Asset Tracking

Everything you ever needed to know about asset tracking.

(Free) Essential Guide to CMMS

What is asset tracking?

Asset tracking is the process of monitoring and managing physical assets, such as equipment, vehicles, or inventory throughout their lifecycle.

While there are many ways to document assets and their information, the best methods use asset tracking technology such as barcode scanners, RFID (Radio Frequency Identification), GPS (Global Positioning System), or IoT (Internet of Things) sensors to keep track of location, status, and other relevant details.

Asset tracking systems typically involve a combination of software and hardware components:

  • Hardware components, such as tags, labels, or sensors, are used to collect and transmit data about the assets.
  • Software aggregates the asset data transmitted from the hardware and allows for the tracking of asset movement, utilization, and maintenance, and generates reports.

Asset tracking has various applications across different industries.

  • In logistics and supply chain management, asset tracking helps optimize inventory management, improve efficiency, and reduce costs.
  • In fleet management, it enables tracking and monitoring of vehicles to improve route planning, enhance driver safety, and prevent theft.

In industries like manufacturing, healthcare, and construction, it ensures the availability of equipment, tools, or medical devices and prevents their loss or misplacement.

What kind of information gets tracked?

There is a variety of information you can track for each asset. Commonly tracked details include:

  • Standard information about the asset (asset description, model, vendor)
  • Usage history (to identify where, when, and who used the asset)
  • Asset location
  • Asset identification items (serial numbers, RFID/barcode, etc.)
  • Date of purchase and years in operation
  • Maintenance history
  • Asset depreciation

Each industry and organization will track additional details relevant to their specific operations. You and your team can decide which information is most important to track for your organization.

Maintenance Inventory Tracking Template

Begin tracking your maintenance and parts inventory with this free and easy-to-use template.

9 Asset tracking best practices to maximize data accuracy

Here are nine asset tracking best practices that will help you get the most out of your asset management efforts:

  • Use unique asset identifier: Assign a unique identification number or code to each asset to ensure accurate and efficient tracking. This helps eliminate confusion and enables easy retrieval of asset information.
  • Regularly update asset information: Maintain up-to-date records of asset details, including location, status, maintenance history, and any other relevant information that has to be updated manually.
  • Use technology: Embrace asset tracking technologies such as barcode labels, RFID tags, or GPS tracking devices to automate data collection and streamline the tracking process.
  • Implement asset movement control: Establish proper protocols and approval processes for asset movements and changes . This includes recording asset transfers, tracking custodians, and ensuring accountability to minimize the risk of unauthorized use or loss.
  • Train employees: Make sure all employees understand and use established tracking procedures.
  • Integrate asset tracking with asset management solutions: Integrate asset tracking technology with other relevant systems, such as your ERP or CMMS software. It’s the best way to ensure seamless data flow, eliminate duplicate data entry, and get a holistic view of asset-related information.
  • Implement security measures: Protect assets from theft or unauthorized access by implementing security measures like access controls, surveillance systems, or anti-theft devices.

Continuously improve and optimize: Regularly evaluate the asset tracking process, identify areas for improvement, and implement necessary changes. This includes analyzing data, seeking employee feedback, and leveraging technology advancements to enhance asset tracking efficiency and accuracy.

Feeding data into an asset tracking software

Asset tracking is commonly found as a feature within your typical fleet management or CMMS software.

Besides storing maintenance-related information about your assets, equipment maintenance software can connect to sensors or tracking devices installed on assets. This connection automatically tracks asset location at all times along with other user-defined information like fuel levels, usage, temperature, and more.

In addition, using CMMS software for asset tracking ensures aggregation of detailed asset maintenance histories. This provides visibility to the status and health of any asset in just a few clicks and is scalable to more advanced monitoring. If you use condition-monitoring sensors, you can connect them with your CMMS and have real-time data flow into your system, keeping you aware of the status of your most critical assets.

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Asset tracking made easy

From a centralized asset database to real-time location and condition tracking to asset performance analytics, asset tracking paired with a CMMS provides a range of benefits that enable effective efficient operations and maintenance.

If you’re ready to take your asset management to the next level, contact the Limble team and let’s figure out what will work best for you.

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