Asset Management is one of the top solutions used for managing physical asset of an organization. It adds value by using the asset management solutions to bring out efficient results. In today’s digital era there are solutions for efficient management of fixed asset using the perfect amalgamation of customized inventory tracking solutions.
Manufacturing and trading companies are also using the asset management to build a framework. It is observed that with the rise startups there are many investors who are looking forward to focus on the key areas to incorporate asset tracking and management software in their startups. It is really important for the companies to know about how asset management can provide value to their business.
Asset tracking and management software can provide strategic solutions which comprises of balancing the cost and opportunities. It increases the performance of each asset by adding new life cycle so that the organizations can reduce the risk and increase the efficiency by planning and forecasting the asset budgeting.
The asset tracking software can improve the work flow and reduce the operational cost of the total real time investment which any organization can increase if they are working without any asset management software.
Application Process – Asset/ Inventory Tracking Solution
- Asset Creation – When you are able to create and add the updates of asset in their location it is called asset creation.
- Asset Tagging– It is the second step where RFID encoded tag is generated with unique asset ID.
- Physical Verification – One can easily use RFID reader to identify the locations through RFID tags.
- Asset Search – There is a particular handheld reader which is used to search a particular asset which will help as a asset search engine.
- Asset Tracking – Movement is tracked by using the asset tracker which focuses on tracking the assets.
Advantages of asset tracking solutions
- It helps to discover, manage and track the assets.
- It adds value by scanning the asset through simple techniques.
- It helps the business to get comprehensive asset information which scan’s the history, asset ownership and strategy in a single panel.
- Building and maintaining a separate inventory to manage the assets.
- Mapping asset with your department or locations.
- Tracking asset in order to manage it better.
- To maintain vendors, list when they compare the prices from the different vendors to leverage negations.
- Keeping track of the contracts when they have begun to notify about their expiry date in advance.
- There is a new cycle with the purchase process which needs proper approval and implementation in the delivery process.
- It helps to provide asset-based information within the organization other than configuration item.
- There is a pre-defined structure of relationships to get a visual view of asset location and relationships.
- There is a management problem which can be solved by building a logical model of asset infrastructure.
All the above listed are some advantages which can act as a one stop solutions to all your solutions in providing a strong base for the asset management. With the increasing globalization and digitalization, it is in important for the companies to incorporate with the change in new technology. It is seen that asset management system can enhance the overall experience by providing a regular and well-structured implementation.
We at Inventrax provide a digital approach to cater all the needs and requirement of their supply chain by improving efficiency, optimizing working capital, enhancing profitability and ensuring global operational excellence. They offer customized and tailor-based solutions on asset management solution to the client.
