking Digits

If each vehicle in a fleet is given the same tracking code, how would the software determine a vehicle’s individual location or other important stats? To accurately track multiple assets, they each need their own tracking number, whether it’s a GPS sensor, chip, or QR code.

Track New Assets ASAP

When a company acquires a new asset, the first instinct is to try it out. But that’s the wrong instinct. The asset should be immediately given a tracking number and added to the software. Runtime and other important information need to be tracked from the get-go for maintenance and other reasons.

Watch Your Asset’s Value

Are your assets helping or hurting the company’s bottom line? Asset tracking can help determine which assets are increasing or decreasing in value. Machinery, vehicles, computers, and other assets won’t last forever. Eventually, they will need to be repaired or replaced. Asset tracking can help determine whether repairing or replacing is the best financial option.

Know Where Your Assets Are

Stationary company assets may not need location trackers, but mobile equipment and fleets do. Knowing the exact location of your mobile assets will help keep scheduling and planning on course.

Identify Vital Assets

Some assets are more important to a company than others. A fleet of vehicles is more vital to transportation companies than office equipment. Asset tracking can determine the most profitable assets for meeting the company’s goals and workload.

Practice Accountability

Asset tracking is computer software with real-life functionality. The software can create work orders or repair requests for malfunctioning equipment. The software then holds employees accountable for the necessary repairs by detailing how the work order was filled and when.

Tasking an employee with manually tracking a company’s assets is likely to fail due to human error. Using tracking software ensures that the assets of a business are secure and safe.