Are you looking for a reliable way to track fixed assets in your business? From computers and desks to machinery and vehicles, it’s crucial that enterprises have access to important information about their items.
With the right asset tracking solution in place, companies can benefit from greater accountability of IT assets, real-time visibility into stock levels and inventory movements, improved efficiency throughout the supply chain process−and valuable peace of mind.
An Internet of Things (IoT) asset tracking system goes beyond basic barcoding or RFID tagging solutions by providing an accurate digital record of asset status and location, thus enabling organizations to reduce costs while increasing productivity.
This blog post will explore some critical best practices every business leader must know when implementing IoT fixed asset tracking technology within their organization.
What Is Fixed Asset Tracking?
Fixed asset tracking is a vital process that enables organizations to manage their physical assets accurately and keep them in good shape. It involves using IoT technology, such as asset tags, hardware, and software, to keep track of mobile assets, including pieces of equipment, returnable transport items, vehicles, and machinery as they are moved or used within an organization.
Through fixed asset tracking, organizations can minimize asset loss, enhance productivity, and monitor the maintenance schedules of their assets.
Why Is Effective Fixed Asset Tracking Important For Businesses?
Effective fixed asset tracking enables organizations to make informed decisions regarding capital investments, maintenance, and asset depreciation, maximizing profitability and minimizing risks.
In addition, it helps prevent theft, loss, or misplacement of valuable assets, which can result in significant financial losses and operational disruptions.
By implementing a robust fixed asset tracking system, businesses can ensure accurate information for financial reporting, compliance with regulations, and optimal utilization of resources.
Fixed Asset Tracking Best Practices
When it comes to managing fixed assets with an IoT solution, there are certain best practices that every organization should follow to ensure accuracy and effectiveness.
- Establish Clear Goals
Before implementing an IoT asset tracking solution, it is important to establish clear goals.
What do you want to achieve? Are you looking for improved asset utilization, increased visibility into asset locations, or better management of maintenance schedules?
Once you have identified your goals, you can use them to inform the design and implementation of your IoT asset tracking solution.
- Choose the Right Technology
When selecting an IoT asset tracking solution, it is important to choose the right technology. Different use cases require tailored approaches that often leverage IoT asset tracking technologies, such as:
- Radio Frequency Identification (RFID)
- Near Field Communication (NFC)
- WiFi
- Bluetooth Low Energy (BLE)
- Global Positioning System (GPS)
Consider factors such as cost, scalability, battery life, and accuracy when evaluating different solutions. Additionally, be sure to select an IoT platform that is compatible with your existing systems and processes.
- Develop a Comprehensive Implementation Plan
In order to ensure a successful implementation process, it is essential to develop a comprehensive implementation plan. This plan should include tasks such as training staff on how to use the system, testing the system in a controlled environment before deploying it in production, and establishing policies and procedures for following the ITAM process.
- Identify Key Performance Indicators (KPIs)
Once you have implemented an IoT asset tracking solution, it is important to identify key performance indicators (KPIs) that will help you measure its success. These KPIs could include metrics such as average time between maintenance cycles or average response times for customer service requests related to assets tracked by the system.
- Utilize Automation Whenever Possible
Automation can help streamline many aspects of asset management by eliminating manual tasks such as scanning barcode or QR code tags or entering data into spreadsheets manually every time an item needs to be inventoried or located within a facility; this can save time and money while also reducing errors due to human error while inputting information manually into spreadsheets or other databases.
Additionally, automation can also help reduce costs associated with manual labor since fewer staff members will be needed in order manage inventory effectively with automated solutions handling most aspects of the process instead.
- Monitor Asset Performance Regularly
It is important to regularly monitor asset performance metrics such as uptime and response times in order to ensure that your fixed asset tracking system is working properly and meeting its goals. If any issues are detected, they should be addressed immediately in order to maintain optimal performance levels over time.
- Maintain Security Protocols
Security protocols must be maintained at all times when using an IoT asset tracking solution in order to protect sensitive data from unauthorized access or manipulation by malicious actors. It is also important to regularly update security protocols as new threats emerge in order to ensure that your system remains secure over time.
- Integrate Data Across Systems
In order for fixed asset tracking solutions to be truly effective, they must be integrated with other systems within an organization so that data can be shared across departments and utilized for decision making purposes throughout the organization’s operations.
This integration should include both internal systems such as accounting software as well as external systems such as customer relationship management (CRM) platforms or supply chain management (SCM) platforms if applicable.
- Leverage Advanced Analytics Tools
Advanced analytics tools can be used to gain deeper insights into fixed asset data collected through an IoT asset tracking solution. These tools can help organizations identify trends related to usage patterns, maintenance cycles, or other factors which may indicate areas where improvements could be made.
Analytics tools can also help organizations optimize their business operations by providing actionable insights into how assets are being used across different departments or locations.
- Take Advantage of Predictive Maintenance Features
Many modern IoT asset tracking solutions come equipped with predictive maintenance features which allow organizations to anticipate potential problems before they arise. By leveraging these features, organizations can proactively address any issues before they become major problems, reducing downtime and lowering maintenance costs.
By implementing these practices and continuously refining your fixed asset management process, you can maximize your organization’s efficiency and reduce the risk of costly errors.
At the end of the day, consistent and accurate fixed asset tracking is essential for financial accountability and long-term success.
How An IoT Solution Supports Fixed Asset Tracking Best Practices
IoT asset tracking solutions have revolutionized the way companies manage their assets. By incorporating the latest advancements in technology, these solutions have made asset tracking more accurate, efficient, and cost-effective.
Fixed asset tracking best practices are essential for businesses to ensure that their assets are secure and effectively utilized throughout their life cycle.
With the help of IoT asset tracking solutions, businesses are informed about the location, movement, and condition of their fixed assets in real-time. This real-time information provides companies with the insight needed to improve their physical asset tracking by prioritizing critical maintenance, identifying inefficiencies, and reducing the risk of theft or loss.
By leveraging IoT asset tracking solutions, businesses can optimize their fixed asset tracking processes and increase operational efficiency.
Implement Fixed Asset Tracking Best Practices Today With Radiant’s IoT Platform
Fixed asset tracking is an essential component of today’s business environment. With the right processes and systems in place, any organization can maximize efficiency, security, monitoring, compliance, and more.
Fortunately, Radiant offers an IoT solution that supports all the best practices listed above in order to ensure success for businesses everywhere. To start taking advantage of our fixed asset tracking best practices today, be sure to explore the Radiant’s comprehensive IoT asset tracking solution.
With years of data-driven insights under our belt plus a user-friendly platform tailored to your needs, you’ll be able to rest assured that your company is operating as efficiently and securely as possible.
So courageous business leader: what are you waiting for? Request your demo below with Radiant to get started on the path of success.
Last Updated on August 2, 2023 by Radiant