If it is important to your business, you better know where it is.
This is precisely what asset tracking does. Asset tracking aims to keep you informed of the location of each and every vehicle, heavy machinery, or valuable piece of equipment that you own. Asset management software is intended to assist businesses in tracking and maintaining the resources and property they hold. It collects data on items’ value, physical location, use history, and other factors.
While many firms attempt to utilise Excel for asset management, these programmes were not created for the task and often suffer from challenges such as manual errors, obsolete information, and more. However, not all asset management software products are created equal in terms of features and ease of use. In this blog, we will discuss the 10 must-have asset tracking software features that you should look for.
Check the live location of your assets with LocoNav’s Asset Tracking System!
Why do you Need Asset Tracking Software?
The advantages of digital asset management are numerous, especially if you are replacing an archaic system or a pen-and-paper technique. Here are 4 reasons why your company requires asset management software.
- Increased Visibility
A company’s fixed assets are its lifeline. They can grow, come and leave, and move around the office constantly. As a result, real-time asset tracking is a critical benefit of asset management. Real-time asset management technologies allow asset managers to keep registers up to date with reliable information.
Effective asset tracking systems such as LocoNav also enable you to receive real-time alerts based on your asset’s activity. This feature is especially useful in case of harsh usage or unauthorised access.
- Reduce Maintenance Frequency
Not tracking your assets not only results in excessive maintenance costs but also reduces the asset’s lifespan. Maintenance concerns can eat into an organization’s profitability.
Asset tracking software handles the work for you by storing all asset information and data. It also aids in the scheduling of maintenance tasks and the generation of notifications for you. It helps you build your business by eliminating ineffective assets.
- Easily Access Asset Data
Using a cloud-based asset monitoring solution gives all employees a variety of capabilities. For starters, anyone in the company can access your entire asset directory at any time and from any location. In contrast to other non-cloud-based methods such as spreadsheets.
Some asset tracking software such as LocoNav also allows you to add multiple users and also set permission levels for them so they can only access the data they need.
- Eliminate Manual Asset Tracking
One significant advantage of using an automated asset tracking system is the ability to eliminate manual procedures such as spreadsheets. However, if your company expands, so will the number of assets. This necessitates the collection of more data and information, making spreadsheets more prone to errors.
Moreover, when you use an asset tracking system such as LocoNav, you can not only capture data automatically but also analyse it efficiently. With LocoNav you get access to many predefined and custom reports that help you make the most of your data.
How to Select the Right Asset Tracking Software for your Business?
Not all solutions are built the same, which means there is a significant difference in the features they offer. Although the right asset tracking software for your business should be customized to your needs, here are 10 asset tracking software features and benefits that you should definitely be on the lookout for:
Vehicle Uptime & Downtime
Evaluating how your assets are doing is critical for making decisions that will increase efficiency and reduce expenses in the future. Tracking breakdowns, downtime, and the maintenance required to fix each asset in tracking software will assist you in developing a time-based preventive maintenance schedule that improves and extends the life of your assets.
The more you understand what causes your assets to fail or wear down, the more you’ll be able to take action and protect your assets through preventive maintenance.
Inventory Management
It is relatively easier to manage your inventory when you know where everything is at all times. Asset tracking allows you to identify areas where you might need to add more assets or even areas where you need to cut down.
Reporting Capabilities
Detailed reporting capabilities give the information needed to make sound decisions on assets, from usage and maintenance to purchase and disposal. Smart and simple asset management systems allow real-time, comprehensive reporting, providing in-depth insights into assets and assisting organisations in making sound decisions.
Customization & Scalability
Needless to say, your asset tracking system must be agile enough to grow with your business’s growing needs. It should also allow users to customize the platform based on their own unique needs.
Data Security & Access Control
The software solution you use for asset management must be secure. This also implies that it should feature role-based access restrictions, allowing you to limit access to specific people. Everyone on your team does not need complete access to your asset records.
LocoNav offers a solution for that in the form of permission levels. For example, suppose you have an administrative assistant who needs to observe where assets are placed but not make changes.
Equipment Tracking
The most obvious yet important feature you should consider is effective equipment tracking. The software you pick should provide real-time tracking information of all your equipment along with a clear representation of that data.
Alerts
Asset tracking would be useless without efficient dissemination of that tracking information. Ensure that you pick a software that provides 24*7 live alerts about your asset’s location as well as their health.
Scanning Enabled
The ability to produce and scan custom QR codes simplifies the storage and access of data on assets, making upkeep systems more efficient. Smartphone accessibility and QR marking of all assets should be done simultaneously for the optimum experience.
Integration Support
The asset tracking system you choose to go with will most likely need to be integrated with all your assets, along with pre-existing solutions that you might be using. So make sure you go with the asset tracking software that provides integration support.
Supported App & Web Capabilities
An easy-to-use mobile app is a vital element for best-in-class asset tracking software. You should be able to effortlessly scan barcodes and QR codes, create and amend assets, record maintenance work, check-in and out devices, and alter user roles’ access and permissions while on the road.
LocoNav offers a user-friendly mobile app along with its best-in-business web platform.
Final Thoughts
An asset tracking software can help you improve your facility. The greatest software includes a slew of capabilities that enable you to improve asset performance, increase maintenance efficiency, and cut costs all under one roof. Make sure you consider all the features mentioned above and make an informed choice while picking the right asset tracking software for your business.