December 10, 2023

Imagine a business with a multitude of assets – from machinery to IT equipment and vehicles. Keeping tabs on all these valuable resources manually can be a logistical nightmare. This is exactly where asset tracking software comes into the picture. 


Let’s further elaborate what the asset tracking software entails and reveal the top five magic tips that will help you track your assets effectively. So, let’s begin.

What is Asset Tracking and How it is Done?

Whenever we hear the word tracking, we relate it with GPS tracking, right? But, asset tracking goes beyond just tracking the location of your assets. It’s not just about regular GPS tracking solutions. Now, assets can be anything valuable to a company. It can be a human resource, equipment, consignment, machinery and so on. 


But when we specifically talk about the logistics industry, the biggest assets for them are the consignment and vehicles carrying those. Now, how do we do that? It can be done using multiple technologies such as; by putting an RFID barcode scanner on consignments or vehicles, using GPS trackers, IOT devices or an E-lock 


Now that you’ve understood the basics of asset tracking, let’s get to asset tracking software.


What is an Asset Tracking Software?

Imagine asset tracking software as your digital assistant that makes asset management a breeze. Once teamed up with a tracker, the software keeps an eye on all of your assets. If you utilize RFID technology then, by scanning the barcode, fleet managers can get the data about the location of the asset, runtime or downtime. 


The Right Way to Track Your Assets: Top 5 Tips

Asset tracking can turn out to be a God-sent gift for a logistics business if utilized the right way. Here are the top five useful tips that will help you with the same. 


  • Determine what you need to track

Before you invest in asset-tracking software, you must know exactly what you need to track. Depending on the type of business, you would want to track different kinds of assets. For example, for a transport company, tracking their vehicles would be the utmost priority. Some would want to track their consignments too. 


  • Utilize Barcodes or RFID Tags

Think of your assets as a part of a grand museum exhibition.  Each asset gets its unique barcode or RFID tag. Managers would just have to do a quick scan and they’ll get all the information about the asset they need. Easy peasy right? 


  • Leverage Asset Management Software

Investing in an Asset Management Software would make things simpler for you. Combining RFID technology with the software would help the managers gather data about their assets just through a quick scan. They can also help in keeping track of spare orders, repair requests and work orders in general. Pretty smart, right? 

Read Blog: What Is Asset Tracking? Importance, Benefits & How It Works


  • Put new assets into your tracking system

When new assets(vehicles) arrive, it gets tempting to put them to use. However, ever since their arrival, if you put them into your tracking system immediately, it gets easier for you to stay updated with their runtime, downtime and maintenance costs from the very beginning. This way, you would get a better idea of how much the new assets are costing the company. 


  • Regular audits and updates 

Utilizing asset tracking software allows you to get real-time reports and access to metrics from any part of the world. It gives fleet managers round-the-clock insight into the vehicle’s health and quality. Thus, helping them in identifying the area they need to work upon.


Things to Consider While Choosing the Asset Tracking Software 


After reading the tips, you must think about investing in the best Asset Tracking Software, however, there are some things that you need to look for before making the choice. Some of these include; 

  • Customisability and Integration

Before picking the software, ensure that the solution it offers is best suited to your needs. Here, the best way would be to go for a customizable software. A software that integrates well with the internal business systems. And more than that, offers easy integration with driver behaviour monitoring tools & solutions. It’s important to track drivers too.


  • Does the software offer timely notifications and reminders? 

A top-notch asset tracking software comes with regular maintenance reminders. Thus, before choosing it, you should make sure that it comes with this feature. 


  • Friendly user interface

This is one of the most important aspects to speculate about before you purchase asset-tracking software. Ask for a demo from the company you are buying and know for yourself how much easier to use it is.


  • Route Management

Picking an effective asset monitoring solution that additionally provide route management & optimization solutions is the best one. Route optimisation feature can help plan most effective, safest and cost reducing routes, which would lift off vulnerabilities around theft and unathourise use of assets. 


  • Scalability

Consider the scalability of the software. Will it accommodate your growing asset base? Ensure that the software can expand along with your business without any extra costs. Also, ensure it offers great extension towards other features & settings as well – like fuel monitoring solutions, video telematics, and more. This will make asset management a breeze.


Summing up! 

To end the story on a fruitful note, asset tracking is no longer limited to the location tracking of the vehicles or high-value consignments in it. It has broadened beyond that. For every organization, it has become the need of the hour to keep a regular tab on their assets.


With asset tracking systems, software, barcodes and regular audits, you become the captain of your fleet. So, say goodbye to manual asset tracking and embrace the adventure the adventure software takes you on. 


Invest in TrackoBit’s Asset Tracking Software 


Looking for a solution that would go beyond location tracking? We have got you covered. TrackoBit’s Asset Tracking Software ensure consignment safety, and equipment monitoring and also gives you the ability to effectively monitor your staff. 


So, what are you waiting for, get in touch with our team to know more about the software today!

Source: What is the Best Way to Track Assets?