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Top 7 Asset Tracking Methods (#7 Is Best Solution in 2020)

Top Asset Tracking Methods (1)
Digital Transformation

Top 7 Asset Tracking Methods (#7 Is Best Solution in 2020)

Is asset tracking important? What you would do if you don’t have any control over your assets. You’d end up with an exorbitant spending, right? 

What is expected is utilizing each and every asset to the fullest as this will help you save money. Discovering the assets at the right time helps businesses to reduce the total cost of ownership and improves asset RoI. 

Okay. By now you know that tracking assets is super important; but, how do you do that? Is there any method or way out? Do you really have the expertise or looking for an IoT app development company to help you? Well, here are some of the ways to achieve your goals. 

Here you go.  Discover the different methods available to track assets and choose the one that best suits your business. 

This post will guide you with top 7 asset tracking methods that are widely used by companies across the industries (and you might end up with the one you’re looking for).

How asset tracking is performed in companies and how it can be improved

The below scenario would help you understand why saving asset cost matters. 

Company “X” is into building houses and they invest in a lot of assets like crowbars, rods, other materials, etc. 

Every project will have different project zones. The procured materials will be shared between all the project zones, only if the site managers were able to discover the assets/materials used and unused/misplaced.

Unavailability or failing to track the (ghost, stolen, misplaced) assets during a critical time of the project could hinder the project progress, resulting in the increased total cost of ownership and below-par customer satisfaction. 

Setting up a system to track the assets from procurement to disposal is recommended to save time and money. 

Key Benefits of Asset Tracking

  • Only fewer resources involved free up the time of resources to focus on business growth
  • Helps to quickly and easily locate assets in real-time, anytime
  • Provides real-time reports on the position of each asset 
  • Increases the accuracy of your asset management
  • Helps to track and reduce asset loss and utilize assets effectively
  • Reduces TCO as assets don’t have to track manually
  • Improves efficiency
  • Enables to reassign assets between departments wisely and fully 
  • Ensures accountability and accuracy with asset loss and management
  • Immediately informs where your assets are allocated
  • Ensures regulatory compliance 

I know the next question you’d hit me up will be what are the different methods for tracking assets. The sections below will provide the answer.

Top 7 Methods of Tracking Assets

  1. Manual asset tracking
  2. Barcode based asset tracking
  3. Asset tracking using RFID
  4. QR-code asset tracking
  5. GPS-based asset tracking
  6. Asset tracking using NFC
  7. IoT asset tracking

Let’s see how each method works in detail in the below sections and this would help you pick the right one for your asset tracking process.

Manual Tracking MethodManual Asset Tracking

Mostly pen & paper and spreadsheets are widely used in this method. It is one of the most time consuming and outdated methods. Yet some companies still use this method to track assets. Man-made errors and missed data are two potential threats when trying out this method. 

Barcode scanner for asset managementBarcodes Asset Tracking

One of the widely used asset tracking methods of all time. As this is relatively simple to use, many enterprises focus on using bar codes to track the assets from one place to other. Cost-effectiveness, less training to users makes bar code a smart option. However, a huge set back is if the bar codes are tampered or not aligned in a straight line, you won’t be able to extract the asset data. 

QR code scanner Asset Tracking MethodsQR-Codes for Asset Tracking

The advance of mobile applications has forced businesses to focus on QR-code technology to track assets. It is a simple technique and requires no training. Any user can create QR-codes in one click and track the assets using a mobile app scanner with absolute ease. Besides, this technology enables companies to manage asset orders and monitor track history as well. 

RFID for Asset trackingRadio Frequency Identification Asset Tracking

There are two types of RFID tags. One is Passive and other Active. Passive RFID tags consume less power and are cost-effective. The tags will consume power only when they receive a signal from an RFID antenna or reader. They are widely used in item-level tracking. Active RFID tags (beacons and transponders) are larger in size and expensive and cover a range of 100m. The prior wake up at pre-set intervals while the latter works only when a radio signal is received, resulting in extended power saving. 

GPS Asset Tracking MethodsGPS Based Asset Tracking

One of the best methods as this is a wonderful technique to track any size of an asset across any place, be it sea or land. Starting right from small assets to heavy machinery, tracking the position of the asset is absolutely seamless. Highly suited for tracking a mixed set of assets that involves both small and heavy asset types. 

 

NFC (Near Field Communication) Asset Tracking

NFC can be called as an extension of RFID as both use electromagnetic induction for data transmission. However, NFC’s ability to act as both reader and transmitter makes it a better choice than RFID. While RFID can be just used to track assets, NFC can provide more details about an asset with a tap on the smartphone. However, this is one of the under-rated technique by most companies. 

IoT Asset Tracking MethodsIoT (Internet of Things) Asset Tracking

If you’re looking for a smart asset tracking system that can pinpoint even a small asset within a project zone, coupling the IoT devices with other technologies like GPS or RFID will make your job absolutely easier. The best advantage of using IoT is it can be used even in challenging environments where humans can’t invade. The lower power consumption and higher battery life are other two positive factors that make IoT technology a most sought-after one in today’s

Conclusion

Mentioned above are a few interesting methods that can be used to track assets by businesses across verticals. The need for the right asset tracking method varies from business to business. While a few may opt for an RFID tag, others may settle with Barcodes. It all depends on the unique asset tracking required for that particular business. 

However, presently, most companies prefer IoT asset tracking as the advanced technology not only saves time but also helps in improving asset RoI.

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