Managing assets on the go requires extra caution and manual effort. Even then, there is a high chance that some items go missing or get left behind. These are some common challenges organizations face with a highly mobile workforce.
Employees who check out assets to multiple locations daily will likely face the hassle of managing items on the go. A mobile asset management system is a simple solution to tracking assets out of the office. This can be easily installed on a smartphone or an IT device and carried anywhere, anytime.
In this blog, we will explain mobile asset management in detail, why it is important, and how you can implement it for your business.
What is mobile asset management?
Mobile asset management uses a smartphone and other mobile devices to track items. It is similar to using asset management software, with the advantage of being accessible from the desktop. The key functionality of mobile asset management is a built-in tracking technology that employees can use during remote projects. Several options are available, so select the one best suited for your business.
Here is a brief description of the different types of tracking options available and their use cases:
Barcodes: Barcodes are the cheapest technology businesses deploy and the most commonly used method of tracking items. They primarily scan consumer goods, inventory, and small assets.
QR codes: The next best alternative to barcodes, QR codes are more suited to organizations related to security and counterfeit tracking.
Bluetooth: Quick way to scan items for indoor use and short distances.
Global Positioning System (GPS): GPS tracks location changes to the closest proximity, and GPS asset tracking is a common choice for fleet management and delivery companies.
3 Key challenges addressed by mobile asset management
Mobile asset management mainly focuses on tracking items moving in and out of the office. This practice results in reduced asset loss, instant information updates, and excellent coordination between teams.
Here are three key problems you can solve with the help of a mobile asset tracking system:
1. Ineffective manual tracking
Highly mobile assets can be challenging to track with a desktop or an Excel sheet. Employees using such systems must remember all information to be entered in the data files later. This impact is even more amplified on remote sites where employees cannot access many gadgets.
2. Lost or misplaced assets
Assets deployed on-site need to be manually collected, counted and returned to the base warehouse. Doing all this manually without a dedicated tool can result in inaccurate records or misplaced items. It also becomes more work to know who uses what item, for how long, and where. Without a tracking system, workers can spend 47% of their time locating tools.
3. On-site breakdowns
Without a proper system to track mobile goods, breakdowns on the field are likely to go unreported, which can negatively impact asset performance.
5 Key ways mobile asset tracking software can help your business?
A mobile asset tracking system is designed to capture data and improve coordination. Here are some ways a mobile asset system makes it easier for businesses to track items:
1. Carry out accurate location tracking
An easily accessible mobile tracking mechanism allows employees to enter locations for assets as they switch places. This is very useful, especially for organizations that use many moving parts and assets.
For instance, in the audio-visual industry, hundreds of small items must be checked out to the venue and moved back again. One way to ensure that the event goes according to plan is to monitor that all assets have reached the venue location. This can be done by scanning checkout from the storage location and checking in at the venue. These actions can be easily performed with the help of a mobile tracking system– minimizing delays and chances of mismanagement.
2. Verify asset custody
Every organization must closely track moving parts to ensure they are returned safely and in optimal condition. These can include small tools, equipment, or even vehicles. Any business with many changing needs can benefit from a mobile asset management system.
Let’s take the example of a college where students must request IT devices for their classes. In this scenario, it is critical to record the custody of assets as they are assigned to new students. In such cases, students can use a mobile application to request checkout for the required item, and the admin can simply approve, making the custody chain transparent.
3. Receive and approve item requests
Failure to take certain actions can delay or even completely halt business operations. For example, an employee wants to send a purchase order request for a hand-held drill during an on-site project. The most convenient way here is to use a mobile asset management application to send requests in real-time. This way, admins can quickly receive requests, approve them, or send feedback for immediate response.
4. Access asset records in real-time
Employees moving back and forth for business projects need to know what is available, under maintenance, or stocked out. Having access to asset information in real-time can speed up operations and eliminate unnecessary roadblocks.
Let’s take the example of a child specialist who wants to check whether digital thermometers are available in the clinic. They can simply open the tracking app on their smartphone or device and check the available quantity quickly without having to log in to a desktop.
5. Perform asset audits
Assets in different locations must be verified and examined to determine the current condition and value. Such an audit can be easily carried out with the help of a mobile asset tracking system that can be taken to various sites, warehouses, and even storage areas. Employees can quickly conduct asset audits at the end of projects to evaluate the wear and tear of assets for instant information updates in the system.
How to implement a mobile asset tracking system?
A mobile tracking system helps businesses save costs enhances productivity and
coordination by providing full control over assets. When implemented correctly, it can greatly improve efficiency and reduce roadblocks. Here are some of the key steps involved to help you set up a tracking system for mobile assets:
1. Assess requirements
Figure out how and where your main assets are being used. For example, in a college, students and teachers check out IT devices in different locations. This information about the main users and workflows will help you populate your tracking system. Pre-populated accounts make it easier to record information during run time.
2. Select the right tracking software
A reliable asset management software with key features such as scalability, tracking precision, and support and maintenance is a good option for your business. If you have many small tools, a system with a solid inventory management base would be a suitable choice.
3. Choose a labeling system
It is vital to have the right tracking technology for a mobile tracking tool. You can select from barcodes, QR codes, GPS, and RFID. Large manufacturing firms can opt for RFID tags, while smaller businesses can select barcode labels for their assets. After selecting the right technology, label your assets with a unique identification number.
4. Count and document assets
Scan the asset labels to create an inventory in the tracking system. Once assets are entered into the system, data is automatically updated for events like maintenance, service, and check-ins. Having an asset database on the cloud allows employees in the field to receive the latest asset status information and plan daily projects accordingly. Creating an asset register also helps admins track custodianship on the field. This way, assets only remain with authorized individuals.
5. Train your team
Prepare a training guide with best practices for your team. Carry out a pilot program to scan and update asset information while on the go. Let your employees know the correct order of steps to be carried out to ensure information doesn’t slip through the cracks.
6. Assess and evaluate
Review the data collected from the mobile tracking device and decide whether the information is up to date. Some instances may need to be added or completed. Address any loopholes and gather feedback from users to improve the whole process.
Use mobile asset management software to track assets in real-time
Be it a college, hospital, or even an IT office; assets get moved around a lot for small tasks and big projects. The best way to ensure mobile operations go smoothly is to deploy a tool to track assets. A mobile asset management system helps organizations save costs by reducing the chances of missing assets and improving everyone’s access to real-time data.
