Tracking
01 Jun 2023

7 Key Factors to Consider When Choosing an Asset Tracking Solution for Your Business

Cameron Roy
01 Jun 2023
7 Key Factors to Consider When Choosing an Asset Tracking Solution for Your Business
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As businesses grow, it becomes increasingly important to keep track of assets to ensure that they are being utilised properly, maintained, and not lost or stolen. Asset tracking is the process of monitoring and managing physical assets, such as equipment, tools, vehicles, and inventory, throughout their lifecycle.

An asset tracking solution is a software application that enables businesses to track and manage their assets efficiently. However, choosing the right asset tracking solution can be a daunting task. Below are 7 key factors to consider when choosing an asset tracking solution for your business.


What businesses should consider before choosing an asset tracking solution

1. Business Requirements

The first step in choosing an asset tracking solution is to identify your business requirements. Consider the types of assets you need to track, the level of detail required, and the frequency of tracking. For instance, a manufacturing business may need to track machinery, tools, and equipment on a daily basis, while a retail business may need to track inventory levels on a weekly or monthly basis. Make a list of your requirements and prioritise them according to their importance.

Additionally, it's important to consider any regulatory requirements or compliance standards that your business may need to adhere to. For example, certain industries such as healthcare or finance may have strict guidelines regarding the tracking and management of their assets. By identifying these requirements early on, you can ensure that the asset tracking solution you choose meets all necessary regulations and standards.

2. Ease of Use

The asset tracking solution you choose should be easy to use, even for employees who are not tech-savvy. The interface should be user-friendly, with clear instructions and minimal training required.

Look for solutions that offer mobile apps or web-based interfaces that can be accessed from anywhere. A solution with a simple dashboard that provides an overview of assets, their locations, and statuses is also beneficial.

Furthermore, an easy-to-use asset tracking solution can help improve efficiency and productivity within your organisation. With a user-friendly interface, employees can quickly locate assets and access relevant information such as maintenance schedules, repair histories, and usage patterns. This can help prevent equipment downtime, reduce maintenance costs, and improve overall asset utilisation. Elements such as this are incredibly important for businesses such as those operating within the construction industry.

3. Integration

Ensure that the asset tracking solution you choose can integrate with your existing systems such as your inventory management system or your accounting software. The ability to share data between systems can save time and reduce errors. The solution should also be able to generate reports that can be exported to other applications.

Integration is a crucial factor to consider when choosing an asset tracking solution for your business. It's essential to ensure that the solution you select can seamlessly integrate with your current systems. A solution that can integrate with these systems can significantly improve your business operations by streamlining processes, reducing errors, and saving time.

By sharing data between systems, you can gain a better understanding of your assets' lifecycle, including their usage and maintenance requirements. This information can be used to optimise your business processes and make informed decisions about asset replacement and retirement,  It can also save your business a significant amount of time and money by eliminating the need for manual data entry and reducing errors.

4. Scalability

Scalability is an essential factor to consider when choosing an asset tracking solution for your business. As your business grows, you may need to track more assets, and you'll need a solution that can handle this expansion. A scalable solution can help you avoid the costly and time-consuming process of replacing your asset tracking system every time you need to add more assets to your inventory.

A scalable asset tracking solution should be able to accommodate your business's growth without sacrificing performance or data quality. It should also be able to handle an increase in users and locations without any negative impact on performance. Furthermore, it should be easy to add new assets and users to the system without any complicated processes or significant downtime.

The asset tracking solution should also be flexible enough to adapt to changing business requirements. Your business may introduce new asset types or change the way you manage your assets over time. The asset tracking solution should be able to handle these changes without requiring a complete overhaul of the system. Brands, such as INCYT, aim to future-proof their offering, allowing businesses to track all their assets in one place. Additionally, the INCYT range of connected trackers, beacons and gateways can be configured to work in different applications to give you the reporting that you need.

5. Customisation

Customisation is an important consideration when selecting an asset tracking solution for your business. Every business has unique requirements when it comes to asset tracking, and the solution you choose should be customisable to meet your specific needs. A customisable solution allows you to add custom fields and reports, making it easier to track assets and manage data.

Customisation gives you greater control over how you manage your assets and allows you to tailor the system to your specific business needs. For example, you may have specific data fields that are unique to your business, such as asset location or usage patterns. By customising the solution, you can add these fields to the system, making it easier to track and manage your assets. Customisation in display and reporting frequency is something that INCYT prides itself on.

Customisation also allows you to create custom reports that are tailored to your business needs. This can help you gain valuable insights into your assets, such as usage patterns and maintenance requirements. By having this information at your fingertips, you can make informed decisions about how to manage your assets and optimise your business processes.


6. Security

Asset tracking solutions can contain sensitive data, such as asset values, locations, and maintenance schedules. Therefore, it is essential to choose a solution that has robust security features.

Look for solutions that offer data encryption, multi-factor authentication, and regular backups to ensure that your data is protected.

7. Cost

The cost of the asset tracking solution is an important consideration. The cost should be proportional to the benefits it provides.

Look for solutions that offer flexible pricing models, such as pay-per-use, monthly or annual subscriptions, or one-time payments. Consider the total cost of ownership, including installation, training, and maintenance costs. When doing so, also consider what you’re paying for. Brands, such as INCYT, offer flexible pricing and reporting plans to end-users to ensure they’re only paying for the reporting they need. Additionally, IINCYT also offers a HaaS (Hardware as a Service) model. It is a rental program that allows you to install and run the latest, best-in-class trackers, sensors and remote monitoring devices. In short, you own the data, we own the devices. We deliver you the required hardware for your INCYT application and once its installed and activated on your INCYT App, you're up and running.

Choosing the right asset tracking solution is critical for businesses to track and manage their assets effectively. Consider your business requirements, ease of use, integration, scalability, customization, security, and cost before selecting a solution. A well-implemented asset tracking solution can improve asset utilisation, reduce losses, and save time and money.

About the author
Cameron Roy

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