The Importance of Asset Tracking
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.
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.
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.
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.
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.’
We can take away the possible issues that occur in asset management. Please contact the team at Bray Solutions on 01780 784875 to talk about your retail logistics today!
When searching for a 3PL company to handle your goods, it’s important to consider what they can offer you. Visiting a potential warehouse and 3pl company is crucial in making the right decision for your business. Sadly, not all businesses will evaluate prospective...read more
With advanced technology continuously on the rise, the future of warehousing and logistics is promising. Although nothing is set in stone, ensuring your warehousing and logistics adheres to the constant changes of modern technology means you will be ready for when...read more
Did you know that e-commerce in the UK was worth £133 billion in 2016? It increases hugely every year, too. There was 14.5% growth last year compared to 2016 so who knows what limits the rise of e-commerce will surpass in the years ahead. The UK’s younger generations...read more
“Without Bray, I wouldn’t be where I am today. I couldn’t possibly have been able to sustain my current job and my only business at the same time. Admittedly, for a small business like my own, services don’t come cheap, but at Bray, you get what you pay for.
Bray allows me to focus on my customers (whose satisfaction is of primary importance to me) while they work away in the background in ensuring that my stock inventories are up-to-date, my orders are all sent out correctly, etc. Bray treats me with the same respect as any other bigger firm. Responses are friendly, quick, direct and with minimal fluff making Bray an easy company to work with.
Dale, Jamie, Kayleigh, Kuljit, Jamie, Pavi, Josh, Darren, Phil, Rob, Dave- Thank you!”
Natalie GreerNeil Hammond