ASSET TRACKING IS USED FOR TRACKING FIXED OR MOVEABLE PHYSICAL ASSETS.

Loss and damage claims cost companies more than 30 billion pounds a year, making these rates something that every warehouse manager needs to track. Sometimes called asset management, asset tracking ensures smooth-running of management and monitoring assets using barcode labels or asset tags, which you can attach to assets for scanning.

Barcode labels give each asset an individual unique identification number. This makes the process of asset tracking much more straightforward and you can easily find the location of a specific product and determine the status of each.

Without a process or resolution to asset management issues, you’re likely to cause problems in operations.

THE USE OF ASSET TRACKING

Barcode labels are great for keeping track of both fixed and movable assets, but that doesn’t mean that every asset you manage must wear a tag. Consider adding labels to:

• Assets of high-value
• Moveable assets
• Assets that require regular maintenance, repairs, or replacement parts, e.g. warehouse equipment and machinery.

THE BENEFITS

CONTINUOUS UPDATES

An asset tracking system ensures that all of the information about your products is stored and updated on a regular basis just through scanning. Maintaining information on some assets can get on top of you, using a tracking system will monitor everything for you.

CONTROL CAPACITY

As your business grows, so will your assets and the staff that manages them. With an asset tracking solution in place, you can keep the process simple and easy to maintain without too many costs involved.

SAVING MONEY

Keeping track of items will prevent product loss and ensure all items are used efficiently. Reducing costs without limiting service quality in any part of the business is an improvement, and asset tracking can help do this by ensuring that assets are used most effectively.

INCREASE EFFICIENCY

Efficiency is key to the successful running of a company. As we have already mentioned, asset tracking saves time and improves processes making them more streamlined. Scanning a barcode is much more precise than if you were to try track items with a pen and paper.

THE MOST IMPORTANT…MEETING HIGH STANDARDS

To meet specific industry standards, businesses must comply with meticulous rules, which often includes some form of asset tracking. Although it seems like a luxury option for some, it is better to choose an asset tracking solution to benefit your system than to fall behind competitors.

It is so vital to utilise an asset management system. Proper asset tracking can help make the best of your operations including planning, the use of resources, resources use, and the management plan as a whole.

By using a 3pl provider such as ourselves, businesses can avoid a lot of asset management issues. Read our previous blog ‘5 Common Issues That Affect Asset Management Efficiency.’