Asset tracking employs GPS, barcodes, or RFID to monitor IT assets such as computers and servers. This ensures efficient management, accurate location tracking, and timely maintenance, optimizing organizational efficiency and cost control.
Physically logging movable assets with pen and paper used to be the standard. Everything from taking inventory, to tracking who checked out an item, when it was checked out, and when it is expected to be returned were all recorded and maintained manually
Naturally, computers eased the process of asset tracking. But, it still required manual human input and physical counting of the assets to be entered into the asset management system. Enterprise resource planning (ERP) software innovated the process by introducing automation into the management of organizational resources.
While ERP is still commonly used today, it comes with a certain disadvantage: It doesn’t efficiently track individual items. It is ideally suited for tracking a bulk of goods like retail inventory. Portable scanners became more prevalent, easing some of the burden. Unfortunately, most scanners required a physical connection to a computer, such as with a point-of-sale (POS) system. This allowed for interaction with ERP software, but it still created gaps in flexibility. Mobile computing changed the game once again, providing handheld devices that allowed the individual to travel to and from assets, unrestricted by a physical tether. Such mobile devices have integrated computer systems with their own memory capabilities, and they can often work without a network connection—storing and uploading scan data at the user’s convenience.
Today, smartphones and their high-resolution camera capabilities provide more innovative opportunities with simple applications that can scan barcodes of all types and send information to a central cloud repository.
These unique identifiers can be seen nearly everywhere that inventory exists, and advances in mobile scanning technology have increased their usefulness. Barcodes are the most commonly used method of tracking assets. Additionally, barcodes tend to run a lower cost, are versatile, are easy to use, are fast, and are generally very accurate. That said, they do require line-of-sight access and manual orientation, and aren’t always of high enough quality to allow for seamless scanning.
Radio frequency identification (RFID) are tags or chips that transmit information about the item to a receiver. RFID tags can be scanned remotely, they can scan multiple items, and they are more flexible. However, they tend to cost more, include technology constraints like limited ranges, can miss scanning signals, may suffer from radio interference, and can sometimes incorrectly register nearby items rather than the item that was meant to be scanned.
Global positioning systems (GPS) tracking devices attach to an asset and send the location to a central server at regular intervals. This is handled completely automatically; human interaction is not required to track the location of the asset. Due to the increased cost of GPS devices, they are usually used to track high-value assets, rather than low-cost or high-quantity items. GPS devices offer real-time location data, are passive, and provide motion alerts in case an asset unexpectedly changes location. But, they are costly, are less accurate indoors (due to signal interference between the device and the satellite), only provide locational data rather than information related to how an asset has been processed along the way, and can be removed.
WiFi sniffing technology leverages existing networks to determine the location of assets without a direct connection. This method is ideal for accurate results within urban settings since it can collect data from multiple sources. Its efficiency in enclosed spaces and lower power consumption make it a valuable asset tracking tool with advantages over other methods like GPS.
Cellular ID leverages cell tower signals for outdoor positioning, offering a simpler and more power-efficient alternative to GPS and WiFi sniffing. While it may lack the pinpoint precision of other tracking methods, cellular ID serves as a reliable backup solution, particularly in areas where GPS and similar technologies encounter challenges. Its ability to triangulate positions based on cell tower transmissions enhances overall asset tracking capabilities.
Generally speaking, there are usually two types of hardware systems that are used for barcode scanning: rugged physical devices and smartphones.
Rugged devices are portable, hand-held computers designed to perform specific tasks and are durable enough to withstand general handling, harsh environments, vibrations, extreme weather conditions, water, and dust. They often possess an increased battery life and may include extendable battery packs to support longer durations field work. Combining customized hardware and software, these devices are generally more expensive than smartphones, but are still popular options for many organizations. This is due, in part, to the advantages of faster scanning, durability, improved security, and streamlined operation when compared to the numerous variations and potential issues with using consumer devices.
Compared to rugged, specialized devices, smartphones are much more accessible. In many cases, warehouse and other tracking personnel will already have their own devices on which relevant software applications may be loaded. Smartphone scanning also tends to be cheaper, lighter, easier to display, and they are usually preferred by those who use the devices.
There are multiple industries that track different types of assets, the inventory of the assets, and the movement of assets from place to place. Depending on individual business needs, different types of asset management may be a better option based on network connections, need for mobility, and need for tracking.
Asset tracking and asset management are closely related concepts. In fact, the two terms are often used interchangeably, but they each have distinct purposes within an organization. Asset management refers to a comprehensive strategy for overseeing the entire lifecycle of physical assets, from acquisition to disposal. It focuses on optimizing asset performance by reducing downtime and maximizing the return on investment.
On the other hand, asset tracking is a specific component of asset management that deals with monitoring and tracing the whereabouts of individual assets. It provides visibility into a few areas, including location, movement, and condition. This offers more granular insights that can aid organizations in decision-making regarding physical assets.
So, while asset management sets the framework and processes for handling assets, asset tracking uses technology to track physical locations and monitor performance. Asset tracking plays a pivotal role in executing effective asset management practices by providing accurate data and real-time visibility into operations, ultimately contributing to better resource allocation and cost management.
Asset identification and location are two elements of an effective asset tracking strategy. Asset identification refers to the process of identifying each unique asset within an organization’s inventory. This identification is typically achieved using one of the methods of tracking, including barcodes, RFID tags, or serial numbers. The purpose of this element is to ensure that organizations can accurately track and manage their assets, as well as differentiate between similar items.
Asset location focuses on determining the physical whereabouts of assets at any given time. This aspect is especially important for organizations that have assets spread across multiple locations or that frequently move assets between different sites. For this element of asset tracking, assets can be tracked using methods like GPS or WiFi sniffing.
The key difference between asset identification and asset location lies in their respective functionalities. Asset identification helps organizations recognize and catalog their assets, ensuring proper ownership and accountability. In contrast, asset location provides visibility into the spatial distribution of assets, allowing organizations to track movement and prevent loss or theft.
- Improved accuracy
- Better accountability and cost savings
- Lower administrative costs
- Improved customer service
- Maintaining compliance and certifications
- Planning for future growth
- Improved efficiency
- Equipment maintenance
- Loss/theft prevention
As an ITAM function, asset tracking helps maintain an accurate asset inventory across locations, stockrooms, and remote offices, while also significantly reducing the risk of human error in manual data entry. Additionally, it simplifies and streamlines inventory audit processes, helps manage asset costs by using current inventory to reduce new purchases, improves IT service delivery and incident response times, and reduces compliance risks.
Asset tracking software offers businesses a centralized platform to manage all aspects of asset tracking. By digitizing the different ITAM processes, you can eliminate reliance on manual spreadsheets or paper records that come with a risk of inaccuracies and inefficiency. Instead, software solutions provide real-time updates and notifications so that you can track the movement and maintenance needs of your assets with ease.
ServiceNow’s software integrates advanced technologies like GPS-based tracking to provide visualizations of asset locations. You can even improve customer service with accurate service and delivery times. This streamlined approach to asset tracking allows organizations to focus on other core activities while still ensuring that all assets are managed effectively and securely.