What is asset tracking?
Asset Tracking is the process of capturing vital information about the status and location of assets, using scanners to detect barcodes, NFC labels or RFID tags for asset verification. Data can also be entered manually into a central asset register as an alternative to scanning. The register should offer fully customisable fields to record the crucial asset data that is valuable to an organisation.
Asset Tracking is carried out by organisations to improve the utilisation and security of valuable items. Regular physical audits are also a stipulation from auditors to ensure that finance departments can verify the existence of assets that are listed on the balance sheet. Organisations that fail to track assets correctly could be losing vast sums of money on an annual basis.
Asset Tracking differs from Inventory tracking as the former is the process of monitoring the value of items owned by a business along with useful information about location, ownership, associated documents etc, whereas the latter describes keeping an accurate record of items that are held in stock for sale to customers.