- Lavanya R
Top 10 benefits of Real-Time Asset Tracking
Updated: Mar 18, 2022
Businesses of all sizes can use real-time location monitoring to keep track of assets across their whole organization. Implementing asset tracking software can provide a wide range of cost-effective and time-saving benefits, including the ability to track assets in real-time.
What is Real-Time tracking?
Real-time tracking refers to a tracking method that uses GPS and logistical databases to determine a person's, vehicle's, or object's present location at any given time. When a package is scanned, it is sent to a vehicle and its location is tracked at all times.
Businesses can monitor assets in real-time by attaching tracking tags to assets, such as RFID or Bluetooth. The key benefit of real-time asset tracking is that if a package becomes delayed in traffic or a vehicle needs to take a different route, the operator will be notified and a different solution will be sought. This modification may also be communicated to the prospective customer. In comparison to an error-prone manual technique, this can be a considerably more efficient way to track assets.
How Small Businesses Can Benefit from Real-Time Asset Tracking?
It's easy to think of asset monitoring as something that only applies to large companies with a diverse set of assets. This isn't always the case, as small firms often require asset tracking just as larger companies.
Small enterprises that have invested significant resources and money in their assets need to track their assets. These assets are likely to be vital for the day-to-day operations of the small organisation, often in a more critical sense than a larger company. Adopting an effective asset management system that provides for exact tracking and control can help businesses improve their overall performance. If an asset is missing due to theft or delayed maintenance, it can have a significant impact on a small business's operations. A fleet management or delivery company, for example, relies on its cars to complete contracted duties. These contracts will not be completed if these assets are not accessible.
Benefits of Real-Time Asset Tracking
Real-Time Asset Management
If you use tracking software, you may track assets as they depart or are transported to specific places in real-time. You will get a clear idea of your business assets if you use tracking software. In real-time, you may track assets as they depart or are transported to specific places. Accurate asset tracking is necessary for effective data management. This function can assist avoid confusion by identifying and removing duplicate records from the system. If two or more assets have the same serial number, you can use an identification code to protect your data from being stolen.
Save Unnecessary Repair and Maintenance Costs
You can plan effectively for an item's replacement if you have important information about it, such as when it was purchased, how often it is used, and how frequently it is maintained. Unproductive things can limit your business's productivity and cost you money. Asset tracking software can be used to track and predict the depreciation of objects so that they can be replaced on time.
Enables Maintenance Tracking
Keeping your assets in good condition is critical for the efficiency of numerous activities. You may set up recurring notifications for regular maintenance of your business's equipment with intelligent asset tracking software. Real-time asset tracking may give firms a detailed picture of an asset's condition, allowing them to schedule maintenance accordingly.
Increase the Asset Life Cycle
Businesses can plan maintenance in a way that will help an asset last longer and be more productive in the future. You can use asset tracking software to see if an asset is functioning smoothly, if it needs to be replaced, and if it is performing well and as planned. If you understand what's going on with an asset, you can make an informed decision to save money and extend its life.
Get Alerts to Take Quick Action
When assets aren't maintained on a regular basis, they run the risk of breaking down, costing your company time and money. Alerts and notifications might also be useful in this situation. Customizable alerts available in modern asset monitoring platforms all a set of actions to be triggered and assessed when an asset is changed. Setting customized alerts help you to schedule maintenance for assets
Improves Customer Experience
Customers expect a high return on investment when they sign a deal with you. With the help of Asset Tracking Software, customers of businesses may know the location of their assets in real-time. Asset monitoring software enables you to maintain a constant track of your client's assets. You may also keep track of how fast products move through your internal processes and examine ways to improve production efficiency.
Allows for asset recovery and GPS tracking
Asset tracking software removes the issue of handling large numbers of assets and prevents unnecessary production delays. It is also possible to determine the efficiency with which assets are transferred during the manufacturing process. With the help of Asset Tracking Software, you can determine the asset's GPS location.
Helps in the Execution of Asset Audits
Asset audits are made simple using asset monitoring software. It also aids in meeting asset utilisation and regulatory requirements. Because the information presented is accurate and is possible to make an informed decision. An asset tracker can assist you in doing audits to improve asset visibility and reduce compliance concerns
Assures Easy Reporting
One of the main advantages of asset tracking software is that it can automate procedures and databases that were previously paper-based. With this asset tracking system, you can now process data and compile the data you need to make sound decisions. With just a few taps, you can produce all of the asset records you need, allowing you to figure out which assets to buy next, which to look at, and which aren't being used to their maximum potential. Using Asset Tracking Software, your firm will be able to focus on serving the immediate demands of customers while spending less money, time, and energy.
Ensure Regulatory Compliance
Asset tracking can assist your company in meeting regulatory obligations such as equipment calibration, testing, and maintenance. Using smart asset tracking software, you may fully automate your reporting obligations. You can acquire reports within minutes. If the same data had been compiled manually, it would have taken months to produce these reports.