What Is Asset Tracking Software?

Asset tracking refers to the tasks and activities involved in monitoring and managing a company’s physical assets.

Physical assets can include equipment, machinery, computer hardware, tools, spare parts and raw materials as well as an organization’s facilities and infrastructure. Today, businesses can manage these assets and compile vital asset information using a variety of asset management software solutions.

Why asset tracking is important

Asset tracking is essential for a number of reasons. This process folds directly into your company’s ability to effectively maintain your inventory, enhance your maintenance program, and optimize asset performance.Before we proceed with a discussion of asset tracking, asset tracking software, and how the right asset tracking tool can improve the efficiency of your operation, let’s clarify some important terms.

Asset tracking vs. inventory management

Asset tracking and inventory management are closely related business processes, but there are a few important distinctions.

Inventory management usually refers to the procurement, stock level monitoring, and reordering of items that are sold, consumed, or otherwise utilized to completion. Inventory items such as raw materials, spare parts, and manufacturing supplies typically have a shorter life cycle, are meant to be sold or consumed over a specific duration, and must be routinely replenished.
Asset tracking refers to the long-term management of “fixed assets”–those critical assets that have been procured for long-term use, that are not intended for resale, and which have a longer expected asset lifecycle than inventory items, such as heavy machinery, manufacturing equipment, and vehicles. Whereas inventory management requires regular replenishment, asset tracking requires ongoing maintenance and full lifecycle management.

Inventory management and asset tracking should have a symbiotic relationship that allows for coordination between asset maintenance needs and inventory ordering decisions.

What is asset tracking software?

Asset tracking software is a digital platform that your organization can use to monitor and manage physical assets in real time. The right asset tracking solution will help your business keep tabs on the location, usage, maintenance, and condition of your assets. These insights can in turn be used to make data-driven decisions for reducing the progression and costs of machine depreciation, improving the efficiency of asset utilization, streamlining operational procedures, and implementing preventive maintenance (PM) strategies.

How does asset tracking work?

The asset tracking process depends on a set of interconnected tools and technologies. These asset tracking tools are designed to help ease some of the complications that can arise in asset tracking. Among these complications, manual data entry can lead to errors and inconsistencies; incomplete tracking can heighten the risks of theft and loss; and insufficient asset tracking can lead to both underutilization or overutilization of critical assets.

Asset management technology helps businesses overcome these complications through a combination of automated data collection, real-time visibility, maintenance alerts, and more.

In this section, we take a look at the role that each type of asset tag or tracking tool plays in supporting the broader asset tracking platform:

Barcode labels are typically affixed directly to assets, and can be scanned into the asset tracking system using barcode scanners or mobile devices with barcode scanning capabilities.
RFID Tags (Radio Frequency Identification tags) use radio waves to communicate information, which means that RFID readers can scan multiple tags simultaneously and from a distance, which can dramatically improve efficiency for large, asset-intensive organizations.
QR scanning, also widely used for asset tracking, allows the user to quickly retrieve detailed information about the asset, including its model, serial number, purchase date, maintenance history, and location.
GPS (Global Positioning System) trackers use real-time location data to track and monitor assets that move frequently, such as work vehicles, transport containers, and mobile medical equipment.

These tools facilitate data collection on maintenance history, movement, and location of critical assets, as well as integration with other advanced tools for generating performance reports, scheduling maintenance tasks, and making data-driven decisions about asset procurement, repairs, and replacement.

Who uses asset tracking software?

A wide variety of businesses use asset tracking software in combination with other asset management solutions to refine maintenance scheduling, ensure regulatory compliance, and much more. And because effective asset tracking requires a collaborative, cross-functional approach, a wide variety of personnel within a given organization may leverage asset tracking software for various functions.

For instance:

Manufacturing personnel such as production managers, maintenance technicians and warehouse supervisors may use asset tracking software to ensure routine equipment maintenance activities are completed properly, to determine the location of specific asset units across multiple facilities, and to review maintenance history across an asset’s lifecycle.
Healthcare personnel such as hospital administrators, medical equipment managers, and maintenance technicians may use asset tracking technology to monitor hospital bed usage rates, ensure medical devices remain compliant with the most current regulatory standards, and replace outdated medical equipment.
Construction personnel, including project managers, site supervisors, and equipment operators, will use asset tracking software to monitor the condition of heavy machinery, track construction vehicles across multiple job sites, and ensure equipment is serviced regularly.
Transportation and logistics personnel, including fleet managers, logistics coordinators, and dispatchers, may use asset tracking tools to track vehicle locations in real time, monitor delivery schedules, and manage fleet maintenance tasks.
IT personnel such as IT managers, network administrators, and cybersecurity officers may be required to use asset tracking tools to manage hardware assets, track employee devices, and facilitate timely upgrades and replacements.

Asset tracking software: must-have features

While every asset tracking software solution offers its own value proposition and a unique suite of tools, there are certain must-have features. In your search for a world-class asset tracking system, be sure to look for the following key features:

Real-time asset tracking including updates on the location, condition and status of assets
Interconnected scanning and tracking technology including barcodes (or QR codes), RFID, and GPS
Centralized database for streamlined data management, improved data accuracy, and more effective permission and access controls
Maintenance management features for scheduling maintenance activities, tracking work orders, reducing downtime, and ultimately extending the expected useful lifespan of your critical assets
Advanced compliance tools for generating detailed audit trails and thorough compliance reports
Mobile access, allowing authorized personnel to access and update asset data, details, and maintenance activities from the field
Automated notifications for critical events such as maintenance due dates, low inventory levels, or asset movement
Customizable dashboards providing user-friendly reports and insights into asset utilization, performance, trends, key metrics and more
Lifecycle management tools for tracking the entire lifecycle of assets from acquisition to disposal
Integration with other enterprise systems like ERP, CRM, and accounting software

Why is asset tracking important?

Asset tracking workflows can improve the way your organization uses, cares for, and evaluates its critical assets. Below, we take a close look at both the benefits of effective asset tracking and the role that a powerful asset management system can play in helping your organization realize these benefits.

Benefits of asset tracking

Increases accountability, reduces the likelihood of loss or theft, and contributes to more responsible use and management of assets
Reduces operational costs by optimizing asset utilization, reducing waste, and preventing the unnecessary purchase of duplicate assets
Ensures timely maintenance, repairs, and other servicing tasks, which can reduce the need for costly emergency repairs, reduce equipment downtime, and extend the lifespan of assets
Helps organizations meet compliance requirements, reduce safety risks, avoid fines, and mitigate potential legal issues
Enables data-driven decisions regarding asset acquisition, disposal, and allocation

These benefits are magnified by an effective asset tracking platform.

Benefits of powerful asset tracking technology

The benefits of a powerful asset tracking platform include: Real-time visibility into asset location and status using advanced technologies like GPS, QR Codes, RFID, and IoT

Automated data collection, which reduces the need for manual entry, minimizes the errors that come with it, and frees up human resources to focus on core business functions
Scalability, ensuring that your asset tracking system can handle new assets and facilities without compromising productivity, performance, or quality
Advanced reporting, with sophisticated analytics tools providing deeper insights into asset utilization, performance, and trends, and consequently aiding in strategic planning, asset budgeting, and predictive maintenance
Enhanced data security measures including role-based access control, encryption of private or sensitive data, and legally compliant cybersecurity measures
Mobile access and cloud-based data storage, allowing users to track the location of assets, access asset details. and update data from the field, or entirely offsite

How will asset tracking software help my team?

The right asset tracker can be a powerful source of support for your maintenance team.

Preventive maintenance (PM) scheduling tools can be used to automate maintenance schedules, send task reminders, and ensure timely servicing, ultimately helping maintenance teams overcome common challenges such as unplanned downtime, emergency repairs, and equipment that fails before the end of its expected useful lifespan.
Real-time asset location tracking through RFID, QR Codes, or GPS helps technicians quickly locate assets, shortens search times, and reduces waste due to lost, misplaced, incorrectly stored, or stolen assets.
Inventory management features make it possible to monitor inventory levels, automatically reorder parts, and ensure maintenance-related consumables are always in stock, all of which can help maintenance teams prevent stockouts, avoid overstocking, and prevent maintenance delays due to missing tools, parts or materials.
Custom reports and comprehensive audit trails improve alignment with current regulations, simplify the audit process, and help maintenance teams overcome the challenge of aligning with frequently updating safety standards, regulatory conditions, and industry best practices.
Work order management tools make it easier to prioritize tasks based on urgency, track their progress, and view progress updates, which can help your maintenance team overcome scheduling challenges, balance heavy workloads more efficiently, and prevent miscommunication over work order details or status.

The best asset tracking software: Why Limble ranks #1

In order to enjoy the benefits highlighted above, it’s important to choose an asset tracking system that incorporates the full spectrum of advanced features and integrates seamlessly with your existing systems. Indeed, the best asset tracking software will go beyond the basic monitoring and location features in order to provide advanced functionality and sophisticated analytical tools. Limble stands out as a top choice of businesses of all sizes for this reason. The Computerized Maintenance Management System offers leading edge asset tracking features, but also incorporates a wide range of other tools and technologies to provide a singular platform for improving your asset management strategy, the performance of your maintenance program, and the overall productivity of your organization.

Key features include:

Real-time asset tracking using advanced technologies like barcodes, RFID, QR Codes, and GPS
Automated preventive maintenance scheduling, a feature that helped family-owned Tara Manufacturing dramatically reduce its downtime rate from 90% to 15% in just the first year of implementation
Work order management tools, which the city of Lone Tree, Colorado used to cut its average work order management time from 2 hours to 30 minutes per work order
Comprehensive asset management records with critical details on each asset such as purchase date, maintenance history, and usage data
Mobile app and remote access, allowing authorized users on both Android and Apple devices users to track and manage assets from anywhere on-premise, in the field, or offsite
Customizable dashboards with detailed reports and valuable insights on asset performance, maintenance history, and utilization
Improved compliance and audit preparation, a benefit that helped medical device manufacturer Spectrum Solutions pass a stringent FDA investigation in just three days
Integration with other enterprise systems like ERPs and accounting software

Find out what else you can do to improve efficiency, productivity, and cost-management for your business with Limble’s powerful suite of leading edge asset maintenance management tools.