Mastering supply chain management is a key to success for businesses. Staying ahead requires more than traditional strategies. Modern businesses look for advanced technologies to incorporate in their supply chain operations. One such technology is the asset tracking system. 

Quinta provides all the solutions for tracking your assets with best-in-class asset management software.  

In this blog, we will understand the process of redefining supply chain operations by implementing the asset tracking system. 

What is an Asset Tracking System? 

As the name suggests, asset tracking is the process of keeping track of a company’s physical assets. It is imperative to be equipped with certain devices or an asset tracking system to track your assets.  

Your assets, like motor vehicles, computers, generators, and other equipment, need to be recorded properly to keep track of their value. The values of these assets are important for smooth business functioning. Apart from the tangible assets mentioned above, organisations also have intangible assets. Examples of intangible assets include contracts, software, patents, etc. 

Benefits of Asset Tracking 

Asset tracking not only ensures the smooth functioning of your business but also allows you to be aware of its value. Let us dive into the benefits of an asset tracking system. 

Value Awareness 

When you start a business, you must know which assets add value and which are a waste of space. The asset tracking system ensures you have detailed insight into which assets to keep and which to get rid of. This lets you free up more workspace and utilise it for something better. 

Increased Cost-Efficiency 

You can cut costs by getting rid of an asset that is of no use. Selling off an asset will help you save the cost incurred to maintain the same. 

Upgrades 

You can replace an asset with an upgraded version if you install an efficient asset tracking system. The upgrade will allow you to stay relevant in the industry and tackle competition. Staying up-to-date in a supply chain environment is most important to optimise operations. 

Work Efficiency 

Your administrative employees can work efficiently if they have a record of assets maintained properly for their reference. 

How to Track Your Assets 

Implementing efficient asset management tools becomes necessary to ensure a smooth operating supply chain. Here is how you can track your assets. 

Barcode Scanners 

Physical assets come with a barcode. Using a barcode scanner, you can record your assets when purchased. You can also record any changes made to that asset or costs incurred. This will help you better understand your assets and help you analyse their potential. The electronic device allows your employees to have accessibility. It is most useful in cases where there are multiple office locations and work sites. 

RFID Tracking 

Radio Frequency Identification (RFID) devices need an RFID tag to read and record the asset. This device sends the real-time location of your asset. Supply chain businesses operate on transparency, which RFID tracking ensures. This method is useful to ensure there are no mistakes in asset handling and tracking. 

GPS Tracking 

Asset management software that uses GPS (Global Positioning System) tracking devices can transmit locations through satellites. These are better for longer distances to know the real-time location of your asset. It can keep an accurate log of all the users using it. 

Conclusion 

To conclude, a good asset tracking system is very important in building a business. From knowing the value of an asset to cutting costs, the benefits are abundant. Implementing the best asset management software along with easy-to-use devices will ensure productivity.  

With its innovative tracking devices and asset management software, Quinta is the best solution for all your asset tracking concerns.