You’ll undoubtedly agree that the lack of adequate asset tracking has a cost, particularly for mid-sized and large enterprises. Uncertain locations and usage patterns of movable assets, for example, cause schedule conflicts and may result in asset losses, lowering the return on assets (ROA).
When it comes to present assets, if their flow isn’t transparent, it’s tough to anticipate how much they’ll need, resulting in either surplus stock or stock-outs.
No sound asset monitoring indicates the danger of not satisfying industry requirements for assets subject to compliance in an organization operating in a regulated business. Even if the required requirements are satisfied, the organization will almost certainly do it with a great deal of physical labor. Is there a solution?
We advise implementing asset tracking software to acquire visibility into the asset flow. Below, we discuss why we believe it is the best answer for asset management issues and custom asset tracking software’s architecture, capabilities, and add value. Let’s, start with the basics.
Table of Contents
What is Asset Tracking Software?
Users can use an asset tracking system to follow the whereabouts of assets that have been physically marked digitally. It also keeps track of assets and inventory and may send managers alerts when spare parts run low. Tracking these assets with software can help:
• Make certain that all scheduled maintenance is executed on time.
• Set up alerts and notifications so that when new work orders are issued, the right individuals are automatically assigned to tasks.
• Keep track of asset lifecycles. The system collects and stores data on the condition, age, and other characteristics of the equipment.
• Create reports and compute machinery depreciation.
How does an Asset Tracking Software work?
A hardware and software asset tracking system is made up of two pieces. The hardware component may include GPS trackers, barcodes, QR codes, or RFID tags, depending on the assets to be tracked. When a tracking device is attached to an asset, it communicates with the software (either directly or through a scanner), providing it with information about the object’s location and attributes. The appropriate hardware selection and setup are critical for monitoring software reliability. As a result, I propose providing a detailed specification for installing and configuring hardware components to hardware vendors.
The software architecture of an asset tracking system might vary based on the goal and functionality of the application. Because asset tracking is a critical component of asset management (for fixed assets) and production (for current assets), we recommend connecting asset tracking apps with existing asset management, supply chain management, or enterprise resource planning systems to get the most out of them.
4 Continous Benefits of Asset Tracking Software
You may quickly monitor and track equipment using a laptop or mobile device, thanks to the simple and quick installation of tiny, mountable asset-tracking devices. Let’s take a closer look at some of the most important advantages of asset and equipment tracking for any company.
Asset management software allows you to centralize data
Businesses may have dozens, hundreds, or even thousands of powered and non-powered essential assets (including trailers) under their control. Some older or non-powered assets may not be equipped with an OEM-installed telematics system, and these various telematics systems are independent of one another, meaning operators or managers must access several different sources to pull the asset data they need and achieve inventory management and control on a regular basis.
Businesses can consolidate data collection from their physical assets (including trailer tracking)—regardless of make, model, or manufacturer—into one place by using a centralized GPS tracking software solution that integrates with existing systems, allowing them to streamline asset management and reduce human error.
Asset usage reports can help you add value to your assets
Businesses can better understand data and enhance asset usage and inventory control by having a consolidated source for all asset data. Managers, for example, can monitor which pieces of equipment are being used (when and how often) across geographic regions if they have access to usage reports. They can make more educated judgments about renting or selling an asset, or whether underutilized, owned assets from other areas can be deployed elsewhere, armed with this information.
Similarly, asset utilization reports can be used to identify underperforming assets by analyzing exact indicators such as how often and for how long a piece of equipment was used on a given day or over a given period of time. This information can then be compared to actual data.
Enhance asset lifetime management.
Asset tracking can help enhance the accuracy and efficiency of routine equipment maintenance by providing near-real-time reports on mechanical health and asset status based on usage indicators (such as engine hours). Verified, paperless inspections keep assets in top shape, which can increase job safety, equipment productivity, and overall job efficiency.
A consolidated and comprehensive asset tracking system for powered equipment that requires preventative maintenance or routine fixes delivers a holistic view of maintenance alerts – independent of manufacturer – including notifications for when parts need to be replaced. This can help to avoid costly downtime due to problems in the long run. Given that assets can have a five-, ten-, or fifteen-year lifecycle, it also aids in keeping up with maintenance.
Enhance the security of critical assets
Businesses that lease or own equipment want to secure their assets at all costs, given the high cost of acquisition and the very real risk of theft. Managers can receive notifications if an asset is operated (turned on and used) during an unlawful time period or if an asset is moved or towed during off-hours or without permission, using asset tracking technology.
Businesses can also use geofence alerts to create a virtual perimeter that triggers an immediate alert if it is breached. Overall, asset tracking system features allow for faster asset recovery in the event that one is stolen, as well as asset accountability.
Now that we have looked at how asset tracking software can help you enhance your business game let us look at some viable options that you can consider for a good asset tracking software.
Top Asset Tracking Software Of 2022
Wasp AssetCloud
Wasp is the only asset tracking solution that includes all of the software, hardware, and asset tags you’ll need to set up an asset management system. As a result, AssetCloud is not just the industry’s most feature-rich asset tracking software but also the most comprehensive solution offered by a single vendor. AssetCloud’s asset management system makes managing your company’s precious assets a breeze. Conduct audits quickly and always be aware of what you have and who has it. Our smartphone (iOS & Android) and tablet capabilities will put the information you need at your fingertips. Wasp offers barcode scanners and printers that are 100 percent compatible with AssetCloud for customers who require a full solution.
Features of AssetCloud
- Activity Tracking
- Asset Accounting
- Asset Library
- Asset Lifecycle Management
- Asset Tracking
- Audit Management
- Audit Trail
- Barcoding/RFID
- Calibration Management
- Check-in/Check-out
- Compliance Tracking
- Contract/License Management
- Cost Tracking
- Depreciation Management
- Disposal Management
Pricing
Users of AssetCloud can choose from three different plans: BASIC, PLUS, or COMPLETE. AssetCloud offers annual subscriptions, multi-annual contacts, and tiered pricing based on the number of users at a discounted price.
ManagerPlus By IOffice
ManagerPlus is a robust business asset management solution that enables managers and maintenance professionals to get the most out of their assets and equipment. The customized ManagerPlus software is excellent for a variety of industries, including manufacturing, construction, mining, fleet, agro, and more.
Users can automate maintenance schedules, manage work orders, track inventory levels, analyze trends, and evaluate or report on asset work histories. When maintenance is required, a repair order is fulfilled, or other time-sensitive events occur, ManagerPlus can send tailored reminders to employees.
Features of ManagerPlus
- Asset Lifecycle Management
- Asset Track
- Audit Trail
- Barcoding/RFID
- Billing & Invoicing
- Commercial Properties
- Cost Tracking
- Customer Database
- Depreciation Management
- Dispatch Management
- Document Management
- Energy Management
- Equipment Management
- Equipment Tracking
- Fixed Asset Management
Pricing
Per-User starting at $85/month
Geoforce Track and Trace
Geoforce’s Track and Trace solutions provide efficient asset location and retrieval, rental invoice auditing, service delivery verification, inspection compliance, equipment maintenance alerts, and a variety of other services by combining a cloud-based software platform with rugged GPS tracking devices and global satellite and cellular networks. Oil and gas, agriculture, construction, mining, transportation, logistics, government and defense, and rail all benefit from Geoforce’s IoT platform, which brings order to chaotic field activities. With the Geoforce rugged device that’s perfect for your organization, you can track and trace non-powered equipment, powered equipment, and automobiles. GT0: Asset Tracker in a Small Package This rugged and portable global asset tracker comes with industrial-grade satellite tracking and long battery life. GT1 stands for Global Asset Tracker. This worldwide asset tracker is multifunctional and tough, with remote access and the highest IECEx/Atex Zone.
Features:
- Mobile Access
Pricing
The pricing is not provided by the vendor.
Conclusion
Whether you’re tracking powered or non-powered assets, it’s critical to find an asset tracking system that has the capabilities and functionality you require. This includes determining if a user-friendly mobile app is available and how frequently location updates are made to aid in better decision-making and asset security. To boost the level of client convenience, modern asset trackers contain useful features. These features include the opportunity to customize how frequently you receive warnings, self-installation options that eliminate the need for a third-party installer, and replacement batteries with higher power for longer life.
Look for an asset tracker that is powerful enough to function with your fleet while also being small enough to fit where you need it. In order to acquire GPS tracking signals from the most remote regions, you’ll also want to be sure your devices can function on a dependable network and match antenna performance criteria.
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