What is Asset Tracking?

“Asset tracking” is the process of keeping track of and managing business assets within a warehouse. To efficiently do this, companies are now using tracking devices and apps. This way, they can keep tabs on when assets are in use and gather real time information in real-time.

Global asset tracking is mostly used to keep track of and handle high-value assets in the warehouse. This management solution that helps boost productivity can also tighten a company’s security measures. And when companies use these monitoring and asset tracking tools, they can easily monitor the whereabouts of their resources and how they are being used in the workplace.

Our asset management solution and tracking tools let you run your business more efficiently. With the help of advanced technology like the ultrawide band (UWB), Bluetooth, and radio frequency identification (RFID), your entire organization can easily track your assets and protect them. If you are aware of where your assets are, it helps your business determine which resources are in high demand and what are those that aren’t being used.

Ultimately, live asset tracking will reduce downtime and increase output. As a result, it cuts the operation costs and you get to save more money. RTLS asset tracking also makes it easy to do preventive maintenance. If you know how often these assets are used and if they are cared for, you can efficiently plan for maintenance and prevent breakdowns. Doing so can also extend the life cycle of the assets you have. This way you can make the most out of them as you also boost productivity in the workplace.

asset tracking technologies

Why Asset Tracking Is Important?

There are plenty of reasons why a business must use global asset tracking systems. It offers numerous benefits to companies across various industries. Knowing how important your asset management system and tools are can help decide if it is beneficial to your business.
asset tagging

Optimize Asset Utilization

With UWB asset tracking, companies can get the most out of their assets. Live asset tracking can help them reduce unscheduled downtime. This way, they can make better use of their resources. A better asset tracking platform turns companies to become more efficient. They lose less money since they are making the most out of their resources that can benefit the business.

indoor asset tracking

Ensure Asset Security

Businesses that are using asset tracking solutions can keep their resources and other valuables safe. With the use of GPS asset tags and RFID tracking systems, they can efficiently secure their valuable assets safely. With a GPS tracking device, no asset will go missing or left unattended. And with asset monitoring, it is easier for companies to file for insurance in case it gets lost or stolen.
tracking assets

Long-Term Savings

Using asset tracking can benefit your company to save time and money. A company can achieve this by improving the right asset usage, minimizing the risks of theft and loss, and also enhancing maintenance standards. Knowing the status of your assets through an asset tracking system will prevent you from purchasing more and making use of what is in stock. With all assets onboard, this minimizes downtime and delay.
asset management and tracking

Company Compliance

In many sectors, asset management is required to conform to strict regulatory standards. RTLS asset tracking is an important tool that companies can use to ensure compliance. It allows companies to maintain accurate records of the location of their assets. This way, your business and supply chain are able to keep track of the maintenance history and usage, which both records are needed for compliance.

How Do Asset Tracking Technologies Work?

Asset tracking devices include the use of both hardware devices (sensors or tags) and software systems to effectively monitor and manage your assets. Understanding how asset tracking technologies work is crucial.

asset tracking

Assets are Tagged Using Hardware Devices

The process of tracking starts by setting up tracking devices for the company assets. These are the company assets that require monitoring. The real time asset tracking hardware devices that are used for efficient monitoring may differ based on the technology in place.

  • Global Positioning System (GPS). These are devices that are commonly used for tracking assets in the warehouse. It receives signals from satellites to ensure the accuracy of maintenance and service.
  • Radio Frequency Identification (RFID). These are tags that make use of radio waves to transmit data. The scanners capture the data that are transmitted by the asset tag systems.
  • Barcode. This type of tracking solution makes it easier to find valuables in the warehouse as they are labeled with unique barcodes. And when scanned using barcode readers or mobile devices, your high value asset information is retrieved.

Data Capture and Transmission

These asset tracking and real-time monitoring devices record and transmit information about its location, motion within the warehouse, status or condition, and additional information needed for monitoring. Depending on the type of asset tracking devices and other systems in place, this data may be transmitted over mobile phone networks, Wi-Fi, or other wireless communication technologies.

Real-time Monitoring and Analysis

The wifi asset tracking features a map that shows where the assets are within the warehouse or the given indoor area. This then sends out alerts and reports in detail. With real-time location systems and effective asset management solutions, any emergencies can be acted upon more quickly.

Storage and Processing

Asset tracking systems receive the transmitted information. And for the data processing and analysis to start, these systems store the information first in databases or cloud-based asset management software. Since most tracking solutions these days can be easily integrated with current systems for seamless data storage and processing.

What is Asset Tagging?

asset tracking tags redlore

The process of identifying and tagging valuable business assets using one-of-a-kind technology makes it easier for companies to identify, track, and manage those resources. This meticulous yet very effective process is referred to as “asset tagging.”

Tagging or labeling each valuable item may help you keep your physical assets in the warehouse. This is a must for easy monitoring. Tagging uses a unique identifier, it could be a barcode, QR code, or RFID tag. The asset tag systems store a variety of information about the asset. This includes the equipment serial number, detailed description, location and motion, and any other vital information that may be required.

Wifi asset tracking can be done for a variety of purposes. It offers an effective tracking system for efficient monitoring and management of inventory. With asset tagging, companies are able to seamlessly identify and locate assets within the warehouse by scanning or reading the tags. This reduces the amount of time and effort spent for manual-based asset tracking or counting inventories.

By using asset tracking devices, it is also easier to ensure that all are properly maintained and on schedule. To do this, tags may include information regarding the maintenance history of the asset. It will also list the details of the warranty as well as the requirements of battery life for service and insurance.

Tagging assets also help increase security within the warehouse. By making it simple to track down valuable items in the warehouse, you can easily find a solution for your assets when there are reports of illegal usage and theft. Asset tagging provides accurate records and evidence of ownership. Tagged valuables are easily monitored for tracking solutions for asset tracking. They can be identified and recovered in the event that they are lost or stolen.

How Do Asset Management And Tracking Improve Quality Control

Effective resource tracking and asset monitoring allow a company to have seamless access, control, and insights into its assets. This helps improve the quality control of a business. There are ways that tracking and managing assets help improve quality control.

Real-Time Asset Monitoring

Businesses can keep their assets in excellent condition with the help of real-time monitoring. This is made possible by modern asset management and tracking technologies. By keeping an eye on assets regularly, unknown issues can be spotted and acted on before they become major problems that can cost a lot of money. This way, companies can reduce equipment breakdowns and workflow downtime which can greatly affect the quality control of assets.

Regular Asset Calibration

To ensure the quality of company assets like measuring tools and equipment, they must provide accurate and reliable measurements. That is why it is crucial to ensure that they are calibrated and checked regularly for asset management and analysis of data. With the amazing benefits of assets management in place, companies can track and manage calibration schedules to make sure that equipment is serviced on time.

Real-time Data Collection

Information gathered by asset tracking systems is very important for quality control. This includes asset status, possible wear and tear, and service history. These factors may have an effect on quality control. Any risks and issues can be spotted with the help of the fixed asset management information. Data-driven process changes are possible when asset data is analyzed along with quality data.

Ensure Business Standard Compliance

Effective asset management and tracking systems maintain accurate records for the company. If you look into industry standards, white papers will include asset usage, maintenance history, and calibration services done on this list. These case studies and records can help contribute to making sure the business is compliant with industry quality standards and encourage regular audits.

Frequently Asked Questions

Internet of Things (IoT) tracking is the process where IoT technology is used to monitor and take advantage of fixed asset tracking in real time. The process involves connecting assets to the internet for them to be equipped with tags, sensors, and other monitoring devices. These are then used to collect and transmit data which includes their location, status, or other relevant information needed.

With IoT tracking, companies will have detailed up-to-date information on their assets. This way, they can optimize resource utilization, boost security measures, and improve efficiency in general through fixed asset tracking.

Asset tracking tags are used for a variety of applications. And the best use for asset tracking tags depends on the specific needs and requirements of the company. Asset tracking tags are commonly used in certain industries. This includes healthcare, logistics, manufacturing, supply chain and asset management in retail.

These tags can be attached to devices and other valuable items for easy tracking and also enjoy the benefits of assets management. This includes the company inventory, valuable equipment and tools, vehicles, and other high-value assets that businesses need to track and manage regularly. With asset tracking tags, businesses can improve asset visibility. This way, loss and theft risks are reduced and assets are efficiently allocated for improved productivity using the best asset management software.

The cost of a RTLS varies depending on a number of factors. One of them is the scope of what you’re trying to achieve. If you have a complex system with a large deployment area, then you may have to purchase multiple devices and set up complex tracking systems.
This can be quite expensive.

If, however, your project only requires a minimal setup with little complexity, then you may not have to spend as much.

Generally, though, you should expect to spend anything between a few thousand dollars to tens of thousands of dollars to set up decent RTLS systems.

Highly complex systems may cost you hundreds of thousands. The most complex systems may cost millions of dollars to implement.

It is important to note, however, that regardless of the cost, RTLS is usually an investment. And when implemented right, the return on investment is usually worth it.

Element classification plays a vital role in the utilization of asset tracking technologies. It provides a systematic categorization of assets based on various factors – characteristics, usage, and attributes. Through element classification, businesses can apply specific tracking methods and guidelines for better monitoring and analysis.

This element classification helps streamline indoor asset tracking processes within the warehouse or indoor facility. This tracking tool ensures that appropriate technologies and strategies are in place. This way, they can enhance the effectiveness and accuracy of their uwb asset tracking strategies.

The cost of tracking assets vary depending on several factors – technology used, the scale of the asset tracking, the number of assets being tracked, as well as the overall functionality and features needed.

Choose asset tracking systems in the market that should cover hardware devices (GPS trackers, sensors, or tags), software systems, installation and setup, maintenance and support, and data or connectivity charges. To better understand the costs of tracking assets, consult a trusted provider or vendors. This way, companies will know which indoor asset tracking solution is the most appropriate for their needs.

Plant asset management is the process of effectively managing the physical assets within a plant, manufacturing, or industrial facility. The best asset tracking solution aims to maximize the performance, reliability, and lifespan of these assets. As a result, the tracking software that many companies trust helps minimize downtime, lower maintenance costs, and mitigate risks.

Our asset tracking system is for the plant management processes. This involves the usage of asset tracking software for the maintenance and optimization of resources. It can be for multiple assets and machinery, valuable equipment, and infrastructure. It typically involves efficient methods for status monitoring, lifecycle management, performance analysis, preventive maintenance, and scheduling.

By implementing plant asset management best practices, companies can improve operational efficiency and enhance productivity in the workplace. The use of this software can help ensure smooth and reliable functioning of their industrial facilities.