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6 Most Common Asset Tracking Methods

6 Most Common Asset Tracking Methods

Asset tracking involves monitoring the whereabouts of an asset and is sometimes referred to as asset management. The primary goal of asset tracking is to prevent asset theft and loss, get important business insights, and optimize operational efficiency.

There are various options for asset tracking, but determining the most suitable solution for your firm can be challenging. We are covering the 6 fundamental approaches utilized for asset tracking methods. It will help you comprehend these techniques.

1) Manual

Asset Tracking Methods

This is the most fundamental asset tracking methods. The process started with basic writing materials. Transforming a basic random asset listing into a categorized list where each object is assigned an identifying number. A record of these identification numbers and their corresponding positions is kept. This method has evolved, now utilizing spreadsheets instead of paper for tracking.

Spreadsheets, while convenient for sharing and editing, are only as precise as the manual data input at the initial entry and subsequent changes to track assets.

Do you know? Pros & Cons of Using RFID Tracking for Inventory Management

2) Barcode (QR Code)

Asset Tracking Methods

This was the initial technique that proved highly successful and dependable for asset tracking. A barcode consists of black and white parallel lines. They are fairly affordable. Barcodes are ubiquitous and may be found on nearly every product.

Barcodes eliminate the issues associated with using spreadsheets. It is easy to use. Your personnel effortlessly maintain updated data. It provides a significant amount of data that was previously unimaginable with earlier methods.

Barcodes must be aligned in a straight line to be scanned successfully. If a barcode is tampered with, the scanner will not be able to read it.

Currently, QR codes are highly popular. It is a more sophisticated iteration of the barcode. The shape is a combination of a square and a rectangle, containing black pixels.

Must Read: Advantages Of Implementing RFID Solutions For Business

3) Radio Frequency Identification (RFID)

This is one of the early predecessors of the present Internet of Things gadgets. RFID technology serves a similar purpose as barcodes but offers other advantages. RFID is significantly quicker than the Barcode scanner.

Product information is provided using radio waves. The information is encoded digitally onto the RFID tags that are affixed to the goods.

RFID involves capturing data from a tag using a reader device and then transferring it to be stored in a database. RFID is more secure due to its waterproof layer.

Like a barcode, this too requires a scanner to read the information, but it eliminates alignment mistakes.

An inconvenience of RFID is that the tag must be in close proximity to the reader or scanner for the data to be retrieved.

If you want to know? How Much Does an RFID Tag Cost?

4) Near Field Communication (NFC)

Asset Tracking Methods

NFC functions akin to RFID. The NFC device is a superior iteration of the RFID device. The NFC gadget can function as both a reader and transmitter. Another benefit is its ability to communicate with a mobile device. Therefore, it does not require an RFID reader for scanning and can be simply read using a mobile app. The primary drawback of NFC is its cost.

NFC processes are extremely rapid and efficient. You do not need to concentrate it to scan, only bring it close and it will read automatically.

5) Bluetooth Low Energy (BLE)

Asset Tracking Methods

Bluetooth low energy can be utilized in several ways to achieve the goal of asset tracking. One way to track movement is through cellphones using Bluetooth signals emitted by moving trackers, which are then detected by smartphones with Bluetooth enabled.

Bluetooth gateways can detect moving tracker signals, among other functions. To achieve highly exact tracking, consider installing additional BLE beacons to ensure correct location of assets.

6) Global Positioning System (GPS)

Common Asset Tracking Methods

GPS-based asset monitoring is mainly utilized to track things that have been transported from the plant to client locations via trucks, including those delivered to distant countries. GPS tracking is limited by weak signals indoors, making it challenging to follow assets within buildings such as plants and offices.

A GPS tag may be easily tracked from a remote location as long as it is linked online, providing a significant advantage.

Final Words

These Asset Tracking Methods are use for asset tracking. Why is it essential? The benefits it offers to the firm are numerous! You can instantly determine the location of your assets and their current status.

Asset tracking optimizes and enhances the management of assets. It provides excellent support in customer service. Asset tracking helps prevent theft or loss of valuables.

You have the option to select any of the methods for asset tracking. It is essential to comprehend your business requirements. Which technology is most suitable for your organization to achieve success in the market?

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Ashley Richmond

Ashley Richmond

View all posts by Ashley Richmond

Ashley earned her M.B.A. from The University of Texas at Dallas, where she gained a solid foundation in business strategy and management, further enhancing her ability to bridge the gap between technology and business needs.

Ashley has spent the past several years working in the IT industry, with a focus on AI innovations, AR, VR, Blockchain, and GPT technologies. She has held various positions in IT management, software development, and AI research, consistently delivering exceptional results and driving technological advancements.

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