Things to know about asset tracking solutions

Budget restrictions are one of the many reasons that businesses don’t opt for Asset tracking solution. Especially SMBs, they prefer Excel spreadsheet to maintain and document the information of the company assets. This, however, is not a viable option.

The Industrial IoT (IIoT) market was valued at USD 113.71 Billion in 2015 and is estimated to reach USD 195.47 Billion by 2022, at a CAGR of 7.89% during the forecast period. The base year used for this study is 2015, and the forecast period considered is between 2016 and 2022. – Marketsandmarkets

In this era of GPS tracking solution, RFID and IoT solutions, using a spreadsheet for asset tracking is not a righteous thing to do. While industrial IoT (IIoT) is booming in major industrial areas, and RFID and GPS tracking solutions are popular in several industries, these solutions are marvelous for tracking your assets.

Why do spreadsheets fail?

Manual data entry is unreliable and prone to human error. Moreover, the issue is of conflicting copies, particularly if you’re not using a cloud-based solution (e.g., Google Drive) that enables everyone to have access to the most up-to-date file at all times.
When an important data that deals with accuracy, relies entirely on humans, mistakes are bound to happen. What if someone forgets to document that an asset was transferred to another department? What if someone makes an error in documenting a part number? What if an asset is no longer usable, but this is not reflected on the spreadsheet? Many opportunities for errors exist, all of which can result in inaccuracies in your accounting and end up costing your business more money.
Why asset tracking solution is important for your business?

1. Monitoring assets

The most obvious use of asset tracking solutions, organizations will be better able to monitor physical assets as they move throughout the firm or are transferred between departments. Asset tracking solution allows the organizations to achieve a better view of the company’s asset portfolio along with easily identifying the needs and eliminating the wasteful and unnecessary duplication of assets.

2. Preventing loss

It is easy to misplace important assets in the course of being busy with day-to-day tasks. GPS tracking solution for your assets can ensure you prevention loss. Devices, equipment, and other items that frequently move throughout an organization may not always be accurately documented. When the same asset is needed again, the most recent records don’t reflect the asset’s current location and are unable to be located. It’s this shortcoming that leads to many companies unnecessarily duplicating assets.

3. Automated inventory control

Effective asset tracking leads to efficient and accurate inventory management while eliminating many of the headaches typically associated with inventory control. For instance, taking regular physical inventory counts is necessary for most organizations, but when assets are tagged or labeled they can be quickly scanned rather than manually verified to match identification numbers to records.

4. Streamlined maintenance management

For companies that manage assets that require periodic maintenance, asset tracking solutions are lifesaver. If the maintenance management process is manually documented, the process will surely fall behind. With asset tracking solutions, asset management software can provide alerts to ensure scheduled maintenance is never an afterthought.

Things to look for while opting for Asset tracking solution

Mobile Access ? You really want an asset tracking system that your users can access from the mobile devices they already have. Make sure that it is easy to download and it is free! You will also want an asset tracking system that will allow you and your users to be able to track assets in real time.
Secure cloud – You will want your users to have access anywhere at any time. This way you won’t have to install any software on your computers or host any servers. You want to get updates as they come out, this way you don’t have to pay for them or wait.
Easy of use ? You will want a system that is easy to work with, you don’t want to have to hire a developer. Also, make sure that it is easy to configure. It’s a good idea to get an asset tracking system with an open API, so that if you are currently using a system, it’s easy to integrate the two. All of those factors are going to help with minimal time investment on your part.
Notifications – You want the ability to receive notifications and alerts. Especially if your assets are going to move around, if employees are checking things in and out, you will need to be receiving real-time notifications.
Cost ? You don’t want to find yourself paying for expensive scanners, printers, and other equipment. Another thing to be aware of with pricing, you don’t want to get into hidden fees for upgrading users, adding locations or for any account management fees that they throw in. A final point on pricing is that you want to look for promotions and discounts. Choose a company that has a discount for paying annually, that way you just pay once per year and you’re done!

An IOT Asset Tracking Solution from LetsNurture

Track assets as they come into your company. Employing IT agency for you asset tracking solution is a best practice from that allows a company to successfully scale. With expertise in IIoT solutions and GPS tracking solutions, LetsNurture can serve your asset tracking purpose aptly.
Please visit our blog on GPS solution to know more about how we can help you by employing technologies into practice. Do write to us your ideas on asset tracking solution at info@letsnurture.com.