Asset tracking can boost your bottom line in many ways, and here’s how…
What is Asset Tracking?
Asset tracking is the process of monitoring the location and status of your company’s assets, showing you where they are and who’s been using them. You can do this through barcode scanning, or using GPS and RFID (radio frequency ID) to broadcast their location.
The best asset tracking software can also notify you when your equipment is due an upgrade, which can help your business to deliver a better ROI (return on investment) by helping you to understand which assets are generating the most – and least – amount of profit.
All in all, asset tracking software helps asset managers to log crucial information about the location, ownership, and status of each asset. This can help your business cut costs and increase productivity (more on that in the next section).
The Benefits of Asset Tracking
More than just eyes and ears for your asset management team, asset tracking software can help your business:
- Save money
- Boost productivity
- Improve customer service
- Remain compliant
Let’s discuss these benefits in more detail…
✔ Save Money
When it comes to achieving a healthy bottom line, asset tracking is the superfood of investments.
Asset tracking supplier Telstra recently calculated that national transport companies without asset tracking solutions could be losing up to $4 billion each year due to lost assets. It’s simple: losing track of your assets means losing dollars.
Through GPS and RFID signals, asset tracking can tell you exactly where your assets are at all times, which means you’re far less likely to misplace assets and lose money.
Also, with work order history tracking, you can hold users accountable by viewing who’s previously used the item, helping to increase the security of your assets.
These two benefits are particularly beneficial for SMBs (small and medium-sized businesses), for whom losing just a few assets – or some simple mistakes on spreadsheets – could be devastating for profit margins.
Depreciation management is another feature of asset tracking that can boost your bottom line, providing you with information on how long-term usage has affected the value of your asset. You can use this depreciation data insight to replace, upgrade, or service your assets the right time, and avoid spending money on unnecessary maintenance costs.
Asset tracking can also help your business save on labour costs by providing numerous automated functions, which leads us on to….
✔ Boost Productivity
Audit trails, logging hours, asset check-ins and outs – they can all be automated through this software. Essentially, asset tracking software gives you full visibility of how many different assets are passing through your business, how they are performing, and where they are, allowing your staff to focus on other areas of your business, reducing ‘labour waste’.
✔ Improve Customer Service
Your customers will want to know where their assets are at all times. They’ll also expect a strong ROI. Asset tracking software has all the features you need to keep your customers happy and in the loop, providing real time location updates and detailed reports.
✔ Remain Compliant
In Australia, there are certain equipment maintenance and testing requirements across all industries. Top tier asset tracking software can generate compliance reports in minutes, which would usually take months to complete manually – saving your business time, money, and a letter from the relevant authorities.
What is Asset Management?
Asset management is an umbrella term for monitoring your business assets. The Asset Management Council of Australia describes it as ‘the life cycle management of physical assets to achieve the stated outputs of the enterprise’.
It differs slightly from asset tracking in that it refers to the entire strategic and operational processes of managing assets, while asset tracking refers to the actual technology used to track the location and status of assets. Asset tracking software is one of the most important tools for an asset manager.
What are the Types of Asset Tracking?
Asset tracking encompasses a handful of cool, but different, technologies, each of which enables you to track your equipment in a slightly different way. The main types of asset tracking are:
- GPS: Active tags
- GPS: Last time scanned
- QR codes
GPS: Active Tags
You’ve probably heard of GPS tracking. It’s used to broadcast an item’s location at any given time. With active GPS asset tags, you can virtually track your assets in real-time, without needing to scan a thing. This feature is particularly useful for hospital asset tracking, helping doctors and nurses locate crucial equipment more easily.
Plus, you can receive alerts on your asset tracking software when your GPS-tracked asset has changed location. In sum, this technology gives you eyes on your assets at all times.
GPS: Last Time Scanned
Don’t have time to virtually track your assets all day? By scanning the barcode or RFID tag on the asset, you can capture the GPS coordinates for that asset – namely, where else it’s been scanned. This means you’ll see where previous users have picked up and dropped off the same asset, helping you to understand its work order history.
RFID (Radio Frequency ID)
Using an active RFID-based asset tracking system is similar to using GPS asset tags. However, RFID uses microchips that are attached to the asset to transmit details directly to a reader. You can also physically scan an asset with an RFID tag, making it a similar (albeit more expensive) method to using barcodes.
Most businesses use a barcode system for tools such as machinery and office equipment. Why? Because it’s affordable and reliable (barcode has been around since the 70s). Typically costing a few cents apiece, barcodes are cheap to implement across all of your assets, requiring a simple scan to reveal all of the information you need.
You’ve seen QR codes everywhere, right? From advertising billboards to virtual queues at restaurants. Well, QR code asset tracking software works in the same way – this technology displays detailed information on user history and its location through a quick QR scan. Simple!
Asset Tracking Case Studies
Understanding how other businesses have used and benefited from asset tracking can help you to make the right choices for yourself. So check out these recent case studies below to read about asset tracking in action.
Using EZOfficeInventory, travel-booking giant Kayak was able to seamlessly transition its assets into a unified system of administration over the period of a single year.
Kayak now uses QR code asset tracking software to track its equipment, scanning each item with a third party scanner or through EZ’s mobile app.
The asset manager for Track Utilities says the company has saved an hour a week by knowing where its assets are, thanks to Asset Panda’s software.
The business also saw better accountability among its staff and significantly reduced expenses.
The recipe box delivery company, HelloFresh, went with its (almost) namesake asset tracking supplier, Freshservice, to help streamline its operations and reduce costs. HelloFresh was able to improve the tracking of its data and increase accountability across all of its departments.
Having gained greater transparency of its asset costs, HelloFresh was also able to remain firmly financially compliant, which has helped it to improve its revenue collection.
Top Asset Tracking Suppliers
We’ve selected six of the best asset tracking suppliers in Australia to help you understand your options. Each supplier provides all the tools you’d need to track your assets and save money without a fuss, either providing clearly set price plans to help you calculate your expenditure, or a bespoke quote which offers a more tailored experience.
We've also included a list of each supplier's top clients which should help assure you that your company will be in, well, good company.
- Bespoke pricing
- Clients include: SCT Logistics, Aspen Medical
One of the leading names in Australia’s asset tracking industry, Telstra provides top-of-the-range technology for tracking freight, containers, trailers, and other moving assets such as vehicles or suitcases.
Aiming to build long-term relationships with its clients, Telstra helps to design, trial, and implement your very own asset tracking solution that’s tailored to your business.
- Bespoke pricing
- Clients include: AussieMove, Australian Road Services, NQCranes
Having won at the 2020 IT World Awards and reached the Contractors Top 50 list in 2019, Verizon Connect has the pedigree to work with any sized business.
As part of its asset tracking solutions, Verizon Connect offers GPS devices that can track engine hours on your vehicles, the location of your high-value assets, and much more.
- Bespoke pricing
- Clients include: Wellington School, ProctorU
Can’t bear the thought of misplacing assets? Asset Panda could be the perfection solution.
Asset Panda can make it super easy for you to track your fixed, IT, maintenance, and leased assets (among other types) with its fully customisable software that can be accessed from anywhere, by an unlimited number of users.
- Price plans start from USD 35 per month
- Clients include: Amazon, CNN, Intel
From enterprise equipment to zoological software, EZOfficeInventory has the tools to help your business keep track of its assets without a fuss.
Busy on your feet all day? With EZ, you can track the entire life cycle of your assets, conduct audits, and update documents directly from its mobile app, helping you manage your assets while on the go.
- Price plans start from USD 19 per month
- Clients include: Judson University, M&C Saatchi, Honda
Used by over 40,000 customers, including Honda and M&C Saatchi, Freshservice is an extremely popular solution for tracking IT assets.
With Freshservice, you can keep tabs on your company’s most important IT assets such as contracts, hardware, software licences, and more.
- Price plans start from USD 35 per month
- Clients include: Unilever, Yamaha, McDonalds
Providing an intuitive software system to help remove any asset-related stress from your business life, UpKeep is one of the most user-friendly options out there.
Directly from its unified platform, you can track asset downtime, run reports, set up automated workflows, create and assign work orders, and more. Sometimes it’s hard to keep up with UpKeep’s offerings.
You now know how asset tracking can help your business save money and boost productivity. You’ve also learned about which asset tracking features make a top supplier. Now, it’s time to get tracking.
Stuck for time? No worries. We can match your business with leading asset tracking system suppliers that suit your exact requirements, quickly and easily.
If you’d like free quotes from top suppliers, simply tell us what you need from your software on our quick web form.