RFID Based Asset Tracking System: Why You Need it?

26 Mar 2018

Asset Tracking System: It uses Radio Frequency Identification (RFID) technology to locate assets. RFID tags take the guesswork out of Asset Tracking. These tags are attached to the things that matter most to your business, anything from computers to livestock. In turn, the RFID Tags broadcast the locations of these items.

How does Asset Tracking Work?

Asset Tracking works by placing a simple RFID Tag on your asset and then using a reader to fetch the location and details of your asset. These details can be accessed using a simple mobile or web app. The three main functions of asset tracking are documenting asset attributes, location identification, and tracking movement. Some other activities which also take place are taking pictures, capturing signatures when items move, scheduling maintenance events, performing maintenance events, depreciation calculations, and many more. The act of performing physical inventory on your equipment and items is another input to an asset tracking system that allows it to accurately manage your shared resources.

Features of Asset Tracking System

  • Gathering, collating and filtering data on the location, condition, and status of each asset

  • Complete through-life history of assets and equipment, including audit trail

  • Record location of individual activities

  • Charting, graphs and other visual representation of data

  • Generate and export data for reporting

  • Print barcode labels

  • Take asset pictures with a smartphone

Why Do You Need It?

1. Know what you have: Before using this asset tracking system, you needed to manually maintain an inventory, with no way to uniquely identify each and every item. As a one-time activity, you will have to enter all the attributes of your asset into the system, along with the unique tag number that identifies your asset. You can either print your own or buy pre-printed RFID labels. Thereafter, you have an inventory of all your assets at a single click, along with detailed analytics on each item.

2. Find out where, who, and when: It is very important to locate the assets first. Typically, company-owned resources are stored and then shared throughout an office or spread out to multiple locations. The challenging part is to keep track of all the movement and changes of possession over time.

An asset tracking software helps you to track the location of the assets on your pc. It also helps to see the assigned custodian. Furthermore, through this system, you can find out when an item will be returned, shipped back, made available again or reserved for a period of time. Assets are moved when needed by individuals or to be made available for different projects.

3. Track cost and value: Over time assets age and need proper maintenance.  These services are needed to ensure assets retain value and remain usable to the business. Keeping track of asset value throughout its lifetime is important to many businesses because of the effect on financial statements and taxes. For businesses, you need to store purchase order info, details of maintenance activities and of the services performed. Asset tracking system helps to keep a track of these records in a digital database. The tracking system has additional features like creating alerts that are automatically sent when the dates are approaching.

It is very easy to lose track of the resources your business still relies on, especially when dealing with hundreds of assets. Asset tracking systems provide a comprehensive solution for companies that need help taking physical inventory, maintaining accountability, and controlling physical assets both on and off-site.