We are deep into the age of information. Gathering information is easier than ever, and organizations taking advantage of that have a competitive edge over their competitors. Tracking assets, for example, is a cost-effective way to utilize information to optimize a facility’s operations from the ground up and to put enterprise asset management software and practices to work. In this article, we’ll talk about what asset tracking software does, its features, and the best asset tracking software solutions for the coming year.
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What is Asset Tracking Software?
Asset tracking is a core feature of enterprise asset management, computerized maintenance management software, facilities management, inventory management and asset performance management solutions. It specifically refers to tracking the location of those physical assets within a site or between sites, often by scanning a barcode or utilizing GPS technology.
Don’t confuse this with financial asset management — that technology focuses on stock portfolios, business revenue and other financial assets that aren’t associated with individual pieces of equipment such as machinery, vehicles, facilities or tools.
If asset tracking isn’t quite what you’re looking for, we’ve also broken down lists of the best asset management solutions, the best work order management software in 2020 and the most affordable CMMS tools. If asset tracking is what you seek, read on!
What are the Features of Asset Tracking Software?
Because asset tracking can be performed by a variety of software platforms, it can be tricky to determine whether a software solution will meet an organization’s asset tracking needs by software type alone. Look for these features to identify asset tracking software:
- Asset Check-In/Check-Out
- QR and Barcode Generation
- RFID Scanning
- Asset Profiles
- Inventory Management
- Stockroom Monitoring
- Mobile App
- Procurement/Purchase Order Management
- Tool Management
While these features aren’t the only ones that facilitate asset tracking, users seeking a solution specifically for tracking their assets should keep them in mind when building their requirements checklist. These features are also what our analysts considered when building this list.
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Best Asset Tracking Software
So which platforms are the best asset tracking software in 2020? Our analysts scoured the industry and came up with this list of the top five asset tracking platforms so you didn’t have to.