What are Asset Tracking Systems?

Asset tracking refers to the process of monitoring your physical assets throughout their lifecycle. This includes assets such as equipment, production machinery, and vehicles as well as the components, spare parts, tools, and materials used to maintain these assets. 

Typically, an asset tracking system will provide information on each asset’s location, status, usage, and maintenance history. An advanced asset tracking platform may also provide real-time condition monitoring, automated preventive maintenance (PM) scheduling, coordination with your inventory management system, and more. 

Why is an asset tracking system important?

Your asset tracking software performs a number of absolutely critical responsibilities for your organization including helping to prevent loss, optimize equipment utilization, extend the expected useful lifespan of your assets, and promote compliance with regulatory conditions and safety standards.

Effective asset tracking encompasses an extremely wide range of overlapping functions. Most organizations operating in asset-intensive industries rely on formal asset tracking systems to simplify these functions. The guide below will take a closer look at how the right asset tracking system can help your organization streamline your asset management strategy, enhance your operational efficiency, and drive improvements in your maintenance program.

What are asset tracking systems? 

An asset tracking system is any formal system used to manage, monitor and document your organization’s physical assets. While most modern organizations today rely on asset tracking software, asset tracking can also be done manually using Excel spreadsheets or paper-based logs.

Manual asset tracking systems

Organizations can formalize their asset management strategy by:

• Establishing Standard Operating Procedures (SOPs) 
• Conducting regular physical inventory checks 
• Performing routine audits of paper records 
• Developing a tagging system 
• Logging information on each asset’s maintenance history, condition updates, and depreciation

Manual asset tracking is possible. However, manual asset tracking systems are more vulnerable to human error, out-of-date information, and process delays. Moreover, as your organization grows and your asset portfolio expands, it can also become increasingly complex and logistically impractical to scale a manual asset tracking system and adequately meet your needs.

This is why many organizations choose to use asset tracking software. 

Asset tracking software

Asset tracking software can significantly streamline, simplify, and enhance your asset tracking system. Organizations that leverage a software-based asset tracking platform can formalize their asset management strategy by:

• Automating data entry with scannable technology such like barcodes, RFID tags, or GPS to capture and update asset information
• Consolidating asset-related information into one centralized dashboard, and streamlining user access to real-time data on asset location, usage, condition, open work orders, and more
• Scheduling preventive maintenance (PM) tasks based on predetermined time intervals, usage metrics, or manufacturer recommendations
• Generating reports and audit paper trails on asset usage, depreciation, total cost of ownership, and more
• Scaling as your organization grows to accommodate an increasingly complex asset portfolio and enable asset tracking across multiple facilities and job sites

How will an asset tracking system benefit my team? 

Formalizing your organization’s asset management strategy carries a number of clear benefits. A formal asset management system makes asset tracking easier by:

• Providing real-time visibility into asset location, status, and condition 
• Automating data entry and consequently reducing the risks of error or delay
• Streamlining preventive maintenance scheduling based on time- or usage-based intervals
• Sending automated notifications to your team when service or repairs are due 
• Optimizing asset utilization by providing insights into asset performance and informing opportunities for improvement or reallocation
• Lowering operational costs by reducing the need for expensive repairs, extending the life of existing assets, and preventing asset loss or theft
• Generating customizable reports to support better decision making and more efficient auditing 
• Ensuring compliance with industry regulations and safety standards by centralizing maintenance logs, asset condition reports, and inventory audits

How does software improve asset tracking? 

Organizations may use a variety of asset management software solutions to support their asset tracking needs. Some of these systems may also be used in coordination with one another. Each asset tracking platform offers distinct advantages as well as features that might make it the preferred fit for your industry and organization. 

Types of asset tracking software

• Computerized Maintenance Management Systems (CMMS) help organizations schedule, automate, track, and manage maintenance tasks, and typically provide real-time visibility into the location, status, condition, and maintenance history of your assets.  
  • Key benefits of tracking assets with a CMMS platform include:
    • Automated preventive maintenance scheduling
    • Reduced downtime
    • Less frequent equipment failures

• Enterprise Asset Management (EAM) Software provides a holistic view of asset performance across the entire organization, tracking the physical location and condition of assets as well as managing their lifecycle from procurement to disposal.
  • Key benefits of asset tracking with EAM software include:
    • End-to-end management throughout each asset’s entire lifecycle
    • Integration with other business functions 
    • Optimized asset utilization and forecasting
• GPS-Based Tracking Software is commonly used for mobile or remote assets such as vehicles, construction tools, or warehouse equipment, and allows organizations to monitor asset movements and usage across locations in real-time.
  • Key benefits of GPS-based asset tracking software include:
    • Improved theft prevention
    • Reduced fuel costs
    • Enhanced route management

Must-have features for asset tracking software

Though asset managers have a number of different asset tracking software options to choose from, many choose leading-edge CMMS providers like Limble for must-have features like: 

• Real-time asset tracking 
• Automated preventive maintenance (PM) scheduling
• Barcode and RFID integration
• Mobile app accessibility
• Work order management
• Customizable reporting
• Advanced data analytics
• Inventory management
• IoT and sensor integration
• Compliance management and audit trails

What to look for in asset tracking software systems

When selecting asset tracking software, decision-makers and key stakeholders should evaluate finalists based on their ability to support specific goals. Below are some of the most important aspects to consider when choosing the right SaaS solution for asset tracking and management: 

• Usability: How easily can team members – including those without significant tech expertise – learn to leverage the platform? Look for user-friendly interfaces, easy implementation, mobile accessibility, and robust customer support.
• Customizability: Can an asset tracking software adapt to unique workflows, goals, and needs? Decision-makers should seek asset tracking software with flexible reporting features, adjustable permissions, a full selection of integrations, and customizable dashboards.
• Scalability: Will a system grow and adapt as your organization’s asset management needs expand over time? Prioritize asset management solutions that can handle large asset inventories, provide support across multiple sites, facilitate controls and permissions for unlimited users, and operate using a cloud-based infrastructure.

10 steps for implementing an asset tracking system

Implementing a successful asset tracking system requires careful planning and a structured approach. Below, we provide step-by-step guidance for implementing asset tracking software in your organization:

1. Assess current asset management practices including any pain points, inefficiencies, or gaps in how assets are tracked, maintained, and monitored.
2. Define goals of implementation which could include reducing asset downtime, improving asset utilization, enhancing compliance, or streamlining maintenance processes.
3. Select the right asset tracking software platform by evaluating key features like real-time tracking, mobile accessibility, customizable reporting, and integration capabilities.
4. Create comprehensive asset inventory including details on asset type, location, serial numbers, purchase dates, and maintenance history.
5. Implement a tagging system using scannable barcodes, RFID, or GPS.
6. Customize software to fit your specific asset management needs by setting up user roles and permissions, defining custom asset categories, configuring maintenance schedules, and integrating with existing systems like ERP or accounting platforms.
7. Provide training for all team members who will use asset tracking software.
8. Migrate existing asset data, maintenance history, and other relevant information into the new software. 
9. Pilot test your new system with a small group or department before rolling your system out to the full organization.
10. Launch, monitor and make adjustments as necessary, such as refining maintenance schedules or expanding the system to incorporate new asset categories.

Why is Limble the best asset management software for you? 

Limble CMMS stands out for its comprehensive suite of asset management tools, intuitive design, and customer-centric focus. Our powerful maintenance management platform makes asset tracking easier and more accurate with features like:

• Real-time tracking of all assets, allowing users to see their exact location, current condition, and usage status
• Automated preventive maintenance scheduling, based on asset usage or predefined maintenance intervals, reducing unplanned downtime and prolonging asset life
• A robust mobile app that allows field technicians and managers to update asset statuses, scan barcodes, check work orders, and log maintenance data from the field or remotely 
• Comprehensive asset lifecycle management from procurement to disposal including detailed records on vendors, warranties, maintenance history, usage, depreciation, and more.
• Customizable reporting tools, allowing users to generate detailed insights into asset utilization, maintenance costs, and downtime 
• Predictive maintenance capabilities through IoT devices and condition-monitoring sensors 
• Seamless Integration with with the full spectrum of ERP, accounting, and procurement systems

These advanced features make effective asset management possible. But clients choose Limble CMMS over the competition because of what sets us apart in a crowded marketplace, including: 

• Unparalleled customer support: Brad Moore, Plant Manager for wheel and rim manufacturing firm, Rimex says that, “One of the strongest points Limble has to offer is customer support. Whether through the chat box on the Limble platform or meetings, we’ve had one-on-one support in building dashboards or figuring out the steps we need to take to solve our challenges.”
• Fast and easy implementation: Dustin Law, Engineering Manager for manufacturing company Western Pulp says, “The wonderful thing about Limble was it was just so darn easy to get implemented.”
• User-friendly interface: Sarah Adams, Project Coordinator for family-run equipment rental business Rent Right says “It was so easy – so user-friendly – I was able to transition everything I wanted to do into Limble by myself without any instruction. Of course, my rep was there to help, but it was just so easy.”

And, perhaps most importantly, Limble takes the tedium and wasted time asset tracking so you can focus on what you do best. 

Stephen Course, Facilities Manager for specialty ophthalmology practice, Mid Atlantic Retina says, “Everything I can’t do, I can use Limble to do for me which means that the things I’m good at – 3D big picture thinking, thinking outside the box – I now have energy for because I’m not struggling with administrative tasks.”

Schedule a Demo today to find out what Limble can do for your business!