Categories: Resource

10 Common Methods Used for Asset Tracking

Introduction

Asset tracking, often known as management of assets, is the practice of continuously monitoring an asset’s whereabouts. Asset tracking’s major goal is to prevent asset theft and waste, gather critical data, and streamline business processes.

With technological advancement, asset racking has evolved from traditional pen and paper to digital sheets and cloud-based geolocation tools like Locance. Regardless of your choice, it’s crucial to consider factors that ensure efficient asset tracking and management.

As your organization grows, the tracking system should be able to accommodate the increasing number of assets without sacrificing performance. Inaccurate data can lead to confusion, mismanagement, and financial losses. Regularly audit and update your asset information to maintain data integrity.

Your asset tracking system should ideally integrate with other systems used in your organization, such as inventory management, procurement, and maintenance. This streamlines operation and prevents redundant data entry.

If you’re using a cloud-based solution, consider how it handles situations without internet connectivity. Read reviews and compare solutions to choose the right one for your business. Ensure you choose a system with robust security features to protect your asset data. So, don’t hesitate to ask questions from the tech company’s sales rep.

Consider the initial setup, licensing fees, hardware requirements, and ongoing support. Adequate training and ongoing technical support ensure that all users understand how to use the system effectively. Moreover, regular updates help ensure that your system remains equipped with the latest features and security measures.

We are going to discuss the top 10 common methods used for asset tracking. Here are the details:

1. The Method With A Pen And Paper

When there was no technology, people relied on the pen and paper approach. This was perhaps the most basic approach for asset tracking that was employed. However, some businesses and organizations continue to use it. It does, however, require a lot of effort.

2. Using a spreadsheet

In comparison to the pen and paper approach, the spreadsheet approach provides a few benefits. This spreadsheet is intended to store information on each asset. So, fleet management utilizes the spreadsheet technique.

3. Asset Tracking using Barcodes

This was the first asset tracking technique that was both effective and dependable. A barcode is a sequence of parallel black and white stripes. They are highly cost-effective. A barcode is something that virtually everyone is acquainted with. Logistics companies find the barcode technique very useful.

4. Identification via Radio Frequency (RFID)

RFID technology is nearly identical to barcode technologies. RFID, on the other hand, is quicker than a barcode reader. It tracks information about the product via radio waves. It allows RFID tags to store digital data.

The information from a label is acquired by an NFC reader. Then, it is sent to a registry in RFID. RFID is more secure since it is shielded by a waterproof covering.

5. NFC Asset Tracking

It is a service that uses near-field communication (NFC) to track assets. NFC and RFID are very comparable technologies. You don’t need any special cameras and sensors to keep inventory records and assets. You can track assets using your phone. Its breadth, however, is limited to a few inches. As a result, you can’t utilize it from afar. Users have to be near the commodity or inventory to provide it. NFC processes in a fraction of a second, making it extremely rapid and economical. You don’t need to concentrate to scan; simply bring it up near and it will read itself.

6. Asset Tracking Using Bluetooth Low Energy

Bluetooth low electricity can be used in a variety of ways to accomplish the objective of asset management. First, you may use cell phones to track movement trackers that emit Bluetooth signals. Devices collect the information.

7. The GPS (Global Positioning System) and Asset Tracking

GPS tracking devices were first used for fleet management. However, this technique is not just employed in the vehicle business, but in a variety of other businesses as well. A logistics company can follow goods all around the globe using GPS tracking devices. It reliably manages your assets and inventories.

8. Using UWB Technique

The word UWB alludes to a data transmission mechanism that uses a considerable portion of the wireless spectrum. This operates by sending out a brief pulse with a low energy capacity over a wide bandwidth. In essence, UWB is a low-power method of transmitting large amounts of data. Fleet management companies also prefer the UWB technique.

9. Utilization of the WiFi

WiFi offers several notable benefits as an asset monitoring technology, with widespread awareness, widespread acceptance, a slew of standards, and a slew of WiFi-enabled products currently on the market.

10. LPWAN Technique

Low-power wide-area network (LPWAN) assets monitoring applications have exploded in popularity in recent years. More than 80percent of the total key asset monitoring system vendors had produced new products by August of last year.