Strategies for Tracking Business Assets Across Multiple Locations With Mapping Tools
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Strategies for Tracking Business Assets Across Multiple Locations With Mapping Tools

BySean El Hani

Tracking business assets across multiple locations can be streamlined using mapping tools and innovative asset management strategies. These involve deploying GPS-enabled tracking software, implementing RFID and IoT sensors, using GIS (Geographic Information Systems) to map assets, centralizing asset data with cloud-based management platforms, and automating asset reporting and alerts.

What is Asset Tracking?

Asset Tracking means equipping your company’s assets with a GPS sensor, QR code, or RFID chip to monitor the downtime, usage, locations, and more. Again, Asset Tracking differs from inventory tracking as you can access innovative technologies that provide superb battery-powered equipment to better control your company assets. Furthermore, the installation of this technology ensures safety and security. Moreover, asset tracking is limited to physical entities like computers, cars, and similar physical products. It means you cannot use it for patents and software.

Implement GPS Tracking for Mobile Assets.

You can implement GPS tracking for mobile assets (e.g., vehicles, equipment) to monitor real-time locations and set up geofencing to receive alerts when assets enter or leave designated areas. RFID tags or IoT sensors can be attached to track asset location automatically. RFID tags are small electronic devices that track and identify assets using radio waves. RFID readers emit radio signals that activate nearby RFID tags. The tag transmits stored data back to the reader. It sends the data to a software system, which logs asset details in real time.

Take Advantage of A Booming Market..

IoT-enabled systems like Azure IoT can collect and analyze asset data, improving efficiency with automated tracking at multiple sites. Mapping software can integrate with GPS trackers, IoT sensors, and RFID tags to provide real-time location data on assets. Platforms like Google Maps allow businesses to see asset locations on an interactive map, reducing loss and theft. 

The IoT asset monitoring market is booming, with the number of IoT-enabled devices predicted to reach 181.4 million by 2032, according to Transforma Insights. Unlike many other businesses, you can take advantage of this growth. Many companies struggle with inefficient processes, misplaced assets, and insufficient real-time data, leading to higher operational expenses and lost opportunities. 

IoT asset monitoring eliminates these problems by giving users real-time visibility into their use and assets. This allows them to reduce losses, streamline processes, and improve sustainability. 

Use GIS to Map Your Assets.

Companies can use tools like Google Earth to visualize asset distribution. They create interactive maps that track asset movement and optimize placement. GIS can be integrated with asset management software for automated updates. Implementing this strategy will give you more flexibility in keeping your company assets on track. You can track it dynamically from anywhere.

Asset Data Centralization

Cloud-based management platforms can centralize asset data. Make sure cloud-based synchronization is possible so you can update data across all locations. Integrate the platforms with accounting and ERP systems for faster and more reliable asset valuation. Many excellent and free ones exist.

Automate Alerts and Asset Reporting

Set up automated reports for location changes, asset utilization, and maintenance schedules. Use AI-powered analytics to predict asset needs and optimize distribution. Also, configure alerts for theft, unauthorized movement, or required maintenance. It will reduce the additional human resources needed for asset reporting. Also, automated alerts will ensure you have constant updates, and the accuracy of these technologies is remarkable, as they always deliver effective results.

Use Mobile Apps to Track Field Assets.

Equip field teams with mobile asset tracking apps and enable barcode or QR code scanning to log asset movements instantly. Remote updates for real-time status reports should also be allowed. This will ensure effective results and elevate field teams’ work flexibility. 

Having a portable device to track your company’s assets will dramatically reduce the pressure on other company assets. Your team can be constantly updated about the field assets from any location. They won’t have to be confined to an office to track those filed assets continually.

Leverage Business Intelligence Tools.

Combine asset data with tools like Google Data Studio for deeper insights. Mapping visualizations can analyze asset trends and optimize deployment. Innovative businesses track historical data to forecast future asset needs and plan their budgets properly. Other helpful tools with different functionalities are available. It is wise to check all the available tools and pick the ones that best suit your company.

Assign Specific Data For Tracking

You must use unique numbers for each physical asset to track your assets effectively. Using the same name or number to denote multiple assets will create confusion and mess up your company data and management system. Therefore, if you assign each of your assets a unique code with a QR code, tracker, or RFID chip, it becomes easy for you to track every asset effectively. Moreover, it creates a far better organisation in your inventory as well.

The Use of Asset-Tracking Solutions is On the Rise.

According to Juniper Research, the demand for asset-tracking solutions that enable businesses to track cargo from dispatch to endpoint is increasing rapidly. They predict companies will spend $33 billion on asset tracking worldwide in 2025, up from $10 billion five years ago.

The need to augment supply chain resilience will drive adoption. The research firm also predicts that China will lead the asset-tracking market, spending $11 billion on these tools in 2025, up from $3 billion in 2020. This represents 34% of total global expenses. Your business should be on board with this trend. 

The Use of Asset-Tracking Solutions is On the Rise.

According to Juniper Research, the demand for asset-tracking solutions that enable businesses to track cargo from dispatch to endpoint is increasing rapidly. They predict companies will spend $33 billion on asset tracking worldwide in 2025, up from $10 billion five years ago.

The need to augment supply chain resilience will drive adoption. The research firm also predicts that China will lead the asset-tracking market, spending $11 billion on these tools in 2025, up from $3 billion in 2020. This represents 34% of total global expenses. Your business should be on board with this trend. 

Summary

In conclusion, the strategies above will help you track your business assets across numerous locations simultaneously. Since digitalisation has influenced all sectors, technology has rapidly evolved, enabling businesses to function more effectively. Similarly, asset-tracking will make your business much more organized. However, to adopt this method, you must implement it smartly. Using asset-tracking technology without a strategy is not going to manage your business. Therefore, the strategies listed above will ensure that you can effectively apply the tactics to keep your business organized and reduce unnecessary human resources.

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