The Impact of Asset Tracking Software on Operational Efficiency

Asset tracking has become essential for most businesses, especially those with physical assets comprising a major aspect of their daily operations. These assets could be inventory, or equipment. Always knowing the status and location of these assets is crucial for maximum efficiency, safety, and finances. 

In this regard, asset tracking software has equally become a prominent solution for operational efficiency. 

But what makes them such indispensable tools in today’s workplaces? Continue reading to find out. 

What is an Asset Tracking Software?

To fully understand asset tracking software we need to first break down asset tracking as a process. In its simplest form, asset tracking is the process of monitoring and managing physical assets across their entire lifecycle. 

The process covers tracking not only the location and status of the assets but also the usage, maintenance, and other valuable factors that affect the life cycle. Software designed to facilitate this tracking process through technologies like IoT, GPS, barcodes, QR codes, BLE, RTLS, and RFID is known as asset tracking software.

The Fortune Business Insights valued the total market size of the global asset tracking industry at $21.25 billion in 2023. This goes to show how vital this software can be to effective usage, inventory management, and other aspects of daily operations. 

Let’s explore some of the impacts they have on operational efficiency. 

Impacts on Operational Efficiency

• Theft Protection

Physical assets cost a lot of money and these investments deserve maximum protection. The right asset tracking software ensures improved asset visibility. They provide real-time information on the placement, status, and location of each asset. 

This deters theft within the organization while also ensuring optimized use and timely maintenance. Using an Asset Tracking Software, powered by IoT, can alert companies to unauthorized access or movement, enhancing around-the-clock security. 

• Effective Asset Maintenance 

The right asset management also provides maintenance teams with the needed data to be proactive by scheduling regular maintenance. This timely maintenance will depend on actual usage gathered from wear and tear data. 

So your company stays ahead of potential issues and breakdown of machinery which prevents downtime. In the long-term, this also translates to considerably longer asset lifespan. 

• Data-driven Decision Making

Asset tracking software collects data from several essential touchpoints. Processing this data provides valuable insight which can help make informed decisions. Organizations can optimize asset use during peak seasons, spot trends and patterns, and navigate complex troubleshooting procedures. 

You will have a smarter and improved performance overall if you deploy the right asset tracking software to power decision-making. 

• Compliance And Reporting

You want to properly account for all assets, mitigate risk, reduce workplace hazards, and maintain accurate reports on your various assets. It just so happens that asset tracking with the right software can help in all these areas. 

You can have a better record and provide your stakeholders or regulators with detailed reports on your assets. Plus, you don’t have to worry about compliance and human error since studies show the implementation of bar-code medication administration decreased errors by 43.5%.  

Choose Effective Asset Tracking With Vicinia

As revolutionary and impactful as asset tracking solutions can be, implementing them from scratch can be overwhelming. Instead, you can trust Vicinia’s asset tracking software to deliver maximum operational efficiency and ease of setup. It only takes a few clicks to get started. To see it for yourself, book a demo now!