What is Asset Tracking?
Asset tracking enables you to keep track of your high value equipment and machinery by combining intelligent hardware with powerful software.
Tracking your assets’ current and previous locations is just the start. It helps you keep the finer details in check, too; such as how much stress a job may be putting on your machinery, when it’s time to replace a part, and it lets you know of any upcoming services or preventative maintenance checks.
There are plenty of beneficial byproducts to asset tracking. The main two: reduced costs and increased process efficiency. So what’s stopping you from investing?
Why Should You Use Asset Tracking?
First and foremost, asset tracking is about taking care of your equipment. Whether you’re looking for an asset tracking system on behalf of a construction company, hospital or asset rental business, it’s all about knowing exactly where your high value equipment is located, and it what condition it’s in.
Isn’t it a manager’s job to take care of all of this? Well, yes. But how much more productive would their job role be if they had access to asset tracking software? They could spend their time actually actioning and implementing, rather than manually monitoring and logging.
You never know – investing in asset tracking software may result in the discovery of equipment that isn’t giving you enough return on investment (ROI). It could prevent a major security breach. And maybe you’ll discover that your workers aren’t taking enough care of your machinery.
Key Asset Tracking Features
So what exactly does asset tracking offer? Here’s a list of the top features.
Knowing that your belongings are exactly where they’re supposed to be is always comforting. Thanks to a combination of QR codes, barcodes and GPS, you can keep an eye on the whereabouts of all your equipment on a single screen.
Asset tracker suppliers can provide you with the necessary hardware, and you may find that your larger assets already have GPS tracking installed.
Ever bought food from the supermarket and forgotten to eat it? There’s nothing worse than wasting a purchase. You could be doing that right now. Asset tracking software will provide you with insightful data on how often your equipment is used.
Do you have idle equipment? Could you use your equipment elsewhere in the business? Do you even need it at all? An asset tracking system will enable you to find out.
It helps to know exactly how much your assets are costing your business. Asset tracking enables you to track usage by project, whether it’s for one of your projects or for a rental bill. Once you improve your cost analysis, you may find out that you can afford to make more competitive bids for projects.
Unauthorized Use Protection
Do you worry about leaving your equipment on site over night? Asset tracking equipment is a clever piece of kit. It can set a virtual limit around the perimeter of the work site and alert you if a piece of machinery breaches those boundaries. Quick call to the police in good time and your equipment remains where it’s meant to be.
Monitor Asset Status
Working your machinery too hard can lead to unnecessary repair costs. With asset tracking, you can actually see whether your team are over-exerting your equipment. By measuring things like usage, vibration and temperature change, you can book equipment in for preventative maintenance checks before excessive wear and tear or breakages happen.
Asset tracking keeps all your machinery data in one location. Use the system to log any maintenance, a service, or wear and tear. If you’ve just had a part replaced, log the date you need to replace the part again. You can even log engine hours so you know when your equipment needs a check over.
What are the Benefits of Investing in Asset Tracking?
Increase productivity: Manual logging of small equipment can take up more time than you think. Asset tracking enables automatic scanning and logging, meaning employees can focus on what really matters.
Improve customer service: If you hire your equipment out, you may be expected to provide an asset tracking service. You can be on the end of the line with any information about their hired assets, enabling you to go above and beyond other equipment hire companies.
Make asset audits easy: With equipment visible in data form, you can reduce compliance risks and receive detailed compliance reports. Having all of your asset information on one board helps you avoid tax and maintenance ghost costs, too.
Peace of mind: Avoid unnecessary stress with an automated system. Inaccuracies are no longer. Passing external and internal audits is pretty much guaranteed. And if you want to grow your business, you can do so knowing exactly what your numbers are.
Who Uses Asset Tracking Software?
The Xtreme Drilling case study is a perfect example of how asset tracking can majorly improve business efficiency – cutting down on wasted time and unnecessary costs.
Needing a way to manage their fleet of valuable spare parts, Xtreme Drilling got in touch with asset management provider Tenna, who came up with the perfect solution.
Implementing their QR asset tag tracking system, Tenna gave Xtreme Drilling the ability to instantly check their inventory, as well as location of spares, their condition status, and readiness for immediate use.
In doing this, they significantly reduced delay in equipment replacement and any costs associated with spare parts turning up unusable.
Case Study 2
The team at DeSilva Gates were tired of turning up to a project to realise their assets had gone walkabout. With no efficient way of knowing where they’d gone, the team would waste valuable time looking for the missing equipment.
Now, thanks to Verizon Connect’s inclusive asset tracking solution, they’ve not only gained back valuable time – they’ve also cut back on unnecessary spending.
First, they can see exactly where each asset is located. Secondly, they now use engine data to track when a vehicle needs a service, rather than use a predetermined time frame.
Asset Tracking Prices
Asset tracking is an individual solution, which means it’s impossible to pinpoint a price. It’s not going to be cheap, but quotes are usually fully inclusive and provide you with a cost for:
- Implementation and training
- Access and support
The most important aspect to consider is your return on investment (ROI). Luckily, asset tracking companies such as Tenna have an online ROI calculator, so you can gauge just how valuable asset tracking will be to your company.
Top Asset Tracking Companies
Who should you trust with your assets? Here are three of the top asset tracking companies:
For Tenna, it’s all about using the most advanced technologies to bring business operations into the 21st century. They pride themselves on their intelligent GPS asset trackers and highly durable QR code inventory tracking. Tenna want their customers to discover new things about their business and benefit from an in-depth insight, which is why their solutions are innovative and their consultancy truthful and thorough.
Want to make your business operations more efficient? Verizon Connect are who you call. They’re a complete solutions company with a mission to ‘automate, optimize and revolutionize the way people, vehicles and things move through the world’. From asset tracking to fleet tracking, their expert consultancy team are there to help you cut back on time and money costs.
On!Track Asset Management (Hilti)
To maintain integrity, Hilti run their own production plants and research and development centers. This means you can be sure their asset tracking technology is at the top of the game. Their On!Track Tool Tracking and Asset Management service uses a three-part system to help companies keep track of location, certifications, inspections and maintenance records. You can also rely on their customer service team for quality support.