Internal Asset Tracking
Asset tracking software allows for control and management of fixed Assets, like moving from one location to another.
Asset tracking software manages the physical locations and the availability of fixed assets and equipment. Asset-intensive companies use asset tracking solutions to optimize asset allocation, improve inventory management, and monitor the status of their assets.
What does asset tracking software do?
An asset tracking system provides real-time, accurate data on what a company owns, how an asset is used (or in some cases, not used) and its contribution to the bottom line.
What is asset management software used for?
Asset management software is a dedicated application which is used to record and track an asset throughout its life cycle, from procurement to disposal. It provides an organization with information like where certain assets are located, who is using them, how they are being utilized and details about the asset.
What are the types of software assets? What are examples of software assets?
Some common examples of software assets include software programs, software licenses, data rights, documentation, software development agreements, maintenance agreements, etc. These assets are typically used in the conduct of a business.
What are the features of asset tracking?
Asset tracking systems can display, transmit, and capture a myriad of information about your assets. It can also store and interpret that data into customized reports that calculate and organize information on each asset such as current asset value, depreciation, location and movement, use history and damage to assets.
What is indoor asset tracking?
Indoor Asset Tracking involves monitoring and locating assets within indoor environments, such as warehouses, factories, or other enclosed facilities. This offers real-time data on the location, movement, and condition of assets, which could be anything from inventory and machinery to staff.
What is asset management information system?
An asset management information system is a computer based system which is designed to assist the user to create and maintain documentation for the asset management function.
As a business is starting out, the concept of asset tracking isn’t usually top of mind. In fact, many businesses may even ask the question, what is asset tracking? So let’s drill down to the bare basics of asset tracking and what it is and how it can benefit any company in any industry. Asset tracking, in its simplest definition, is the method used to track a company’s physical assets either by scanning barcode labels attached to the assets or by using tags using GPS or RFID, which broadcast their location. An asset tracking system provides real-time, accurate data on what a company owns, how an asset is used (or in some cases, not used) and its contribution to the bottom line.
Before we go too much further into asset tracking and how it works, it’s important to understand what an asset actually is. An asset is an item that is considered a resource owned by a company and has economic value that can be measured and expressed in dollars.
There are two main categories of assets:
1) tangible assets (fixed assets), which include items like computers, furniture, vehicles, camera equipment, mobile phones and tablets; and
2) intangible assets, which are comprised of items like contracts, software licenses, and patents.
The Difference Between Assets and Inventory Assets are commonly confused with “inventory” in business. Inventory is an asset that is intended to be sold, consumed or distributed in some way in the ordinary course of business. Asset tracking differs from inventory tracking in that asset tracking is the process of monitoring the value of items owned by a business, along with pertinent details on each item regarding its location, ownership, maintenance schedule, whereas inventory tracking is associated with keeping an accurate record of items that are held in stock for sale to customers.
On a daily basis, a company’s assets pass through multiple sets of hands both internally, among employees as well as externally, among service providers, which means the opportunity for lost or mismanaged assets is a big risk. Years ago, asset tracking involved manual procedures to enter data such as handwritten ledgers and online spreadsheets. Eventually came the addition of expensive hardware, like hand-held scanners, which needed frequent maintenance and updates and simply were not conducive to staying on top of constantly moving assets among a growing workforce.