Best Asset Tracking Software in 2023

What Is Asset Tracking Software?

Asset tracking, also known as asset management, is the process used for monitoring and tracking physical assets, equipment, or inventory of an organization. The main goal of asset tracking is to ensure that a company's assets are properly utilized, maintained, and accounted for throughout their lifecycle. Asset tracking software is a type of software solution specially designed for this purpose as it helps organizations meticulously manage and track their physical assets such as computers, furniture, tools, vehicles, equipment and more.

Thanks to , you can create and maintain a comprehensive database of your assets, including details such as serial numbers, purchase dates, purchase costs, and ownership information. Moreover, it utilizes GPS or RFID technology to track the real-time location of assets to make it easier to find and manage all items.

Why Use Asset Tracking Software?

Asset tracking software provides real-time visibility into the location and status of assets. This information helps organizations easily locate assets, whether they are in the office, at a remote site, or in transit. This software helps organizations reduce costs associated with asset loss, theft, and downtime Plus by monitoring assets closely, they can identify and address issues promptly thus saving money on replacements and repairs. Moreover, using an asset tracking system minimizes the time spent to search for equipment, inventory and tools, which allows employees to focus on more valuable tasks and enhances their productivity.

Who Uses Asset Tracking Software?

Asset tracking software is used by organizations of all sizes and in a variety of industries. Let's look at some most common industries that use this software.

• Construction: Construction companies use asset management software to track the location of their equipment and materials. This helps them keep a tab on everything, preventing theft and ensuring that everything is available when required. Additionally, construction projects require a wide range of materials, tools, and equipment. Asset tracking solutions help in managing and controlling inventory levels, which makes sure that the right materials and supplies are available on-site at all times.
• IT Companies: IT departments in numerous industries use asset tracking for managing computer hardware, servers and software licenses. This ensures efficient IT asset management and it also reduces costs. Moreover, IT assets often contain sensitive data and software licenses. Using IT asset tracking software helps in tracking the security of these assets, plus it can provide information on who has access to specific assets and their usage history. Lastly, IT assets, mainly laptops and mobile devices, are prone to loss or theft. IT asset tracking helps in the quick identification of missing assets, thus allowing for prompt action like remote data wiping or tracking of stolen devices.
• Hospitality and Hotels: Hotels and the hospitality industry use asset management software for managing furniture, fixtures, and equipment in guest rooms and common areas. It ensures efficient maintenance and upkeep. Plus, efficient and seamless maintenance of assets is vital in the hospitality industry, hence asset tracking software helps in scheduling and tracking preventive maintenance for items such as HVAC systems, elevators, and kitchen appliances to minimize downtime and increase asset lifespan. Moreover, hospitality businesses can control costs by monitoring their asset usage and identifying opportunities to optimize asset allocation. This includes the identification of underused assets that can be repurposed or sold to reduce unnecessary expenses.

Key Features of Asset Tracking Software

Some notable features of asset tracking software include asset lifecycle mapping, asset identification, asset audits and more.

• Asset Lifecycle Mapping: The best asset tracking software will create an asset lifecycle map using the information gathered from breakdown and maintenance history. By mapping an asset's lifecycle, you can anticipate and plan for any maintenance costs or breakdowns in the allocated budget. Moreover, by understanding how an asset should be operating and when maintenance may be required, you can benchmark the performance of each asset and make crucial decisions about replacing vs repair.
• Asset Identification: You can assign unique identifiers like barcodes, QR codes, RFID tags to each asset for seamless tracking and identification.
• Asset Audit: This feature allows you to conduct regular asset audits or physical counts to reconcile physical assets with recorded assets and identify any discrepancies.
• Interactive dashboards: An interactive dashboard empowers you to visualize data by noting down numbers in spreadsheets and giving them context and value through graphs and charts. Owing to dashboards and planning tools, you can isolate specific assets for tracking their expenses as well as repair costs over time. Moreover, this feature gives you the ability to decide about the maintenance expenses associated with each asset and ensures that you always take the most cost-effective course of action.
• Real-Time Monitoring: The real-time monitoring feature of asset tracking software allows you to track the location and status of assets in real-time. This can be done through a wide variety of methods like GPS tracking, RFID tracking, and barcode scanner. You can use this feature to identify assets that are not being used efficiently and to make better decisions about asset allocation. Moreover, the real-time monitoring feature can help you to prevent asset loss by tracking the live location of assets at all times plus this can be helpful in identifying assets that are missing or that have been moved from their designated locations.

Benefits of Using Asset Tracking Software

Asset tracking solution provides several notable benefits to an organization. Let’s look at some of its main advantages.

• Enhanced Asset Visibility: Asset tracking system provides real-time visibility into the status and location status of assets, which makes it easier to locate and manage them. Moreover, this reduces the risk of assets being lost or misplaced.
• Reduced administrative costs: Without a specific asset management program, companies rely on administrative employees to know the status of their physical items. This approach leaves room for human error, which sometimes leads to the loss of valuable assets. But thanks to the usage of an asset inventory management system, those staff members can concentrate on more mission-critical projects.
• Maintenance Optimization: The fixed asset management software can keep a tab on maintenance schedules and send alerts when assets require servicing. This proactive approach reduces downtime as well as extends the lifespan of assets.
• Increased accuracy: The ability to track every detail of your assets such as location, use cases and condition can help you make critical business decisions with confidence. Plus, the software generates reports and analytics that provide valuable insights into asset utilization, depreciation, and performance thus allowing you to make well-informed decisions
• Integration Capabilities: Asset tracking systems can be integrated with other business systems, such as Enterprise Resource Planning (ERP Software) or Inventory Management systems, for streamlining business processes and data sharing.

How to Buy the Best Asset Tracking Software?

Buying the best asset-tracking software for your organization requires careful consideration of your specific needs, goals, and budget. Here are some key pointers to help you make an informed decision.

• Geolocation Mapping: Your asset tracking software should allow you to monitor asset location in real-time along with geolocation mapping.
• Historical Location: It should allow you to track asset history to find optimal routes and ensure business intelligence.
• Variable Monitoring: You require a holistic tracking system that can effectively monitor all variables of your asset fleet.
• Tracking Technology: Different asset tracking software solutions come with numerous tracking technologies, like RFID, QR codes, GPS, or Bluetooth. Therefore, you must choose the technology that best suits your asset types and tracking requirements.
• Reporting and Analytics: Analytical tools and reporting features are crucial for gaining valuable insights into asset utilization and performance. You must ensure that the software provides the reporting features you need for data-driven decision-making.

Top Asset Tracking Software

Trends of Asset Tracking Software

The asset-tracking software market is always evolving, and there are a number of emerging trends that are shaping the future of this industry. Here are some of the most important trends in this domain.

• Cloud-based solutions: In recent times, cloud-based asset tracking systems have become increasingly popular, as they offer a wide range of advantages over on-premises solutions. Moreover, cloud-based solutions are more scalable, simple to manage, and more secure than on-premises solutions.
• Geofencing: Geofencing is a technology that allows companies to set up virtual boundaries for their assets. This technology can be used to track assets as they move in and out of particular areas, which can help in preventing theft and loss.
• Real-time tracking: Real-time tracking is becoming a must-have feature in asset tracking software as it allows businesses to track the location of their assets in real-time, which can help to enhance efficiency and security.
• Artificial intelligence (AI): Asset tracking systems are increasingly using AI to automate processes and boost productivity. AI can be used to analyze data, identify the latest patterns, and make predictions, which can help businesses make better decisions about their assets.