Mobile Asset Tracking Software: A Solution for Asset Management

Asset tracking has been a significant problem for many businesses around the world. Improper tracking has always resulted in inappropriate schedules, loss of assets, stock-out and excessive stock. A mobile asset tracking software comes in handy to manage assets and helps to achieve higher Return on Assets (ROA).

Spreadsheets have always been a traditional asset management method, but it consumes a lot of time and takes a lot of attention while filling every detail. Any misinformation in the sheet may lead to failed management and business activities going in vain.

This blog will confer about how mobile asset tracking software works, its usages, and its features.

How does asset tracking software work?

There are two components – software and assets. All assets are tracked with the help of GPS trackers, RFID tags, barcodes, and QR codes, depending on the asset. The GPS tracker and the RFID tag can communicate directly with the software while the codes respond when scanned via a scanner.

The software typifies the location and properties of the asset, enabling you to track down the movement of the items as they change locations. This eliminates all the guesswork and allows you to track steadily.
The software also enables you to decide on asset quantity that should be allocated to a particular location, how frequently (or infrequently) an asset is used, and all other information about the asset.

Every other tracker works differently. Let’s see how these work.

RFID based asset tracking

An RFID-based asset tracking software requires four tools – an RFID tag, an antenna, an RFID reader, and a computer equipped with the software.

Once these all are acquired:

• Specific data about the asset is stored on the RFID tag, and the latter is attached to the asset. 
• An antenna catches the signal of a nearby tag.
• The RFID reader receives all the information stored on the tag when connected via the antenna.
• The data received by the reader is then transmitted to the software.

There are three types of RFID tags – active, passive, and semi-passive. These tags are attached to an asset depending upon its features and the type of asset. These tags have a signal range of upto 150 meters.

Benefits of RFID tags:

• Reduces loss and theft of goods – The tags are based on a Real-Time Locating System (RTLS), which reduces the loss and theft of goods, informing you about the real-time based location of an asset.
• Reduces costs and labor – The automated process eliminates the use of traditional and manual methods like spreadsheets, which requires a lot of human resources.
• Higher return on investment – These tags are very inexpensive and long-lasting. These tags cost around $0.08 and can be reused many times. Also, most mobile phones can read an RFID tag eliminating the cost of buying a reader.

GPS based asset tracking

GPS-based asset tracking is very different from other types of tracking methods. Tags and codes are placed on assets, while the GPS is attached to vehicles carrying these assets. For example, suppose you order ten monitors from amazon. In that case, each monitor will have its tag or barcode, and the GPS will be attached to the vehicle that will deliver the monitors to you on the day of delivery.

A GPS tracking system uses the Global Navigation Satellite System (GNSS) network. This network incorporates a range of satellites that use microwave signals transmitted to GPS devices to give information on the vehicle’s whereabouts.
There are two types of GPS systems – active and passive. An active GPS continuously sends the actual time location to a central server as it travels, while passive GPS stores the data and gives information about the history of a particular journey.

Benefits of GPS in asset tracking:

• Security – When combined with RFID tags or barcodes, security systems are way more secure than tags and codes alone. A GPS will provide you with the vehicle’s real-time location, and tags make sure that the assets are in the exact location as the GPS, which eventually reduces losses and thefts.
• Increased efficiency – These systems inform about the carrier’s location, which helps businesses track their bulk assets and assess them so that the asset delivery delays do not affect their daily operations.

Barcodes and QR Code based asset tracking

These are black and white labels that are attached to an asset. These labels contain a Unique Identifying Number (UIN) which helps in asset tracking. A barcode is 1D, while a QR code is a 2D form of a barcode. Three tools are needed for barcode-based tracking – a barcode, a barcode scanner, and an asset tracking software.

Once these three tools are acquired:

• The data about a specific asset is stored on the barcode, which is attached to the asset.
• The scanner is used to extract information about the asset from the barcode.
• The data is transferred and stored into an asset tracking software.

Benefits of barcodes:

• Cost-efficient – Barcodes are the most inexpensive way of tracking assets. These cost $0.07 per barcode at the moment and are the most used tracking solution globally.
• Reduced human error – The traditional way of tracking, i.e., “spreadsheet,” is more acute towards errors because entering the data manually leads to many mistakes. The use of barcodes eliminates these errors and provides more accurate data.
• Time-efficient – These codes work ten times faster than manual methods of tracking. Scanning a barcode takes about 1-2 seconds of time and stores the data on asset tracking software within that time only, while manual entry takes a lot of time and also leads to errors. Barcodes save a lot of time and cost for businesses.

Features of a mobile asset tracking software

An asset tracking software is infused with lots of incredible features that make asset tracking a lot easier. Let’s take a look at some of them.

• Real-time tracking – The software displays real-time information whenever you try to access it. It tracks the data simultaneously and doesn’t let any detail slip through your hands.
• Inventory management – Managing your inventory might become much easier as this software tells you how much inventory you’re left with or how much you might need. This incredible feature does not let stock-out or excessive stocks affect your daily business operations.
• Accessibility – The software is compatible with android, ios and windows devices which makes it more accessible.
• Check-in / Check-out – It is a vital feature to look for, as it improves accuracy and reduces the time spent on passing out assets and receiving them. It records the information about when an item has been loaded in and when it has left the warehouse or office.
• Cloud-based system – The software stores asset data on a cloud server, giving you information about your asset anywhere, anytime. Users can access the data from any part of the world using their phones, laptop, and other devices just by logging into a cloud server.
• Notifications – The software communicates with the user by sending them automated emails or in-app notifications for specific events to the designated people. It notifies about past actions, asset use violations, fund limitations, audit checklists, and many more.
• User restrictions – The user-restricted software updates the data and generates accurate information shared with restricted users only. As the access to multiple users would arise confusion on the asset and who has updated the information.
• Statistics – The software provides statistics on all assets from their current location to where they have previously been. The insight data of all the assets are provided so that you do not miss out on any asset or its quantities.

Assets that can be tracked

• Inventory – An inventory item might have conditions like temperature-sensitiveness or fragility and whether it is composed of individual assets or comes in packages or bunches. To ensure reliable and continuous inventory tracking, a business must know these conditions and the volume of the inventory before getting their app customized. Then, the software can provide you with almost everything you need to know about your inventory.
• Movable Assets – Assets like vehicles, industrial assets, and other movable assets can be tracked via the software. This mobile asset tracking software enables you to gain visibility into their locations and lays the foundation for valuable insights about the movable assets’ utilization. 
• Industry Assets – Assets of specific industries can also be tracked with this software like hospitals, hotels, etc. For example, in a hospital, the tags and codes can be attached with the assets like the reports and test results of a patient, which will provide more accurate reports and might not lead to improper treatments.

Why do you need mobile asset tracking software?

Safeatlast reported that United States businesses approximately lose about $50 million worth of assets each year. You surely don’t want to lose your assets. With software like this on your mobile, your goods are in surveillance almost every minute of the day.

Secondly, it saves a lot of time and money. You would not want to spend your money on spreadsheet employees and still expect them to make errors which might cost you a hefty amount of loss. The software provides you with the most accurate data whenever and wherever you want it, just by a simple scan.

Moreover, the software has a higher Return on Investment (ROI), with related products costing as cheap as $0.05. However, the initial investment in the software might cost you, but it is essential to save millions of dollars. 

Hence, this might be the ultimate asset management solution for your business.

To sum it all up

Asset tracking software has been an important aspect of many businesses around the world. Whether it’s a large company or small, every organization is switching to this software to save their valuable business.

Your business is valuable and the assets are the most important factor for the overall growth of your business. That being said, get your perfect asset tracking software at Idea Usher and save your assets from getting lost.

With our experienced team of developers and managers, you can get your hands on this opportunity as well and get your customized asset tracking software.

Get in touch with us to know more.

Frequently Asked Questions (FAQs)

1. What is IT asset management software?

   It is software that combines the data within the IT environment. An IT asset is classified as systems and hardware that are used in daily business operations. The IT asset management software gathers detailed information about an organization’s hardware, software, and network assets, and then this information is used to make IT-related decisions.

2. What is Fixed Asset Tracking?

   Fixed assets are those long-term tangible assets that are owned by a firm and used for its operations to generate income. Fixed asset tracking is the process in which you get to know an asset’s real-time location, condition, assignment, and maintenance. Asset tracking is achieved with the assistance of barcodes, RFID, etc., and asset tracking software.