Asset tracking is not a novel concept. It has been around for a while, and businesses have been tracking their assets to keep a detailed record. However, the question of, Are they doing it right? is up for debate. A good asset tracking system is vital for better operation, implementation, and increased efficiency. Maximizing the benefits of asset tracking can help your business make the most of its system. But how do you create and implement a good asset tracking system? and how you control your business assets? Here are a few tips to get you started.
Understand the difference between an inventory tracking system and assets tracking system:
The first step to getting the most out of your asset tracking system is to understand the difference between inventory tracking and asset tracking. Inventory tracking focuses on the products or materials a company uses to produce its products or services. On the other hand, asset tracking systems are used to track and manage a company’s physical assets.
Track your assets as they come:
No business ever made a profit by doing it tomorrow. One of the basic rules of building an effective asset tracking system is to track your assets as they come. When you have a new asset on the way, have a system in place to integrate the asset seamlessly into your working process. Integration delays will only increase the number of inoperable days for the asset. Make sure the integration system is up and running before the asset arrives.
Assign a responsible person:
A tracking system is only as good as the people tasked with maintaining it. Make sure you assign responsibility for maintaining your asset tracking system to one or more individuals within your organization. This will help ensure that someone is always keeping an eye on your assets and ensuring they are being used effectively.
Monitor your assets:
The best way to get the most out of your asset tracking system is to monitor your assets regularly. By monitoring your assets, you can identify problems early and take corrective action to prevent them from becoming bigger issues. Additionally, regular monitoring will help you keep track of trends in asset utilization and performance, which can be used to improve the effectiveness of your asset tracking system.
Know the project and asset life cycle:
One of the keys to effective asset management is understanding the life cycle of both projects and assets. The project life cycle refers to the stages a project goes through from inception to completion. On the other hand, the asset life cycle refers to the stages an asset goes through from acquisition to disposal. By understanding the different stages of each life cycle, you can better plan for and manage your assets.
Use a unique asset tracking number, not a serial number:
Each asset should have its unique tracking number, not just a serial number. The tracking number should track the asset throughout its life cycle. This will help you track where your assets are and how they are used.
Regularly update your records:
One of the most important things you can do to ensure the effectiveness of your asset tracking system is to update your records regularly. As new assets are acquired or disposed of, update your records accordingly. This will help you keep track of your assets and ensure that your tracking system is up-to-date.
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Choose the right assets tag:
Another important factor in choosing the right asset tracking system is selecting the right asset tag. There are a variety of tags available on the market, each with its advantages and disadvantages. Make sure to select a tag that is durable and easy to read. Additionally, make sure the tag can be easily attached to your assets.
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Consider using RFID technology:
One way to improve the effectiveness of your asset tracking system is to consider using RFID technology. RFID is radio frequency identification and uses radio waves to identify and track objects. RFID tags can be placed on assets, allowing them to be tracked without physically handling the asset. Additionally, RFID tags can store more information than traditional barcodes, making them more versatile and easier to use.
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Use Software With Strong Reporting and Analytics Functionality:
To get the most out of your asset tracking system, it is important to use software with strong reporting and analytics functionality. This software will allow you to generate reports on your assets and track trends over time. Additionally, this type of software can help you identify problems early and take corrective action to prevent them from becoming bigger issues.
Monitoring your assets is the best way to control your business assets throughout their life cycle. By understanding where they are and how they are being used, you can ensure that your assets are being used effectively and efficiently. Additionally, by keeping track of trends in asset utilization and performance, you can improve the effectiveness of your asset tracking system over time.
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