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What are the Types of Assets You Can Track Through Asset Tracking Software?

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22 April 2020

What are the Types of Assets You Can Track Through Asset Tracking Software?

An asset management system offers a number of advantages to organisations, and one of its most important features is the ability to track your assets. Before the advancement of business technology, businesses used to track their assets with manual logbooks, leaving behind hard to manage paper trails. However, today, there are several asset tracking software available that have made the task much easier than ever before.

Advantages of Asset Tracking Software

Whether you opt for a comprehensive asset management software or you pick one that only offers tracking capabilities, there are several advantages that you would be able to avail. You can use a cloud-based asset tracking solution to keep an accurate record of the information regarding all your assets on the cloud. With the automated tracking, not only can you keep a note of the whereabouts of your assets at any time, but you can also stay on top of their maintenance schedules and other information.

Types of Assets that Can be Tracked

When it comes to tracking your assets with a well-designed asset management system, you get access to comprehensive solutions to manage all kinds of assets that your business owns. Practically any asset can be tracked using the software. However, to make it clearer, all assets can be categorised into the following categories. Here is more information about the types of assets that can be tracked as well as some examples of the same:

Tangible Assets

Any asset that has a physical presence is referred to as a tangible asset. All tangible assets can easily be tracked with a proper asset management system. Some examples of tangible assets would include your property, buildings, equipment, inventory, cash, stock, bonds, etc.

Financial Assets

A financial asset refers to an asset that has a value that is based on a contract. Some of the best examples of financial assets include cash, bonds, stocks, and also derivatives. It is possible to manage the inflow and outflow of the same using tracking software, which makes it easy to stay on top of the finances as well.

Fixed Assets

Fixed assets are long-living assets which are fixed in their state and cannot be converted into cash or consumed or expended in any way in the foreseeable future. Fixed assets are also tangible assets and some examples of the same include your machinery, fleet, buildings, and more. When it comes to fixed assets like machinery, equipment, and inventory, asset management software can prove to be very important. The software can help you track the whereabouts, maintenance schedules, repair needs, and much more for these assets.

Intangible Assets

Assets with no physical presence, like patents, goodwill, etc., are referred to as intangible assets. However, in regard to tracking, this category can include data management, managing software licensing and more.

Other Tracking Capabilities

The scope of advantages offered by an asset management system encompasses a lot of fields that are pertinent to a business. Other tracking capabilities that you can enjoy with the right asset tracking software include shipment tracking, consumables management, regulatory compliance, and much more.

What types of assets you can track with your asset management software will vary with the software you choose. So, you should always put in the due research before investing in such a system to ensure that you get access to the capabilities you require.

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