Assets are often checked out for remote tasks for longer periods of time. During these tasks, assets can change locations due to change in custody. In case these changes are not documented properly, small tools and devices can go missing. Losing out assets can amount to unwanted costs and also impact security and equipment productivity levels. A remote asset management software empowers organizations to keep inventory safe with real-time insights.
While keeping track of remote assets seems like a hefty task, it is critical that a business do so. By using cloud-based software, you will not only know the location of your asset but also find potential issues with usage and performance.
In this blog, we will explore the pain points of managing assets remotely, the core features of remote management software, and ways to implement it successfully. So, if you are a construction manager or a business owner with offices in multiple locations, remote asset management can make a huge difference—saving time, money, and stress. Let’s get the details!
What is remote asset management
Remote asset management, also known as RAM, is a cloud-based practice of overseeing and controlling assets located off-site with the help of digital tools and technologies like GPS tracking. In this process, asset managers monitor and manage physical assets through IoT (Internet of Things) devices, barcode sensors, and advanced software. With tracking technology, asset managers can efficiently utilize, maintain, and secure assets when they are dispersed across various locations.
Why do businesses need remote asset management
Assets are the backbone of a business and need to be in optimal condition to ensure the timely completion of projects. In the case of off-site assets, it is difficult to track their condition at all times. This is where remote asset management can help. Let’s look at how businesses can benefit from a remote tracking solution:
1. Tracking the physical location of assets
Missing assets is one of the most common challenges while managing remote assets. Equipment such as computers, laptops, and internet devices are some of the common fixed assets that can be lost due to theft or lack of tracking. It’s not surprising that 30% of businesses can go bankrupt due to asset theft. Asset loss can result in fraud cases and data security issues due to items falling into the wrong hands.
The best way to minimize missing assets is to use remote asset management software that allows you to review who is using the asset, when, and where.
2. Minimizing data errors
A primary drawback of manual spreadsheets is that they are prone to errors, which is common when managing assets remotely. For example, technicians working in the field may forget to mark an asset checkout. Manual spreadsheets are easy to duplicate or overwrite, leading to inaccuracies. According to research, 88% of spreadsheets have such errors, causing high-cost fluctuations. And let’s not forget that employees can even forget to update them at the given time, which leads to more discrepancies in asset records.
To minimize flawed paperwork, managers must use remote asset management software to remove ghost assets appearing on the spreadsheet. Recording remote asset details is faster and easier with a complete record of all assets owned by a company. In case any errors are made, the system identifies them, reducing the chance of misplacing the assets.
3. Lowered asset downtime
Remote assets can be easily overused in instances of incorrect documentation, and overuse results in higher costs and greater depreciation over time. The best way to resolve this is to maintain daily logs to record usage, indicating the number of times the remote asset was used to complete a task. With access to daily logs, you can also schedule maintenance, especially when heavy-duty equipment is used at the site, on a weekly, bi-weekly, or monthly basis, depending on the type of the asset.
Managers can also identify usage patterns, such as at what time the equipment or tool is being used. When it is approaching its end capacity, it can switch with another asset, enabling proper asset utilization.
4. Improves operational efficiency
A streamlined operation means two things — recording asset utilization in a timely manner and maintaining the inventory list to avoid stockouts. For instance, an IT admin receives requests by an employee for new office equipment. They will check records to confirm whether they are due for a new device or not.
Manual recording of remote assets becomes trickier with the growing business. By automating the whole process, every remotely used asset remains accounted for. The admin never loses sight of infrastructure even at remote sites. It not only makes their job of maintaining records of devices being used a lot easier, but also lowers asset replacement costs.
5. Data and asset protection
Think about all the times the weather went berserk in the year. A tornado hit major towns, shutting down the electrical grid. In such conditions, servers can break down, and sensitive data related to remote assets, such as intellectual property, can be at risk.
A centralized remote asset management system enables you to keep a close eye on the entire network, hardware, and software used by employees regardless of their location. You can prevent loss of data and encrypt remote assets with limited user access in case the asset goes into the wrong hands post-destruction.
What is remote asset management software
A remote asset management software offers various technologies to track items being used off-site. When an item is acquired, it is assigned a tag and all its details are uploaded in the software. After being assigned to employees, the admins use the software to track critical housekeeping events for remote assets.
Several industries benefit from remote asset management software. For example, in manufacturing, the software helps optimize equipment usage and maintenance, whereas in logistics, fleet tracking can be improved. Similarly, in construction, tracking remote heavy-duty machinery and tools leads to lower costs and increased overall equipment productivity.
A reliable remote asset management system uses barcodes or GPS for real-time tracking making automatic monitoring possible. Here is how it works:
QR codes or barcodes:
These are most useful for scanning purposes. All you need to do is scan the code by mobile devices or scanners. These QR codes are linked with physical assets. So even if the asset is being used in Texas, while the asset manager is in a different state, they can keep track of the data stored electronically.
RFID tags:
Also known as radio frequency identification, the RFID tag uses radio waves to track and identify assets. Tags are embedded in the equipment which enables transmitting asset data to the readers ultimately enabling remote monitoring.
WiFi:
Although intangible, WiFi serves its purpose by transmitting data with the help of sensors embedded in the equipment. WiFi is used to wirelessly transmit real-time information about an asset’s health, performance, and the environment it is being used in.
Industry-based use cases for remote asset management software
Asset management technology is here to save the day for different industry types. Following are some industry-specific use cases for remote asset management software:
| Industries | Use cases |
| Telecommunications | The software keeps telecom tools and equipment safe, helps prevent asset theft, and improves data security. |
| Construction | Remote asset management ensures all equipment works efficiently, problems are detected early, and maintenance is easy to schedule, allowing the project to run smoothly. |
| Manufacturing | Advanced cloud-based software minimizes downtime, keeps a close eye on the assets (equipment and plants), and identifies the problems within the machinery if production slows down. |
| Logistics | Asset management software makes tracking vehicles and shipments simpler and better. |
| Transportation | Fleet operations are managed with vehicle tracking and optimizing routes so that drivers are safe on the roads. |
| Healthcare | Medical equipment is expensive and needs regular monitoring to ensure patients get the care they need without the equipment breaking down. |
Top 7 remote asset management features
Remote asset management is a game changer when it’s about custody tracking, monitoring real-time data on dashboards, and transforming raw data into useful insights. Here are some important features that a remote asset management must have:
1. Asset tags
Barcode tags and RFID tracking enable managers to identify the location of the remote assets. Inventory management is simplified with this feature as it provides accurate, real-time data about assets in detail. Each asset is assigned a unique barcode or tag because RFID technology is quick to scan due to its high level of automation in asset tracking, which reduces manual errors.
2. Mobile access
A reliable remote asset management software must be a mobile-friendly platform that enables you to access data whenever required despite your whereabouts. Such flexibility is important when multiple offshore teams collaborate and work together despite different time zones. Managers can easily locate assets and improve the response time to keep all inventory and resources aligned no matter where they are.
For example, in the manufacturing industry, equipment parts are manufactured in one location, and for assembly, they might be shipped off to another location across the state. The mobile access will allow managers to track asset movement, whether they have reached their location or not, with the tracking software.
3. Custody management
Custody management enables you to assign assets only to the employees who need to use the asset remotely. Managers are aware of user access, and a record of remote users is maintained on the software.
Remote asset management software protects physical assets at remote locations so that they are appropriately used, setting accountability measures. It also allows you to better manage the shared resources among different departments to reduce the potential risk of misplacement,theft, and overutilization of assets.
4. Real-time monitoring
Businesses should look for software that allows easy monitoring, especially with shared resources. Team members can communicate, update, and coordinate inventory procurement and maintenance plans. Anytime a remote asset is scheduled for service, the status is instantly updated in the system. Instant updates shared across teams improve collaboration.
5. Offline asset management
When assets are offsite, there’s no internet connectivity. However, the unique RFID tags, barcodes or QR codes enable information tracking, even offline. Once the internet connection is restored, data automatically syncs with the asset management software providing real-time insights.
6. Instant alerts and notifications
Asset managers are responsible to assign assets, plan their utilization and disposal. They also need to schedule maintenance for assets to avoid any unnecessary wear and tear which might reduce their residual life. With the help of a software they can set reminders and notifications to schedule the maintenance and inspection along with recording critical events.
7. History tracking
Asset management software keeps record of remote assets used throughout its lifecycle in a company. From the time of when the asset was manufactured to the time it was in the warehouse and transported to its final use, all tracking history is readily available in a form of custom report. You can check the dates, location and time, user access, and all other details about the assets.
Implementing remote asset monitoring in your organization
A remote asset management plan depends on the nature of your business and and the types of assets you own. Here are a few steps to get started with remote asset management:
1. Conduct asset audit
The first step is to conduct a thorough asset audit of all of the fixed assets. Figure out what type of assets are being used by employees for off site projects. Set up the remote tracking system to accommodate your needs to make management easier.
2. Define asset lifecycle
Now it’s time to take a look at the asset lifecycle of each asset the organization intends to use for remote purposes. This will help you enter information regarding periodic cost of maintenance, and other expenses in the system.
3. Choose the right asset-tracking software
A software that aligns with your business goal is essential towards business growth. Therefore assess your requirements regarding real-time tracking, user-friendly mobile access, integrations with third-party tools or customized detailed reporting. Select the software that meets most of your needs.
Try asset management software that offers free trials and cost-effective packaging that fulfills your business goals and needs.
4. Train the employees
Buying software to manage remote assets brings a more adaptive approach to the table. Now you need to train employees, new and old, on how to use the remote asset management software. This will help them decrease potential risks, reduce errors in manual tasks and boost data accuracy. Team members should be trained how to assign barcodes and RFID tags on the asset, how and what type of details to enter about the assets and so on.
Using the software to manage assets allows managers and team members to be more productive and streamline their workflows.
5. Integrate with third-party systems
The chosen software must enable users to integrate with CRM and ERP solutions to save time and effort. Third-party integrations allow businesses to streamline useful data such as asset procurements, billings, and invoices and issue tickets on a centralized platform. Therefore remote management software eliminates data silos to enable accurate data syncs for smooth operations.
Become an industry leader with flexible asset monitoring tools
Regardless of the size of your business, you will benefit from advanced remote asset monitoring tools to make a significant difference in efficiency, productivity, and cost savings. EZOfficeInventory is reliable and smart asset management software that enables small, medium, and large businesses to operate on the go, track asset locations, generate quick reports, and
