As a business leader, you understand the value of knowing where your physical assets are located at all times. It’s essential for an efficient and successful operation—not to mention it can be critical when responding to any potential security breaches.
But asset location tracking can become very complicated if not done correctly or with the right kind of technology.
In this blog post, we’ll explore some common mistakes made by companies with asset location tracking so that you can make sure to avoid them as you set up your own system.
What Is Asset Location Tracking?
Asset location tracking is a crucial fixed asset management strategy used by businesses of all sizes.
In broad terms, asset location tracking is the process of monitoring asset location information over time. It involves continuous collection and analysis of asset-location data to ensure assets are secure, easily accessible, and accurately accounted for at all times.
With effective asset location tracking technologies such as Bluetooth Low Energy (BLE), GPS tracking, and RFID tags, businesses can achieve greater asset visibility and keep track of their valuable assets’ whereabouts at any given moment.
Consequently, this enables organizations to more effectively manage their asset expenses and better protect their assets from damage or loss.
The Importance of Effective Asset Location Tracking for Businesses
By implementing effective asset location tracking strategies, a business will be able to effectively manage its asset inventory and resources in order to increase operational efficiency and reduce waste. This means that asset location tracking is crucial in maximizing asset utilization, enabling businesses to make better-informed decisions regarding asset allocation and movement.
Furthermore, asset location tracking can help a business identify any weak spots or inefficiencies in its processes, allowing corrective measures to be put in place and resources to be used more judiciously.
Additionally, asset location tracking also ensures a traceable record that can be used in logistics optimization planning, auditing, and supply chain management decision-making.
Not only does asset location tracking benefit individual businesses through cost efficiency and optimization, but it can create ancillary benefits for other entities further down their supply chain, increasing overall efficiency throughout all aspects of the industry.
Ultimately, effective asset location tracking is an invaluable tool for businesses that are looking to maximize efficiency and productivity.
Common Asset Location Tracking Mistakes Made By Businesses
It’s easy to see why asset location tracking is an essential asset management system that helps businesses keep track of their equipment, tools, and inventory – however, it can also be tricky to get the hang of.
Here are a few of the most common mistakes businesses make with asset location tracking:
1. Overlooking The Importance Of Real-Time Asset Visibility
When it comes to asset location tracking, one of the most common mistakes is overlooking the importance of real-time visibility.
Despite advances in technology to accurately track assets and resources, companies often forget about the importance of visibility; that is, being able to view where their assets are precisely in real-time which helps them make better-informed decisions.
With real-time visibility from asset location tracking data, companies can plan scheduled maintenance and analyze hazardous asset zones safely, as well as actively monitor movements while deliveries are in transit or during inventory management.
Real-time asset visibility provides a vital component for successful monitoring and optimizing asset utilization and inventory control – a mistake that’s best not overlooked.
2. Relying Solely On Manual Processes For Asset Location Tracking
Many businesses make the mistake of relying solely on manual processes for tracking the location of their assets. This short-sighted approach is problematic because it is often slow, inefficient, and can be as much as ten times as expensive as automated systems due to the required infrastructure and labor.
Manual processes can also be time-consuming and error-prone, which can result in inaccuracies and redundant costs associated with asset mislocations or missed maintenance updates.
What’s more, many companies underestimate the amount of data involved when managing assets at scale, leading to a complex web of manual records that is difficult to track or audit.
Investing in an automated asset management solution will save businesses both time and money whilst giving them the power to ensure that assets are in place at all times with greater accuracy than ever before.
3. Having Inaccurate Data About An Asset’s Location
One of the major issues companies grapple with when it comes to asset location tracking is having outdated information about an asset’s current whereabouts.
Without the most up-to-date location data, businesses often have difficulty making informed decisions and managing their assets effectively. This can lead to a lot of wasted time and money as teams frantically search for misplaced items or struggle to locate inventory that is far from its original destination.
What’s more, not having accurate tracking information also affects business relationships and customer satisfaction, as delayed shipments and unavailable products are more likely to occur when users are relying on inaccurate data.
Fortunately, a quality asset tracking system with IoT tracking devices can help eliminate this common and costly mistake by ensuring users always have access to real-time location data via mobile app so they can quickly identify and address potential problems.
4. Failing To Integrate Asset Location Tracking With Other Systems
Another frequent mistake with asset location tracking is failing to integrate it with other systems. This omission undermines the support system that an integrated tracking system can provide.
When asset location data isn’t shared and coordinated between disparate systems, redundant and out-of-date actions occur. Keeping up-to-date records becomes more challenging and gives rise to a patchwork approach which can lead to inaccurate information being sent or a lack of accuracy across different datasets and reports.
Furthermore, important decisions involving resource allocation are made without the benefit of an accurate, up-to-date view of asset location. As a result, misallocation occurs, leading to missed opportunities and inefficiencies.
For the best practices of sound asset management and enterprise agility, companies should make sure that their asset information is centralized in order to have real-time collaboration across departments for optimum efficiencies.
5. Not Investing In The Right Tools And Asset Tracking Technologies
One of the most common asset location tracking mistakes is failing to invest in the right tools and IoT technologies. Thankfully, there are asset management software solutions available that can help businesses better track their assets across various locations.
When looking for an effective asset location tracking software for your business needs, pay attention to features like real-time visibility, automated event processing, geo-fencing capabilities, and scalability.
Real-time visibility allows administrators to monitor assets immediately after they move, while automated event processing eliminates manual inputting of data related to location changes and other events.
Geo-fencing enables administrators to set up alerts based on the movement of an asset past a certain geographical point, while scalability allows businesses that experience growth or change over time to keep up with tracking demands.
With a wide-ranging market, it is important to research ahead of time to make sure you are investing in the best solution for your business before you make any long-term commitments.
6. Neglecting To Provide Employees With The Proper Training
Not providing proper training for system users and employees is a very common asset location tracking mistake. Companies that do not take the proper time to train all team members on their asset tracking solutions can quickly run into difficulty with system adoption.
The issue becomes further compounded when certain staff members or even whole teams are left in the dark on how to use the software they are expected to work with, as mistakes become inevitable due to poor understanding of processes.
Without clear training and support on operations specific to any particular asset tracking software program, workplace efficiency is likely to be much slower than desired, and the accuracy of data is likely to suffer, leading ultimately to a decrease in productivity, profit, and customer satisfaction.
Avoid These Common Mistakes With Radiant’s IoT Asset Tracking Solution
Effective asset location tracking is essential for businesses in today’s world. By avoiding the common pitfalls mentioned above, businesses can successfully keep track of their physical assets and gain real-time visibility while reducing human errors.
Radiant’s IoT asset tracking solution helps businesses monitor, manage, and maintain their physical assets. Our IoT solutions provide powerful capabilities to quickly locate assets and reduce risk, minimize costs and maximize return on investment.
Our easy-to-use platform runs both on-premises and in the cloud for maximum flexibility and scalability. Plus, we have a knowledgeable support team that offers round-the-clock technical assistance.
To learn more about how our IoT asset tracking solution can help your business reach new heights of success, explore our website or request your demo below; we are here to help!
Last Updated on March 8, 2023 by Radiant