Asset Management word cloud, business conceptBefore you can discover what questions must be asked regarding asset tracking software, you must first gain an understanding into the importance of actually tracking and tracing your assets in today’s fast paced supply chain environments. The implementation of an automated asset tracking software will allow you to:

  • Track your asset’s movement throughout your organization and supply chain.
  • Facilitate recalls and confirm item pedigree via traceability capabilities.
  • Create asset transparency and drive organizational accountability across all stages of the supply chain.
  • Integrate track and trace down to the component level for both on and off-premises uses.
  • Reduce expenses associated with loss, theft, and duplicate purchases.
  • Enhance security and provide greater transparency.
  • Know exactly where your assets are located.

In short, asset tracking and tracing provides the accountability and transparency that your organization will need to grow.

Choosing Barcode or RFID
With asset tracking benefits in mind, you will now need to choose between barcode and RFID tracking. Both of these tracking methodologies have great benefits, and they both eliminate manual entry, while providing faster, more accurate inventory control. However, there are a few key differences:

  • Barcodes are:
    • Price-friendly, simple to implement, and require a direct line-of-sight reading and touching of each asset.
  • RFID tags are:
    • Less intrusive, provide faster reads without direct line-of-sight, reduce the risk of asset tags being copied, and are the ideal solution when a barcode cannot be used.

With these benefits and differences in mind, you are now ready to ask yourself 10 important asset tracking software questions.

Top 10 Questions to Ask Before Your Business Chooses an Asset Tracking Software
You might have seen “top 10” lists before, but the following 10 questions will help you to choose the correct asset tracking software solution for your unique business needs.

  1. Determine frequency of asset use by asking: How often do I need to inventory or track an asset?
  2. Understand quantity limitations: How many items do I have to inventory or track?
  3. Know the value of your assets by asking: What is the value of my assets?
  4. Learn what accessibility of assets means to your organization: Can I easily access my assets to read or perform data capture?
  5. Determine the locations of your assets: Are my assets stored in one or multiple locations?
  6. Understand the movement of your assets: Are my assets stationary or do they change locations frequently?
  7. Learn what form factor your assets most often take: What is the size and shape of the space to mount a tag or label?
  8. Discover the environment of your assets: Are my assets exposed to extreme temperatures or humidity?
  9. Remember to account for the readability factor: Do I need human readable as well as machine readable labels?
  10. Determine how important accuracy is to your organization’s success: How accurate does my inventory need to be?

Once you can answer these top 10 questions, you will be ready to choose the asset tracking software that best meets the needs of your organization. Failing to accurately answer any one of these questions can result in a costly mistake, which could mean the difference between asset identification compliance, knowing where your assets are at all times, and successfully growing your business or operation. In short, ask the right questions, work with trusted advisors, and choose the asset tracking software solution that can meet the current and future needs of your business.