Benefits of Asset Tracking Software

Asset management is the virtual replica of the workplace with a view to each department and critical areas of the business. This digital representation of all the physical object makes managing the assets much easier. This asset management software enables you to identify, locate and monitor the assets like its tools, equipment and the employees.

Asset management services has benefited the company in:-

1. EASILY LOCATE ASSETS

Let’s say that you run an airport and have thousands of carts that travelers can rent to get their luggage from the car to the baggage check.  Although those carts are continuously in use, folks are leaving them in the garage, while airport staff are hoarding them to help move other assets from terminal to terminal.

Every cart that goes missing equates to lost rental profit.  But by using digital twin technology – otherwise known as asset tracking software – you can find those carts and get them right back into action.  And solutions like the Air FinderSuper Tag (in beta at the time of writing) can help you locate them both inside and outside the terminal building.

Pro Tip: When it comes to the great outdoors, be wary of typical GPS asset tracking solutions which often have prohibitively short battery life and barely work indoors.

2. PROACTIVELY MONITOR EQUIPMENT CONDITION

Equipment and asset condition monitoring covers all sorts of events, like shock from falling off a cart or damage from temperatures that are either too hot or too cold.  In fact, more than a few businesses require this kind of information for audit processes. For example, hospitals must keep very precise temperature records for blood warmers.

Or maybe you’re interested in warning signs of early failure, and you notice it’s taking longer for a particular machine to complete a specific task.  If you have asset tracking software, you can verify its actual speed, by recording the exact amount of time it’s used during an identified time period.

In other words, you would have the capacity to continuously monitor equipment utilization, thereby enabling you to make repairs – or even replacements - before they’re needed.

3. KNOW WHERE YOUR ASSETS HAVE BEEN

This benefit of asset tracking may sound trivial, but knowing where your assets are at all times, including where they’ve been, can have a significant impact on productivity (and therefore, profit).

For one thing, you will have a better grasp on equipment utilization trends over time, given that each tagged asset maintains a digital footprint.  Let’s say you have one piece of equipment journeying across your facility time and again to be used in a different area.  Maybe you should find a more convenient spot for storing it, a move that would most likely increase overall workplace efficiency. 

Likewise, that digital footprint can help you find lost or misplaced assets in record time, and that’s a huge benefit when it comes to controlling cost reduction services.

Lastly, with the right kind of IoT asset tracking solution, you have a digital paper trail, with which to easily collate and generate reports, which of course, does away with the tedious, labor-intensive practice of totaling tallies by hand.  

4. DRAMATICALLY IMPROVED WORK-IN-PROCESS (WIP) TRACKING

We get calls and emails from folks all the time who simply need to understand where components are in enormous, multi-stage production facilities. 

This may seem like a fairly simple task; but should you want to know when a particular refrigerator has reached the interior assembly stage in a million square feet of space, there are surprisingly few ways to do that.

That’s simply because wide, open spaces present immense logistical challenges, and most indoor positioning systems just can’t quite stand up to the task.  We’re developing very promising technology here at Link Labs to meet this need, however...

5. REDUCE COMPLIANCE RISKS

Compliance is a pretty big deal in the business world, and you likely have internal compliance requirements in addition to the external forces at play – which is where automated tracking systems come in handy. 

Internally, for example, it may be important to limit the amount of time spent using a particular piece of equipment, because your supply is short, or folks are hiding things to use themselves.

And externally, well, it’s hard to imagine any business that’s not held accountable to some level of regulation or accreditation.  Going back to the temperature of blood warmers for a moment, hospitals are subject to severe penalties if they are even slightly out of compliance.

Which brings us to the next point.

6. EASE THE BURDEN OF AUDITS

If asset tracking software helps you reduce compliance risks, then it should help you ace your audits, too, right?  Absolutely!  With the right asset tracking solution, you can significantly reduce the effort required to prove you’re currently in compliance and have been since the last audit.

Pro Tip: As you’re gathering requirements for an asset tracking implementation, think about compliance needs as well.  Building those requirements into your system from the start is always a smart plan.

7. ENSURE EMPLOYEE SAFETY

I know, I know, we’ve talked a lot about asset tracking with regard to equipment and tools, but AirFinder by Link Labs happens to also be one of the top employee panic button systems in the world. 

Assault is a very real concern for hospitality workers, roughly 60% of whom have reported such behavior from guests.  Working in partnership with big brand hotels, our company’s solution equips staff members with wearable, concealable Bluetooth Low Energy (LE) panic buttons. 

Thus, in an emergency situation, an employee’s location can be pinpointed in real-time and security dispatched immediately.  Of course, while assault is not a major issue is most businesses, it’s a critical concern in any sector with lone workers or folks who work one on one with strangers or new acquaintances.

8. ADD-ON CAPABILITIES

Last, but not least, add-on capabilities – like temperature and shock monitoring – enable you to get even more out of your asset tracking hardware. 

Let’s say your business is located in a large building with central air on the roof.  Those units leak.  But if you already have a Bluetooth asset tracking solution in place, you can add other Bluetooth Low Energy (LE)-enabled monitoring devices to that system and link them up to your asset tracking software.

Wrapping Up

So there you have it: 16 benefits of asset management.  We hope that this post has helped to illuminate the full power of asset management, while addressing the specific issue that fuels your interest – be it budget, compliance, loss, or something equally important. 

And as always, if you have questions, please reach out and let us answer them.

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