Asset tracking

What is an asset?

An asset is something valuable that an entity owns, benefits from, or has use of, in generating income.

What is asset tracking?

Asset tracking is the process of tracking physical assets, either by scanning barcode labels attached to
the assets or by using tags using GPS or RFID which broadcasts their location.
How asset tracking works
Different Methods use various types of technology to ensure assets are accurately tracked. Asset
tracking methods include:

1. 1. Manual systems
      Some companies use software systems to track their most valuable assets but require staff to
      manually log items in and out of the system.
   2. Barcode tags
      Barcode tagging was introduced in the 1970s and has been widely used in asset tracking over
      the years. Assets can be tracked via manually scanning the barcode using a handheld scanner.
      The scanner reads the asset information and then logs it into a cloud database, curbing any
      instances of typographical errors.
   3. RFID tags
      Radiofrequency identification (RFID) tags use an antenna to transmit location data. They
      normally have a limited transmission range.
   4. GPS Asset tracking
      GPS allows you to track the exact location of an asset. This is great for a high-valued asset that
      tend to be used in different location or assets that are in transit.
   5. NFC
      The latest trend in asset tracking is via the use of NFC technology. NFC technology simplifies the tracking
      of assets by tapping the assets and getting the details. This is an advantage for tracking critical
      assets where the user needs to see the condition of the asset being tracked.

Benefits of asset tracking

• Lost or misplaced items can cause a huge amount of time wasted looking for that item. An asset
  tracking system encourages employees to look after equipment being tracked as they would be
  held accountable for lost or misplaced equipment.
• Asset tracking helps reduce the risk of items going missing as a result of internal or external
  theft especially when concerned with the behaviour of employees. Making it public that every
  asset in the organization is being tracked will discourage any of your employees from being
  tempted to steal from your organization.
• Quickly locate items at any time and in real-time
• Immediately know where your assets have been allocated.
• Improved customer service due to asset tracking and management practices.