Asset management involves methods that companies use to account
for and track all of its property, possessions, resources, wealth, material
goods and funds. This usually includes equipment, furniture, technology,
computers and real estate. The growing need for more accurate and faster
methods of business asset accountability has prompted the further development
of asset tracking software solutions.
Asset Tracking Solutions
Because each company is unique, what may work well for one may not necessarily
be sufficient for another. Methods of tracking assets have several nuances.
However, the most often used technology relates to anything connected to
financial matters, such as information technology, inventory and investments.
The management of assets greatly affects a company’s bottom line. Therefore,
increased importance has been placed upon the various methods that businesses
may track assets. Every company has different needs when it comes to asset
tracking. Some of the more popular asset tracking methods might include:
*Traditional paper spreadsheets
*Computer software tracking programs
*Internet based tracking solutions
Stock and Inventory Tracking
Long before computers and asset tracking software came into existence, retail
businesses kept track of inventory and stock by hand. Everything needed to be
tallied physically. It was a very time consuming and tedious process. Since the
retail businesses have always taken large losses due to shoplifting, many of
their inventory discrepancies were never fully realized.
Computer systems made it possible to store data concerning inventory, making it
easier to ascertain just what amount of stock was available at any given time.
Asset tracking became more sophisticated during this period; however, the
process was still rather cumbersome.
When bar coding came on the scene, many commercial and retail outlets embraced
the new technology. Just about any business that keeps a stock now utilizes it.
Even libraries and other media businesses utilize bar code labels to track and
keep products organized. Most all products contain a bar code, particularly if
they are mass produced.
For businesses with large warehouses and multiple locations, bar code scanning
may also be done through portable mobile devices. The data from these devices
is transmitted into the main computer system and downloaded, once complete.
This allows the company to have constant access, and assign anyone they wish to
their inventory network.
Electronic Surveillance Technologies
Electronic surveillance uses radio frequencies and magnetic technologies to
track assets. Devices are hidden within product packaging and used as
anti-theft deterrents, which have assisted in reducing theft. When a consumer
buys a product with one of these devices, it must be deactivated by an
employee. Otherwise, an alarm will sound as they leave the store.
Web Based Software
Web based software that is designed for asset tracking offers an increased
level of flexibility over traditional computer solutions. Once cloud based
software is deployed, it can be accessed at any time, from any computer with an
Businesses may load the software onto:
*Internal or external hosted environments
Just as with bar coding, businesses may also access web based tracking
applications using hand held devices that are designed to function within the
system. Customers may track all of their physical assets using software that is
configured to their specific needs.
Managing assets in the cloud, or within an Internet environment, has become
increasingly popular, largely due to its:
*Ease of use
The portability of technology has provided new and improved tools available,
designed to manage all of the various business assets. The main advantage of
asset tracking software solutions is that they are designed to work within any