PeopleGoal

Blog·HR Management

July 14, 2021

Customizable Asset Tracking Template

Asset tracking is an invaluable process for your business, allowing you and your employees ease of mind when requesting new company equipment.

What is asset tracking?

This refers to the method of tracking physical assets, either by scanning barcode labels attached to the assets or by using tags using GPS, BLE, LoRa, or RFID which broadcast their location.

Asset tracking is the process of assigning each of your company assets a unique identification number. This allows you to keep track of their condition, current location, and who was the last employee to use it. Many companies using a bar-coding system to easily track their movement as they are passed from employee to employee and switch departments.

What is Asset Tracking?

Asset tracking refers to the method of tracking physical assets, either by scanning barcode labels attached to the assets or by using tags using GPS, BLE, LoRa, or RFID which broadcast their location. These technologies can also be used for indoor tracking of persons wearing a tag.

asset tracking - - definiton

It's such a key part for many companies that according to research the global market share is estimated to be worth around $36.3 billion by 2025. The overall asset tracking market has seen large increases in terms of growth in communications and services. The growing use of RFID-based solutions is infiltrating most companies' processes with its extreme cost-efficiency at $0.25- $0.50 per device.

Free to Download Asset Tracking Template

Click here to download your customizable asset tracking template

asset tracking - template

PeopleGoal's Asset Tracking App

PeopleGoals's asset tracking app allows your departments to manage their own assets easily and efficiently. Its integrated approach allows your staff to quickly request new equipment as and when is needed.

Included in the Asset Tracking app is:

  • A request form for new equipment
  • An approval form for the asset owner to approve/reject the request with comments
  • A section for asset details including serial numbers, photos and loan dates
  • A read-only asset record for the new asset holder to keep track of equipment they've been loaned

Asset Tracking

Typically a new asset request will go to an individual in IT or Procurement. You can edit the app template to set these individuals as default participants once you've installed the app. This means you'll set up the process once and the app can run as a self-service request portal for all employees.

Owners can use the data view to get an up to date picture of all assets out on loan, request returns and manage any damages or loss as needed.

Benefits

  • Manage overall inventory and reduce risk
  • Improve transparency in asset ownership
  • Streamline the new joiner process by providing them with the right equipment when they need it

If you still need some support understanding asset tracking have a read of our how to guide here.

The benefits of Asset Tracking Software

asset tracking - benefits

1. Maintains assets visibility

By keeping a fixed asset tracking register filled with up-to-date data your employees know where to look and what assets are available. It also enables them to chose the asset most suited to their job in terms of condition, warranty date, and current location.

2. Improvements in Data Accuracy

By increasing data accuracy it can help your company unlock the full potential of asset tracking. By keeping the company's decision-makers up to date with the correct information they can be confident in the designs they are making when purchasing new assets or replacing old ones.

It’s also handy when generating inventory reports that will be used for budgeting, compliance, and insurance purposes.

3. Automation of inventory management

Due to the software being automatic it reduces costs and time usage. Freeing up employees to complete other important tasks. It also helps prevent clerical errors by keeping data correlated and tracked

4. Removal of Ghost or inoperable assets

By keeping track of the state and availability of assets you can prevent ghost assets from impacting your company costs. By retaining ghost items that have been lost or stolen or items that are damaged beyond use in your inventory, it can cause underlying impacts on costs.

5. Reducing costs from loss and theft of assets

Due to stock and assets being efficiently monitored, it reduces the likelihood of these events taking place. This, therefore, reduces the costs of replacing stolen or lost items by being able to trace it to the employee or locate where the asset last was.

The Types of Asset Tracking

RFID tags

As previously mentioned these are the most popular asset. They are cheap and are accurate at tracking data in real-time from multiple assets. They are very suited to businesses with a range of assets.

Barcodes or QR codes

These are affordable and have easy usability. They can be fixed to all physical assets, however, they require a mobile or reader to be scanned with. They are a cost-efficient choice for smaller businesses.

GPS Tracker

Works by using satellites in the atmosphere to communicate through triangulation where the tracker is on earth. GPS is not useful in buildings, however, they do provide important real-time location information on large moving assets such as vehicles. They are found to be most useful in companies that have company cars or vehicles.

NFC tags

These are similar to RFID in that they require a signal from being sent from tag to device. They are slightly more modern in the fact they only require a smartphone to operate them. This makes them very suitable to a company that has employees that are used to handling smartphones.

Whats Inside Your Asset Tracking Template

Customize the data validation and cells to match your companies needs. Many of the collumns have pre-determined cell conditions allowing for clear indication of problems such as poor item condition or availabilities.

The date of warranty collumn will also adjust its colour depending on whether that item is currently still covered by its warranty. Allowing you to keep your employees safe and your assets up to date.

Click here to download your customizable asset tracking template

asset tracking - template

Asset Tracking: Our Final Thoughts

Asset tracking allows the management of your companies equipment to be as efficient and accurate as possible - which provides a wealth of benefits. Software such as PeopleGoals allows your asset tracking techniques to be automated and simplified allowing all your employees to have the confidence in their decisions when requesting new equipment.

Book a Demo with PeopleGoal today to see how we can help your organization automate your exit interview process.

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