How Asset Tracking System Advances Business Performance

Today managing physical assets is less vexatious than before because businesses have access to a plethora of tracking technology that the past didn’t offer. Nearly all asset tracking methods at disposal cohere with practices adopted by businesses to leave no assets underutilized. Businesses have an advantage when their asset management system is up and running because:

• Asset performs well

• Asset value multiplies

• Risk is contained around assets

• Businesses will climb the trust scale and so will reputation

• It eliminates the complexity of decision making

Because an organization uses a variety of assets on-premises, focusing on a single asset management technique is insufficient. The majority of management prefers to keep physical and infrastructure assets under surveillance because they are more important for day-to-day operations. The core concern of asset tracking and management is to choose an easy-to-implement practice to maximize the use of physical and infrastructure assets.

What is asset management?

Organizational assets can now be managed in an "asset directory" by companies that use enterprise-level asset management systems or computerized maintenance management systems (CMMS). What could the phrase possibly mean? The asset directory, on the other hand, is a comprehensive inventory list of all assets owned or used by an organization. To keep track, it works with several functional modules.

What is inventory management?

Inventory management allows an organization to keep a centralized repository of asset data to track everything from software licenses to physical tools to contracts. This type of centralized system is easy to audit and reduces accountability gaps, ensuring that no assets are lost due to procrastination in maintenance or theft.

Asset tracking system explained

While a large indoor space can contain a variety of assets ranging from commercial to infrastructure to physical, tracking physical assets can be difficult. To address this issue, however, IoT-based asset tracking systems are commonly used. It is not only more sophisticated than a standard asset tracking system, but also easily scalable for tracking commercial assets in an organization.

A smart asset tracking system saves you the trouble of deciphering spreadsheets displaying asset location and history. Wouldn't it be great to have quick access to all of your records?

Businesses purchasing asset tracking systems are nothing new, but why should they?

The benefits of using an efficient asset tracking system are immediate and will improve business performance. This is because it keeps all assets accounted for, relieving the stress of asset management. If you haven't already prioritized asset management, it's time to move it up the priority list to –

Prevent Asset loss

When there are a lot of assets in an indoor environment, it's impossible to know where they all are unless there's a way to centrally monitor asset position on a vertical and horizontal plane. Using GPS for tracking is a risk because when assets go missing, it becomes a tracking operation that consumes resources, time, and money. A costly exercise in which most businesses are uninterested. It not only has an impact on the bottom line and productivity, but it also has a negative impact on the brand's image and trust ratings. An indoor tracking system that allows tracking of any number of individual assets in a multi-floor, multi-building configuration can help to avoid such a scenario.

Mapsted's indoor tracking system is already in use at several corporate offices and factories to solve tracking issues while also improving asset control and management. The simple technology beats every other asset tracking software in terms of cost, productivity, and actual tracking results.

Keep every asset accounted for in real-time

Thanks to indoor positioning technology, it is now possible to track assets in real-time. You can see the current status of your assets from the moment they arrive. Admins can also direct assets to specific locations in real time if necessary. Automation simplifies asset management, making it the icing on the cake. With this configuration, assets will never fall into the wrong hands or wander into vulnerable locations. The issue of delays will thus be resolved entirely. When you use Mapsted's asset management solution, you'll never have to worry about record duplicates or redundant data again.

Delight consumer experience

When deliverables via business assets are met on time, customers are elated, and their confidence soars when placing future orders. When your assets are in charge of meeting deliverables, it is critical that you are fully aware of your asset status so that deliverables are never behind schedule. A tracking system demonstrates its worth by recognizing opportunities. It completely eliminates the manual accounting of assets. Real-time asset monitoring removes the possibility of failing regulatory compliance, allowing audits to pass with flying colors. The more compliance a brand achieves, the closer it is to being recognized as a trustworthy brand, resulting in positive customer sentiment. Not to mention the added security that comes with a proven track record.

Unlock hidden productivity

Asset tracking systems have advanced to the point where they can predict downtime before it occurs. It is possible to know about asset health while in operation and estimate the remaining lifecycle by knowing the asset status in advance. RFID technology can be used to tag assets in the production line for real-time tracking at various stages. Asset tracking is now widely used in warehouses to track assets from the manufacturing hub to the retail shelf until a customer carts them. It provides stakeholders with information such as lot size, manufacturing date, shipment date, and much more. Asset tracking is becoming more popular in hospitals, where the technology allows administrators to track people and equipment. Because record keeping is a core function of asset management, it is no surprise that it is a productive tool because it saves employees who otherwise cannot afford to be bogged down by manual record keeping.

Prevent expected repairs or catastrophic failures

Asset trackers frequently contain critical asset information that allows you to prepare maintenance plans and predict when assets are nearing the end of their useful life. If such assets require replacement, they can be ordered ahead of time to avoid last-minute disruptions. Ignoring a failing asset can increase not only costs but also business downtime. As a result, asset tracking is critical to a successful maintenance cycle.

Conclusion:

You now understand the five ways an asset tracking system improves business performance. Having all of your physical and non-physical assets accounted for and tracked allows for instant retrieval, regardless of the nature of your business. Real-time asset location data can be useful in a variety of applications. It not only helps businesses increase productivity but also reduces risk if assets are mission critical. Assets such as medical equipment cannot be displayed if you work in the emergency sector. Having them visible on the tracker makes it easier to direct staff to retrieve them when necessary.

A Passionate writer with a great interest in technology. Loves to write and learn more about the latest developments in the tech industry.