The first step in understanding asset management is defining “asset”. Not to be confused with inventory, an asset is a permanent item that an organization uses as part of their business. This could include any number of items, such as:
- Computers / Printers
- Filing Cabinets
- Office Furniture
- Equipment / Tools / Machinery
- Vehicles
Asset tracking is used to keep track of each individual item, rather than a group of items. When referring to “tracking”, it not only applies to the location of each individual asset, but also provides and maintains information like age, value, date of purchase, who the asset has been assigned to, the condition of the asset, etc. Asset tracking solutions also have the ability to track depreciation and maintenance. Having a solid solution allows you to get the most value out of your assets in terms of being able to easily and quickly obtain information on each one.
Keeping Track of your Assets
Depending on the size of the business, assets could be everywhere! They could be in different locations within one facility, several locations in a different state, different country, etc. Imagine conducting a manual audit for a company that has hundreds of locations! With a paper-based tracking system, the priority is typically the location of the asset. Tracking other kinds of information such as when it was last sent in for maintenance, or who it was assigned to during the last audit, is difficult to effectively retrieve and maintain on a consistent basis (human interaction changes everything). After gathering a limited amount of information, the data would then have to be manually entered into a computer database. Audits conducted manually could take weeks to finish and are subject to data entry errors. An asset tracking solution takes significantly less time and is much more accurate than manual data entry, saving you tons of time and money.
With a bar code data collection solution, asset management is a much easier process. Each asset will be provided with a bar code label which will be used for tracking. Using a mobile computer or wireless handheld device, information about the asset can be obtained when the bar code is scanned. More flexibility is offered when using a mobile computer, of course, since you would be able to access the information you need right on the device, as opposed to using a laptop computer and a handheld scanner.
Let’s Get Tracking!
Putting a system in place to track your assets is fairly simple. With a couple of recommendations from a trusted solution provider, you can get going in a short amount of time. All you need are bar code labels, a software package that suits your needs, and mobile devices (or handheld scanners and computers) that are compatible with the software package you select.
Need a recommendation for an effective asset tracking solution for your business? Contact us today for a complimentary evaluation of your operations.