Asset tracking is a vital part of a company’s success.  

Investing in an effective asset-tracking software solution can identify over and under-utilised assets, prevent loss or theft, and pinpoint potential bottlenecks to optimise processes and improve operational efficiency.  

However, with a wide range of solutions available in the market, choosing the right one can be daunting for a company. To make things easier, here are five key factors to consider for investing in the right software. 

Assess Your Assets  

You need to know what you’re tracking to choose the best asset-tracking software. Create a comprehensive list of assets you intend to track, including equipment, vehicles, machinery, and other assets.  

Understanding your assets will help you select the software that aligns with your requirements. Most good asset-tracking solutions will offer a complete picture of an organisation’s assets at any time.  

Check the Features of the Software  

The second thing to consider is the features of the asset tracking software. While every company’s requirements will differ, some notable features to look for include: 

• Geolocation mapping services: Tracks asset location in real-time and offers live updates on its status. 
• Reporting and analytics: Generates detailed reports and analyses asset data to provide valuable insights. 
• Variable monitoring: Tracks every variable of the asset fleet. 
• Maintenance Management: Ability to schedule and track maintenance activities of assets on time. 
• RFID: RFID is a new technology that supports end-to-end asset monitoring and is customisable to meet your specific requirements.  

Consider Scalability and Security  

As your business grows, your asset-tracking requirements will also expand. You don’t want to start over with a new system every time your company achieves a new milestone.  

Therefore, opt for software that can easily adjust to the growing business’s increasing demand without causing significant disruptions in ongoing asset tracking. More importantly, look for a solution that enables you to add new assets, locations, and users with ease.  

If you choose a cloud-based platform, it will scale with your business without problems. Even better, it offers enhanced security features and robust data storage ability, ensuring the safety and maintenance of your asset data. 

Ensure Integration With Existing Solutions  

Any asset-tracking software you think about purchasing must be compatible and able to integrate with your existing company tools.  

For instance, if you already have an asset management or inventory management solution, ensure the tracking software seamlessly integrates with these solutions. In particular, RFID technology can be integrated with a wide range of software solutions.  

Seamless integration ensures that your new software solution doesn’t disrupt your existing workflow but improves it. It further prevents data silos, improves business process efficiency, and allows for a centralised view of your company’s assets.  

Evaluate the Vendor and Price  

Before investing in software apart from the system, evaluate the vendor’s reputation and credibility. Research the vendor’s track record and go through customer testimonials and reviews. A vendor with a strong reputation will likely offer robust and reliable software.  

When evaluating the vendor, also consider their software cost – specifically, the total cost of ownership. This includes the initial purchase price, ongoing subscription fees, maintenance expenses and other additional costs associated with the tool.  

Besides that, check if the vendor provides you with training and support. Training will help ensure that your team utilises the asset management software effectively. At the same time, adequate support is important to promptly address problems with the tool and avoid setbacks in business processes.  

Final Words  

Choosing the right asset-tracking software is paramount for effective asset management and smooth supply chain operations. By considering these factors, you can make an informed choice, bringing aboard a solution that aligns perfectly with your specific needs and goals.  

If you’re ready to explore some solutions, start with Quinta tracking solutions that will empower you to track and manage your assets efficiently.