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What Is Asset Tracking Software & How it Benefits You and Your Organization?

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08 May 2021

What Is Asset Tracking Software & How it Benefits You and Your Organization?

One of the most essentials tasks for any organisation is to ensure that its assets are up and running effectively. It doesn’t matter what the size, type or sector of the asset is – keeping a track of company assets is important. In the conventional time, companies used ledgers or excel sheets to keep track of the assets but as the world advanced towards digitisation; various asset management and tracking software systems are being available that makes the entire tracking process easier and convenient. Manual tracking of assets consumes a lot of time that affects the productivity of the workforce and there is always the added issue of errors or inaccuracy. Here is when the tracking software comes in handy. They eliminate such issues and allow the organisations to stay updated on a real-time basis about the various assets that they own, which saves time as well as money. The tracking software comes with enhanced features that help asset managers stay informed about the assets in terms of maintenance, usage, location, quantity, and so on. 

Asset Tracking Software: An Overview

To explain the tracking software in simple language – it is a tool that helps asset managers and business owners track an asset right from the time it is procured to the time it is disposed of. With the help of the tracking software, ensuring hassle-free asset maintenance and management becomes possible, further enhancing the productivity and effectiveness of the workforce. Tracking software systems provide information about everything that surrounds the assets – be it their location, maintenance or depreciation. It can be implemented for both moveable and fixed assets like vehicles, inventory, equipment, IT devices, and factory machinery, to name a few. 

Benefits of Asset Tracking Software

When you choose asset tracking software, management becomes more effective and efficient. And, with the benefits that the tracking software systems come with, the work of the asset managers becomes even more convenient. The top benefits of asset tracking software are: –

⦁ Helps in Monitoring the Condition of the Asset

One of the foremost benefits of the tracking software systems is that they help in proactively monitor the condition of the asset. Right from monitoring events like damages due to the temperature or shock from constant power fluctuations, and so on – implementing tracking software will help you in staying informed about the asset’s operating condition; further ensuring that action (repair or replacement) is taken at the right time to continue a smooth flow of work. 

⦁ Easy Tracing and Recovery of Assets

Your organisation may have three, ten, or hundreds of assets that you need to keep a track of. If at all one gets separated from the batch, tracing it can be cumbersome if tracks are maintained manually. This will impact the workforce productivity as well as delay in business operations. Implementing an asset tracking software will allow you to trace the lost item easily by locating its exact GPS location. It helps in faster recovery of the lost assets, thereby ensuring efficient and smooth operations.  

⦁ Helps in Ensuring Timely Maintenance

Another top benefit of the tracking software system is that they help in ensuring timely maintenance of the assets as well as reduces downtime and unnecessary repairs. The software is designed with features that allow asset managers to set alarms for regular maintenance, know the person is in charge of carrying out the maintenance, the expected turn-around-time (TAT) of the job, and so on. Adding to this, the asset tracking software also provides other information like when it was bought, how frequently it is used and maintained, what is the expected lifespan, etc. to help you plan its replacement accordingly.

Other than these, tracking software also helps in reducing compliance risk, ease the audit process, and ensure accuracy, to name a few. Today, a lot of companies that offer asset management services also offer such tracking software systems that help you in streamlining your business assets. They are equipped with the best-in-class features and ensure that you and your organisation have a smooth and hassle-free operation. 

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