Home Why Asset Tracking Requires a Digital Transformation

Why Asset Tracking Requires a Digital Transformation

Despite the advent of modern technology, many businesses still rely on obsolete methods of asset tracking. You might have a shared Excel spreadsheet keeping tabs on your most important equipment, or if you’re a small business, a whiteboard that collects your information.

These systems are inherently flawed, and could end up costing you money—and time—if you don’t commit to a digital transformation soon. But how has asset tracking transformed in the past decade, and why is it so important to convert?

What Are the Features of Modern Asset Tracking?

So what does “modern” asset tracking look like? The best way to get up to speed is to look at an example of asset tracking software, like EZOfficeInventory, which comes with features like the following:

  • Comprehensive logging. Most asset tracking software will help you with every stage of the tracking process, from acquisition to maintenance to end-of-life management. That way, you aren’t forced to use multiple systems or update your records inconsistently as time progresses.
  • Digital tagging. Your system will also give you some way to digitally “tag” your assets, whether it’s through the use of RFIDs, QR codes, or some other medium. This cuts down on potential asset confusion, and makes it easier to categorize and track your assets.
  • Simple scanning and updating. The combination of digital tags and handheld, portable scanning devices makes it easy to scan your assets and update your internal records. For some applications, the process is almost fully automated.
  • Real-time updates. Because your assets are tracked as they’re used and scanned on a regular basis, all your records are updated in real-time, guaranteeing you have the latest information at all times.
  • Insights and analytics. You can’t generate an analytics report based on data you keep on a whiteboard. A digital platform will draw your attention to insights and outliers, and generate regular reports you can use to facilitate better decision making in your organization.

Why Digital Asset Tracking Matters

So how will the use of this technology improve your business?

  • Time. It takes far less time to scan codes and enter the data into your system automatically than it does to manually log each record.
  • Money. Digital asset management will alert you when it’s time to maintain or replace your equipment, and can guide you through the process of end-of-life management to ensure you maximize your return on investment.
  • Accuracy. Because many of the processes involved with a digital system are automated or controlled by the system, you can count on more accurate information you can use to make decisions.
  • Centralization. Data from your entire organization will be available in one, central location, making it accessible to all your managers, supervisors, and employees. You can then use that data to make better decisions in real-time, throughout the business.

How to Get Started

If you’re confused about how to get started with this digital transformation process, it’s easier than you probably think:

  • Find the right solution. There are dozens of asset tracking platforms available, but not all of them are going to be right for your business. Spend your time looking at the features, strengths, weaknesses, and potential applications of each platform and invest in the one that best suits your industry and specific assets.
  • Prepare the team. Staff training is imperative to ensure a smooth transition. Your team members should be fully versed in how the new system works and aware of when the changeover is going to take place, long before you finalize the installation of the new system. Try to clear up any questions or confusion before you start using it.
  • Migrate old data (if possible). If you can, try to migrate your old asset tracking data to the new platform. This will ensure you have all your legacy information available, and make the transition process smoother. Unfortunately, this isn’t always possible due to software compatibilities, but it’s worth a shot.
  • Pull the trigger. When all the pieces are in place, make the new system live. It’s better to switch all at once, at the start of a new week, than to try and use both systems simultaneously during a changeover period.

Once you digitally transform your asset tracking system, you’ll wonder why you didn’t make the transition sooner. In the future, this tech will only become more sophisticated, with digital assistants, AI, and simplified scanning making things even easier for you and your staff.

About ReadWrite’s Editorial Process

The ReadWrite Editorial policy involves closely monitoring the tech industry for major developments, new product launches, AI breakthroughs, video game releases and other newsworthy events. Editors assign relevant stories to staff writers or freelance contributors with expertise in each particular topic area. Before publication, articles go through a rigorous round of editing for accuracy, clarity, and to ensure adherence to ReadWrite's style guidelines.

Frank Landman

Frank is a freelance journalist who has worked in various editorial capacities for over 10 years. He covers trends in technology as they relate to business.

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