Asset monitoring, often known as equipment tracking, is a method for firms to keep track of all their tangible assets. Tags or barcodes can be used to track any physical device. Equipment tracking is a method of keeping track of everything a company possesses.
Construction businesses, builders, universities, schools, medical and healthcare companies can all benefit from asset monitoring. It can be very handy in saving money on both lost equipment and saving money on insurance.
Asset monitoring relies on a centralised platform to maintain key information like location, contact information, owner, and maintenance history up to date at all times.
Most significantly, asset tracking and management eliminates the need for human labour in asset management. Furthermore, everyone understands the importance of asset tracking in terms of lowering costs and conserving energy. To put it another way, asset monitoring eliminates the need for people to squander time that might be spent elsewhere.
What Can Equipment Tracking Be Used For?
When you’re in charge of a corporation or a business, you’ll have a lot of challenges to deal with. Equipment and asset monitoring can help with several of them.
Maintenance is the first and most crucial item to keep track of. The firm will not be able to prosper without a well-run operation. If your business wants to prosper, all of your systems must be operational. That’s why it’s critical to maintain track of all the devices, servers, and appliances.
You may learn about the cost, maintenance, and usage of equipment assets by utilising asset tracking with the following equipment:
- Kitchen Supplies
- Telephone Systems
- Photocopiers and Printers
- Storage Equipment
- IT Tools and Equipment
- Safety Equipment
There’s More Than One Way To Track Your Equipment
You may track your assets in a variety of ways, but the method you choose will be determined by the size of your company. Small firms and large corporations employ diverse strategies to track all of their items, particularly across locations. Here are some of the ways you can track your tangible assets:
- Relying on RFID Tags
- The use of GPS Devices
- Scanning Barcodes
RFID tags serve a variety of purposes and come in a variety of sizes and forms. They’re useful if the company needs to track moveable assets using equipment tracking. It should be simple to go in and out of the building. They are attached to the assets’ surface.
When a corporation employs mobile assets such as construction equipment or automobiles, GPS gadgets can particularly helpful. GPS trackers are the most convenient approach to keep track of these assets. Asset monitoring facilitates communication between employees, especially when they are confronted with a challenge.
Barcodes and QR codes can also be useful. They are simple to use, contain a lot more data than other systems, and are inexpensive. For a small firm with few staff and assets, they’re a fantastic asset monitoring solution. This form of tracking is doable with software created expressly for this reason; staff will only have to scan them. To improve the efficacy of equipment tracking, you may also utilise more robust metal QR tags.
Benefits Of Equipment Tracking
Centralise Data With Equipment Tracking Software
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 command and oversight 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 centralised GPS tracking software solution that integrates with existing systems, allowing them to streamline asset management and reduce human error. Additionally, organisations may gain complete asset visibility, including location, current condition, and usage history, using a single web-based dashboard that allows for quick search and tag filtering.
Asset usage statistics 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, may examine which pieces of equipment are being utilised (when and how often) across geographic regions if they have access to usage statistics. They may make more educated judgments about renting or selling an asset, or if underutilised, owned assets from other areas can be deployed elsewhere, armed with this knowledge.
Similarly, asset utilisation reports may be used to identify underperforming assets by analysing exact indicators such as how often and for how long a piece of equipment was utilised on a given day or over a certain period of time. This information may then be compared to real work progress to find inconsistencies or inefficiencies.
After all, productivity is linked to usage. Assets may be utilised for both productive and ineffective purposes, thus it’s critical to be able to recognise when and how assets are being used. Real-time asset monitoring data puts the power of data in the hands of managers, allowing them to make better business decisions.
Enhance asset lifetime management.
Asset tracking may 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 maintain assets in top shape, which may increase job safety, equipment productivity, and overall job efficiency.
Hopefully, this gives you an overview of what is equipment tracking. We have run through the basics and the benefits. If you would like to find the person equipment tracking software for your business, please book a demo with us to run through our software.