What is Asset Tracking
Asset tracking is very simple. At its core it is the practice of monitoring and managing assets within an organisation.
What is Asset Tracking?
Asset tracking is very simple. At its core it is the practice of monitoring and managing assets within an organisation. It’s a critical business practice that goes beyond the basics of knowing where an asset is. Tracking provides valuable insights into things like usage and maintenance. It can also be and even the retiring of assets.
But asset tracking involves the use of various technologies to be successful. Many businesses still use manual systems to track and manage assets. But the fact is, you cannot get the most out of your assets tracking them with a piece of paper or a spreadsheet. To create an asset tracking system that delivers the most business value, you need a technology ecosystem. One designed to provide real-time data and history about assets. Including locations, conditions, and usage. It goes beyond locating assets. It’s about understanding their status, enabling better decision-making, and optimising working capital.
Types of Assets Tracked
These are non-moveable assets like machinery and equipment. Asset tracking ensures that these high-value items are well-maintained and utilised.
These include vehicles, mobile phones, and other moveable equipment. Asset tracking can even be used for mobile art collections, like the one at Parliament House.
These are items like pallets or containers that are used and returned on a regular basis. It can also include rental items like temporary fencing and scaffolding.
Returnable Transport Items (RTIs):
These are returnable assets used in transportation, like crates, barrels, and containers. You can track and monitor RTIs with the right systems.
Technologies in Asset Tracking
Employing a range of technologies in asset tracking is the key. Each has its unique advantages, and you need to assess them based on your goals:
Barcodes & QR Codes:
Simple and cost-effective for basic tracking needs.
Offers real-time tracking and data collection. RFID is often considered the next step in asset tracking technology due to its advanced capabilities.
Ideal for tracking mobile assets over long distances. GPS-based asset tracking is particularly useful for fleet management.
Provide detailed data on asset condition and environment. These sensors are becoming more and more popular in asset tracking. They not only provide real-time analytics, but also the ability to connect the data to the wider technology ecosystem.
The Evolving Ecosystem
The asset tracking ecosystem is evolving at a rapid pace. Modern solutions offer real-time analytics, cloud-based platforms, and integration with other business systems. Making asset tracking more effective and comprehensive. Because these tracking systems are tailored for unique business needs, they are able to solve real problems.
Asset Tracking and the Circular Economy
Asset tracking plays a significant role in promoting a circular economy. By providing detailed information on asset usage and condition, businesses can extend an assets life. Whether this is through timely maintenance and refurbishment, or better rotation. This keeps assets in circulation for longer, minimises waste, and maximises value. It’s ultimately a better business decision as well.
The Business Benefits of Asset Tracking
Asset tracking offers many business benefits. Including cost savings, improved asset utilisation, and enhanced decision-making. Knowing exactly where an asset is and how it’s used, unlocks better decision making. This in turn leads to operational efficiencies and cost reductions.