Here is What You Need To Know About Equipment Tracking Systems

Supriya Saxena

Supriya Saxena

Senior editor

Parul Saxena

Chief editor

Last updated: July 29, 2021

Did you know, 80% of employees waste an average of 30 minutes per day retrieving information?

When you have lots of paperwork, it can become time-consuming to access data and work with full focus. So, what can be done to solve these issues?

Well, you can invest in asset management software to eliminate manual processes, retrieve information faster, and much more. Wait, there is more to it!

Looking for Asset Management Software? Check out SoftwareSuggest’s list of the best asset management software solutions.

You will get to know when your material is low, so you can make decisions accordingly. Without further ado, let’s dive in and learn more about equipment tracking systems.

What is an Equipment Tracking System?

Asset or equipment tracking is a process businesses use to keep track of all tangible assets. Any physical equipment can be tracked with barcodes and tags.

To keep everything running smoothly, most asset tracking systems use a centralized platform. This helps you store relevant information like location, owner, contact information, and maintenance history at all times.

Lastly, with asset tracking and management, there is no need to invest in manual labor for management.

Equipment Tracking Systems

Benefits of Using Equipment Tracking System

1. Extending Asset Life

Whenever you purchase an asset, you expect to generate revenue from it.
As an asset manager, you know it is extremely important to keep an asset in running condition.

So, whenever you execute a tracking plan, it is essential to have ample clarity on all aspects of your asset. With asset tracking software, you can easily check if the equipment is working properly or not.

Moreover, it will also help you gauge if the asset is working as expected or not. Lastly, when you have a thorough idea of what’s going on with an asset, you can make the right decisions and extend its life span.

2. Reduce Expenses 

Are you worried because of rising expenses?

Well, poor management can not only increase your spending but also decrease the lifespan of an asset. At the operational stage, you will face several maintenance issues.

So, what can be done to solve such issues?

All you need to do is invest in a digital asset management solution. It keeps you informed about all assets. Moreover, it also helps you in scheduling a maintenance job and creating alerts.

Furthermore, it assists in growing your business by identifying unproductive items. Thus, you can easily identify which asset needs maintenance and avoid unexpected expenses.

3. Streamlined Audits and Operations 

Auditing is extremely important to verify what assets your organization owns and where they’re located. However, the auditing part is not limited to tracking assets; it also plays a crucial role while calculating taxes.

Without an equipment tracking system, the audit process can be long, exhausting and there are high chances that the asset evaluation is correct.But, what does asset management software exactly do?

Well, it lets you schedule your own audit timeframe and receive status updates on the process. This, in turn, can help you improve your daily activities & operations.

Once your processes are streamlined, you can work on improving your brand image and increase operational efficiency.

4. Scheduling Asset Maintenance

How often has it happened that you forgot to get the equipment checked, which led to substantial damage? Well, to avoid such instances, you need to set reminders for regular maintenance.

Interestingly, asset management software lets you do that and much more! It also helps you retrieve data and check when the equipment was last serviced executed and when it is required again.

The result? Your equipment works fine at all times, leaving you time to deal with core business issues.

5. Increased Productivity

Have you ever thought about tagging your assets, and how is it beneficial?  If they are tagged, they can be scanned automatically, and there is no need to have people scan them manually.

Using an asset tracker will free your workers from such responsibilities and leave them free to concentrate on other important tasks.

6. Asset Recovery and GPS Positioning

Do you know about any incidents where a piece of specific equipment or asset got isolated from a batch? If yes, you know how hazardous and troubling it can become for the entrepreneurs to find it down!

What if you could eliminate these issues? Well, you can easily do it with asset tracking software!

It helps you add a barcode identification on each asset which makes it easy to track. Furthermore, with the use of GPS, you can easily identify the last location of your assets. Thus, making it extremely easy to find misplaced assets.

7. Check-In/ Check-Out

Another advantage of using equipment tracking systems is its check-in and check-out feature. But, why is it useful?

It can improve accuracy and reduce the time spent on sending/receiving assets.  Most of the tools provide a search option facility, and you can find a piece of equipment by its name, tag, vendor, etc.

It is beneficial for industries having multiple assets such as schools, hotels, libraries, etc.

Top 5 Equipment Tracking Solutions

Here are some of the best IT asset management solutions.

1. GigaTrak

GigaTrak logoGigaTrak lets you easily check-in and check-out assets that can be assigned to a location or person. It helps you retain records of usage, maintenance, and history of assets. Moreover, everything is logged using a barcode scanning system via a standardized process.


Features

  • Barcode scanning
  • Photo and document attachment facility 
  • Reporting and audit
  • Asset data import and export functionality

Pros

  • 24/7 customer support 
  • User-friendly

Cons

  • Lacks customization capabilities

Pricing

GigaTrak’s pricing starts at $995.00 per feature, as a one-time payment. You also get a free version.

2. Tenna

Tenna logoConstruction and industrial companies use Tenna to track all their equipment. You can connect it to your field and office systems to track, manage and maintain anything from small tools to heavy equipment. Moreover, you can see complete history, status, routing, photos, and even satellite map views. Integrate it with your construction management software to get the best results.


Features

  • Activity tracking
  • Asset Tracking
  • Audit trail
  • Barcode 
  • Disposal management
  • Document management

Pros

  • Easy to use and set up 
  • Excellent customer support
  • Offers GPS tracking services

Cons

  • Requires some degree of technical expertise to operate

Pricing

Offers a free trial, and pricing is based on the number of items that you need to track.

3. Asset Panda

Asset Panda logoAsset Panda is a robust equipment tracking system. It can help you track, manage and support your assets throughout their life cycle. Asset Panda has been configured to secure and optimize mobile devices your employees carry. It is ideal for organizations needing a simple, custom, secure platform to track and manage their assets.


Features: 

  • Check-In/Out
  • Robust reporting
  • Support ticketing workflow, 
  • Full life cycle management

Pros

  • Excellent reporting facilities 
  • Easy management and auditing of assets 
  • Offers multiple third-party integrations

Cons

  • Fast session timeouts 
  • Improvements needed in barcode scanner

Pricing 

Asset Panda offers a free trial. It starts at $1499.00/year/ per user.

4. Cheqroom

Cheqroom LogoThis tool helps organizations manage and track their equipment inventory. Irrespective of the size of your inventory, the Cheqroom can help you keep meticulous records of all of your equipment locations and access them with a single click.

 

Features

  • Audit trail
  • Barcoding/RFID
  • Cost tracking
  • Depreciation management
  • Disposal management

Pros

  • User-friendly design
  • Flexible and customizable 
  • Easy inventory tracking

Cons

  • Complex check-in/check out process 
  • The calendar could be better 

Pricing

Starts from $50 per month/per user.

5. Spine Assets

Spine Assets logoIt is one of the best asset tracking tools that allow businesses to control assets’ lifecycle by calculating correct depreciation and generating reports.
Spine Asset ideal for businesses in retail, manufacturing, healthcare, logistics, and finance.

Features

  • Disposal management
  • Location tracking
  • Reservations management
  • Activity tracking
  • Audit trail

Pros

  • Comprehensive and flexible
  • Easy to use 
  • Advanced reporting features

Cons

  • The learning curve is long

Pricing

Starts at $299 per month/per user. 

Wrapping Up

This was how you can leverage an equipment tracking system to its full potential. With easy data access, increased productivity, and streamlined audits, an equipment tracking system can help you achieve business goals.

Supriya Saxena
A logophile by heart, Supriya loves to research and write about the latest technology and trends. She believes that writing is the best medium to influence people in a positive way and has 3+ years of writing experience.

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