What is Asset Tracking?
An asset is any resource with great importance and economic value that an individual or entity owns. Nowadays, it is extremely important for businesses and individuals to keep track of the location of their assets in case it goes damaged or missing. Most people spend a lot of time looking for a piece of particular equipment or supply that can cost the company more than it intends to spend. That’s where asset tracking or asset management becomes a valuable method. Asset tracking is a system or method in tracking physical assets to save time, money and other resources.
Managing assets is not just doing an inventory of all of your resources and then keeping a list of them in a spreadsheet. It also involves keeping up to date information such as where it is, who has it, it’s status, does it need repair and so on. Having this necessary information helps a company become efficient and get the most value out of their asset.
How Does Asset Tracking Works?
Asset tracking systems use RFID tags, barcode labels, and GPS tracking to know the status and location of an asset. This type of system uses cloud-based asset tracking solutions to keep accurate data in the cloud.
Let’s discuss how the following asset tracking devices work:
1. Barcode Labelling
Barcode labelling is a technique used in asset tracking by assigning a unique identification number to each equipment you need to track. The tracking numbers are then printed and attached to the corresponding equipment they belong to. And then with a handheld scanner, you can simply scan the barcode tag of an asset allowing you to immediately track its movements and status. Once your assets are scanned and tagged in the system, it will be easier for you to access and update all the information associated with that asset.
This technique is very helpful as it saves you time looking for an item especially those that are out on the road and often being transferred into different locations.
2. RFID Tagging
Radio-Frequency Identification or RFID is a wireless use of radio-frequency waves to transfer data to a reader. RFID tags allow users to uniquely identify and track inventory assets. One of its notable features is that RFID tag data can be read outside the line of sight. RFID tags have many more features and more technical but definitely more expensive than barcode labels
3. GPS Tracking
GPS asset tracking devices use cellular network connections to track the location of the asset where it’s attached to. These devices are small and could tell you the exact location and current movements of your assets. GPS tracking devices are normally used by car fleet management, logistics or car rental companies to track their assets that are always on the move.
Products like My Buddy Gard’s car GPS tracker is one of the best GPS tracking device in the Australian market. It is a 4G LTE tracker for your vehicle assets like cars, boats, and motorbikes. It has a lot of features that could help you track your assets in real-time.
In conclusion, asset tracking helps businesses become more efficient and realize the value of each of their asset. It will allow you real-time asset management, avoid unnecessary repair and maintenance costs, increase productivity, and reduce labor waste.