RFID tracking and QR tracking tags are two forms of technologies that make it easier and more time-efficient for tracking assets. Why is managing your assets efficiently, via automated processes and management software, instrumental in optimising the facility’s workday?

If you have a few minutes to spare, I’d like to share a few ways with you about how asset tracking systems benefit your facility and organisation’s bottom-line income and profits (Not to mention making your workers’ lives easier.)

1. Keeping The Books Straight

Proper accounting (known as ‘balancing the books’). Whether you’re tracking digital assets, physical or intangible assets, having accurate books (in the hands of skilled accountants) is paramount for ensuring projects are completed on time. Tracking assets gives the accounting department the information they need to know to stay on top of asset appreciation/depreciation – which affects the organisation’s ability to use that equipment or resource.

2. Accountability

Setting up an accountability control system prevents departments from purchasing unnecessary assets. As the number of assets (whether they’re units within the fleet, intangible assets or physical property) is digitally stored, all workers have to do is read. The quantity of assets on site is readily available on the designated mobile device. Having this knowledge saves departments wasted time from ordering that asset and waiting for it. This knowledge also keeps people responsible and accountable for ensuring total asset accuracy.

Being accountable means evaluating and prioritising assets during their operational life cycle. It is essential to hold the company’s priorities against the assets’ functions. This will let you measure the effectiveness of that asset. If the assets’ functions do not serve the company’s goals, the results that come from the measurement will help you decide the next steps that need to be taken towards utilising an asset that does meet the company’s goals and needs.

3. Theft Prevention

It’s no surprise that theft occurs in the supply chain. Asset protection is a serious issue that affects numerous operations and organisations. In-transit property theft that stole billions of dollars from companies in 2006. Within the past few years, the Internet of Things (IoT) has helped put a stop to the theft of assets.

If you don’t know, the IoT is simply a network of connected devices. These devices have sensors that collect data about the “health” and status of the device that is then shared through the Internet. You don’t have to imagine how this sensor data stops asset theft in its track, in real time, the second it occurs.

This is largely due to a function called “Geofencing.” This means that your warehouse or facility has a virtual “fence” around it. When IoT-enabled assets leave or enter the virtual fence, you will receive a notification about those assets. Much like you receive real-time messaging alerts from social media platforms. While this can be annoying during work hours, you will immediately know if any IoT-tracked asset has left the facility after closing time.

Conclusion

Now you know a little bit more about how tracking management systems and software help you manage and document assets. These software systems and automated processes inarguably help your teams and departments find assets (of all sizes) within milliseconds. This “search and find” time is crucial for a number of reasons: every second searching for equipment or units is time that could be used for shipment.

Without app or cloud-based tracking systems, your tools, attachments and materials are like needles in a haystack across the project or job site.