Every company has fixed assets—small organizations may have only furniture and a handful of computers; large ones may have a fleet of specialized vehicles, AI-enabled robots, sophisticated production line machinery, and a variety of quality control devices, all spread out over several locations. The process and protocols used to track and monitor these types of physical assets is called fixed asset management.
Because critical decisions are made based on the condition, age, value, performance, and cost-in-use of their physical assets, organizations need to understand the state of each, at all times. Tracking and management of the assets is also a necessary practice because the ongoing operation of the entire organization relies on the continuous (and optimum) performance of its equipment.
Most every organization company, regardless of size, takes at least cursory steps to track their most valuable assets, though too many use outdated, error-prone methods like Excel spreadsheets that need to be updated manually. The best way to ensure accurate, detailed, and up-to-date tracking of a company’s fixed assets, however, is to leverage fixed asset management software.
Fixed Asset Management Software
Using software like IntelliTrack® and barcode labels, each asset is assigned a unique barcode that can be scanned by a mobile device, which then tracks it using more than 30 different data points, such as purchase date, vendor, maintenance performed, cost, users, and more. When all assets are tagged with a barcode label, the software makes it simple to manage and inventory each asset.
The use of barcodes and asset tracking software greatly simplifies and improves management of assets and allows the people performing the inventory counts to do in one-tenth the time it would take to do it manually – and results in far greater accuracy than doing a manual inventory. Beyond just the time savings, though, the benefits of this barcode application include:
- Greater efficiency. A detailed tracking of its age and condition tells users when an asset needs to be replaced in order to ensure optimum performance and extend its life; the software also gives you the ability to set and maintain a maintenance schedule
- Improved compliance. Fixed asset tracking software captures the data necessary for companies to demonstrate compliance with various mandates
- Reduced theft. Some assets are at greater risk for theft or misuse because they’re in the hands of employees (such as laptops). Tracking shows you who the equipment is assigned to and where those assets are at all times
- Improved financial accounting. Tracking the data related to each piece of equipment results in more accurate valuation for tax/depreciation purposes
An asset management solution can also use RFID tags or even Bluetooth Low-energy (BLE) beacons to collect needed data and gain greater control over assets:
- IntelliTrack® barcode scanning and RFID technologies. This cloud-based solution allows users to track assets from anywhere, and provides automatic updates on movement, locations, maintenance schedules, assignees, and more
- BLE beacons turn physical assets into sensors that provide near-real-time visibility into inventory. In combination with software, BLE beacons continuously track information about an asset’s presence, temperature, and movement. Beacons communicate data every two seconds to smartphones, even when inside a vehicle or container
They say “knowledge is power,” and this certainly applies to asset tracking. Knowing as much as possible about your investments – location, age, condition, movement, cost, value, etc. – gives you greater power to maximize the return on those investments and improve overall efficiency of your operations.
As you consider asset tracking software, keep in mind that partnering with a vendor with deep experience into the different methods available is as critical as the software and hardware itself, as their insights will prove invaluable in identifying the right software and hardware that are best for your situation.
Want more information about the benefits or process of adding fixed asset tracking to your organization? Schedule a consultation with one of our experts – we’re eager to help you reach your goals!
