Top Strategies for Effective Asset Tracking in Large Organisations

With 5.4 billion internet users worldwide, competition has never been tougher for large organisations. This competition means that these organisations must implement effective asset tracking to reduce costs, increase productivity, and boost profitability. 

Discover top strategies and best practices for asset tracking in large organisations and find out how they can benefit your business.

Implement Barcode Tracking

Asset tags make it easy to identify equipment, inventory, and even fixed assets. Using barcode tagging and asset tracking software from FMIS is a good way to implement this, as these tags encode unique identification numbers in the form of a barcode that you can scan using scanning devices or mobile devices. After tagging assets, you can enter important information, such as the purchase price and maintenance schedule, into the system.

You can then use this data for preventative maintenance, asset accounting such as depreciation calculations, or other purposes. These tags also make it easier to provide technicians with helpful details, and they can indicate the location of mislaid assets.

Conduct Regular Audits

Conduct regular physical audits of your organisation’s assets to verify their location and their condition. In larger organisations, these audits should be conducted once or twice a year.

Regular asset audits ensure that your records are accurate and kept up to date, and they can help prevent them from being misplaced, stolen, or underutilised.

Integrate Asset Tracking Systems with Existing Solutions

Large organisations have many assets to track, which inevitably use a variety of other management solutions. By integrating your asset tracking system with your existing solutions, you can ensure streamlined asset management. This allows you to generate detailed reports for making informed decisions, schedule preventative maintenance based on the condition of your assets or how they’re used, and automate various processes.

For example, you can integrate your asset tracking system with your computerised maintenance management system (CMMS) to identify assets that require maintenance, plan those schedules, and allocate those assets more efficiently. This can result in longer asset lifespans and reduced downtime.

The Benefits of Asset Tracking

By tracking assets with software and other solutions from FMIS, large organisations can reduce losses, improve asset usage, and enjoy greater productivity. These solutions and best practices can help identify underutilised or missing assets, allocate them more efficiently, and use this information to guide future purchasing decisions. 

Additionally, when you implement proactive maintenance, you can extend asset lifespan and reduce maintenance costs by preventing smaller issues from becoming larger, costlier problems. Properly utilising your assets and automating many of the tasks involved in effective asset management should also result in greater productivity and make your business more profitable in the long term.