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What is Asset Tracking?
Asset tracking refers to the ability to locate, identify, and assign assets to an organization, location or person. Almost all business and government entities have expensive tools, electronic equipment and unique stock. An asset tracking system gives you the ability to know the location and status of the assets in the organization, and allows you to do analysis of those assets to determine current status, total utilization, depreciation levels and maintenance requirements.
Remember that Assets are different than Inventory. Assets are re-used, and have a useful life of 12 months or more. Examples of assets would be things like torque wrenches, computers, copiers and forklifts. Their value is depreciated over time. Inventory items are consumed by the organization in the course of doing business.
Most common asset tracking systems use a database program on a desktop PC, a barcode scanner and a unique, durable and uniquely numbered barcode label attached to the specific asset. Asset tracking desktop PC programs allow for descriptive data to be associated with the unique asset label number. This data can (but is not limited to) things like manufacturer, description, location, cost, depreciation schedule, maintenance schedule and software revision.
One of the critical aspects of using an Asset Tracking system is logging changes in a specific asset's location. Since everything in the Asset Tracking system's database is related to the unique number for the asset, accuracy in entering these numbers is crucial. The use of barcode scanners in asset tracking provides the required accuracy as well as increased efficiency in data logging. There are 2 ways to use a barcode scanner with and asset tracking system:
Now that you have a definition of asset tracking, its time to see why you should use a barcoded asset tracking system .