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Asset Tracking Defined

 

Asset tracking refers to the process of verifying the location, condition, and value of your physical assets. Before you can manage your assets, you have to know what and where they are. Once you know that, you can associate valuable information such as an asset’s last known location, who has it, and when it is due back.

 

Asset Tracking Systems

 

The combination of hardware and software that work together to help you keep track of your assets is called an asset tracking system (also referred to as an asset tracking solution). A system is made up of hardware, software, and labels.

 

Asset tracking hardware can display, transmit, and capture encoded information about your assets; it also sends that information to an application that stores and interprets the data. Asset tracking software can generate reports  such as:

Asset type

custodian

Location and As desired by the organization. 

 

The combination of hardware and software that work together to help you keep track of your assets is called an asset tracking system (also referred to as an asset tracking solution). A system is made up of hardware, software, and labels. Asset tracking hardware can display, transmit, and capture encoded information about your assets; it also sends that information to an application that stores and interprets the data. Asset tracking software can generate reports.

 

Asset Tracking ID Technologies

 

Asset tracking depends on being able to assign a unique identifier – an identification number at the very least – to each item you need to keep track of. Barcode and RFID are two ways of assigning and attaching identification to assets. The software, hardware, and labels used in most asset tracking systems will generally be based on one or both of these identification technologies.

 

Barcodes use a series of lines – or bars – and spaces of varying widths to encode identifying information about an item. Barcodes can be 1D or 2D and involve a range of different symbologies that are decoded using laser scanners or imagers. Alternatively, RFID tags and labels contain microchips that you can encode with an item’s identification information; the information they carry – often in greater detail than barcodes are capable of holding – is transmitted and received over radio frequency waves.

 

Deciding which ID format makes the most sense for you depends on several variables, including:

 

What you want to track (if your assets liquid-filled or metallic, RFID might be  tricky to implement)

Where and how these items are used (if you want to be able to capture a lot of ID reads without having a direct line-of-sight between the reader and the asset, then RFID can deliver performance here that barcodes can’t match)

Your asset tracking budget (because barcode technology tends to be less expensive to implement than RFID)  

The cost of losing assets or failing to meet external compliance requirements (if the risk of losing track of expensive or critical equipment is high, then fast, reliable RFID-tracking may be a “no-brainer”)

 

Asset Tagging

 

One of the first steps in implementing any asset tracking system involves establishing digital identities for your assets. This starts with attaching tags, which are encoded with unique identification information, to the assets you want to track. These tags can come in many different forms, including printable RFID-encoded labels, plastic RFID-encoded tags, paper and synthetic barcode stickers, and more. Whatever asset tracking system you implement will give you specific instructions on initially uploading or entering this asset tag information into the software.

 

Once your items are tagged and in your system, you can scan a tag at any time and be able to access all of the identification information associated with that asset. You’ll also be able to account for it during audits and inventories, and update its use history, location, condition, and other details as needed.

 

Data Capture Devices

 

Data capture devices include RFID readers and barcode scanners, and are a critical piece of hardware in asset tracking systems. These devices elevate your asset tracking activities from manual data-entry tedium to automated processing: they associate your physical assets with their digital identities in the software. Some devices are capable of capturing both RFID and barcode data, giving you flexibility that you may need for tracking multiple types of assets in different locations.

 

Like asset tags, data capture devices also come in a number of different form factors (e.g., handheld, fixed, wearable, etc.) and offer capabilities that are designed to support a wide variety of applications and environments, so it makes sense to consider the general productivity-enhancing opportunities here – even beyond asset tracking – when weighing your hardware options.

 

Who Needs Asset Tracking?

Simply put, any organization that has fixed assets needs asset tracking. Publicly and privately owned companies alike must stay compliant with regulatory standards that require them to report the value of their fixed assets (we’ll talk a little more about these regulations later on in this guide).

 

What do we mean by fixed assets? Also referred to as property, plant, and equipment (PPE), fixed assets are any tangible items that are purchased as an investment in a company’s long-term financial gain. Fixed assets support a business’s operations and aren’t intended for sale. An asset tracking system makes it easy for anyone to maintain the up-to-date fixed assets records that are needed for calculating taxes and ensuring insurance coverage.

However, even companies with relative

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