How to keep track of assets in 4 steps

In today’s fast-paced business environment, managing and keeping track of assets is crucial for organizations of all sizes. Technology has evolved to a point where that job can be made much simpler and risk-free, completely changing the game on how to keep track of assets.

Whether you are a small business owner, a non-profit organization, or a multinational corporation, efficient asset tracking can lead to increased productivity, reduced costs, and improved overall performance.

In this article, we want to explore the importance of asset tracking and provide practical tips on how to do it effectively. Read our complete guide on this technology here.

How to keep track of assets in 4 steps

Step 01: Create an asset inventory

Creating a comprehensive catalog of your assets is the first big step of how to keep track of assets. By meticulously documenting each asset’s information, you not only gain a clearer picture of your holdings but also facilitate better organization, maintenance, and tracking.

Begin by listing the name or a brief description of each asset. Ensure that the naming convention is clear and consistent, making it easy to locate specific items.

If possible, record the unique serial number or identification code associated with each asset. This helps in distinguishing assets with similar names and provides a crucial reference point for tracking. Other important information to record are the purchase date, purchase price, and supplier.

Also, specify the physical location where the asset is currently housed. This could be a specific office, department, warehouse, or even a shelf or storage unit within that location. If your assets are spread across multiple sites or locations, note the geographic coordinates or site names for quick reference.

Step 02: Asset-tracking software

If you were thinking that doing everything we mentioned in the previous step by hand was nearly impossible, you’re absolutely right. Doing all that without asset-tracking software is nearly impossible.

So investing in a reliable asset tracking software or system is a crucial step for businesses of all sizes and industries. Efficient management of assets is essential for optimizing operations, reducing costs, and ensuring regulatory compliance, and a big part of how to keep track of assets.

The most modern asset-tracking solutions include the usage of barcodes, RFID tagging, and GPS systems, greatly enhancing accuracy and efficiency in asset management. By tagging assets with unique identifiers, you eliminate the risk of manual errors that can occur when using spreadsheets or paper-based systems.

Employees can quickly scan assets, update information, and locate them in real time, reducing time wastage and improving overall productivity.

Accurate and real-time asset data empowers better decision-making. Whether it’s optimizing asset utilization, identifying underutilized resources, or planning for asset maintenance or replacement, having access to comprehensive and reliable information is essential.

Step 03: Regular audit of assets

Conducting regular physical audits of your assets is a critical component of how to keep track of assets. These audits involve physically inspecting your tangible assets to ensure that they are in the expected condition and location.

To enhance this process and ensure the accuracy of your records, it is essential to compare the audit results with your digital documents and take prompt action to rectify any discrepancies.

Establish a regular schedule for physical asset audits. The frequency of these audits will depend on the nature of your business and the value of your assets. High-value or critical assets may require more frequent audits, while others can be audited less frequently.

During the audit, it is essential to document your findings meticulously. This includes noting the condition of each asset, its serial or identification number, location, and any relevant details. Digital devices such as smartphones or tablets can streamline this process by allowing auditors to input data directly into your asset management system.

Step 04: Employee training

We rarely work alone – so training your employees is a very important step in how to keep track of assets.

To maximize the effectiveness of your asset tracking system, it is imperative to ensure that your employees are not only trained but also well-versed in using the system correctly. User errors can have far-reaching consequences, potentially leading to inaccurate data and, in turn, undermining the many benefits of asset tracking.

Proper training equips employees with the knowledge and skills necessary to input, update, and manage asset information accurately. When employees make errors in data entry or misuse the tracking system, it can lead to discrepancies between the actual and recorded asset information. This, in turn, can result in operational disruptions, financial losses, and compliance issues.

So make sure you take your time to train your employees carefully on whatever system you establish. Even if it is the best system, it is only as good as the people who work on it. Understanding that is a big part of understanding how to keep track of assets, and it can avoid frustrations in the future.

The benefits of asset tracking

Now you have a better idea of how to keep track of assets. But how important is asset tracking for your business, and what are its benefits?

If it wasn’t clear before, asset tracking is a fundamental process for organizations of all sizes, involving the meticulous monitoring and management of physical assets, including machinery, equipment, vehicles, computers, furniture, and even intellectual property.

The practice of asset tracking goes far beyond simply knowing where items are; it serves as a critical component in achieving several key objectives that significantly impact the efficiency, cost-effectiveness, and overall success of an organization.

Efficient asset tracking is a potent tool for cost management. It enables organizations to prevent loss, theft, or misplacement of valuable assets, reducing the need for premature replacements. When assets are tracked meticulously, they are less likely to disappear into the abyss of disorganization, resulting in substantial cost savings over time.

It also encompasses a broader understanding of an asset’s condition, usage history, and maintenance needs. Armed with this information, organizations can allocate resources more effectively, plan maintenance activities proactively, and thus enhance overall productivity.

Accurate and up-to-date asset tracking is a goldmine for data-driven decision-making. With comprehensive information about their assets, organizations can make informed choices about asset allocation, utilization, and retirement.

Implement asset tracking in your business

Effective asset tracking is a fundamental aspect of modern business operations. It can save you money, boost productivity, enhance security, and ensure compliance with regulations.

By following the tips outlined in this article and adopting modern asset-tracking technology, you can streamline your asset management processes and set your organization on a path to success in an increasingly competitive business landscape.

And we here at Datanet IoT Solutions are ready to help you with your asset tracking needs. You can contact us anytime to learn more about our products and services and modernize your business today.