Thinking about assets might take your brain immediately to your bank account. However, asset tracking is the practice of understanding all of the physical assets that you have in your possession and tracking them. When you’re starting a business, asset tracking for your physical assets is absolutely necessary so you know what you have and how to manage them.
Today firms have started to burn the midnight oil in an attempt to strive to increase business, increase revenues and thereby have landed up increasing the number of their resources and assets. It may be easy to track assets in a small organization but as soon as this number crosses a few thousands, it is a pain to Know how many and where the assets are located.
Asset tracking and management means:
- Knowing where the assets are located.
- Knowing where the assets were last located.
- Knowing the assets which have gone missing and
- Also knowing how many assets the company possesses
Often this information proves to be beneficial when an asset contributing highly to the overall revenue has gone missing leading to losses. The concern is not always the value of the asset but the cost of not knowing where and how many assets there are.
While evaluation existing systems or processes, one needs to look for :
- Ineffective present technology: Today barcode technology is used for asset tracking but it is not a viable in critical processes because often it is time consuming and labour intensive. Also it is more prone to errors due to the tags not being properly read.
- Chaotic work-flow: People and equipment do not necessarily move along a fixed path. It does become difficult to get accurate and timely data on location and status of assets disrupting the work-flow and leading to reduced efficiencies.
- Loss of revenue: Difficulty in locating a asset that has to be directly delivered to a customer leads to delays resulting in loss of sales and hence revenue.
- Inefficient utilization of assets: Often inability to track assets results in under utilization of the assets currently present and unnecessary purchase of new assets thus reducing throughput.
- Improper Maintenance Schedule: Where large volumes of assets are involved the difficulty lies in not only tracking of assets but also tracking their maintenance on a regular basis as outdated and worn out assets may decrease efficiencies and lower productivity.
Octaware Technologies’s iOnAsset is a complete solution for Asset Tracking and Management System which includes:
- Web based Asset Management
- Offline Asset Inventory
- Import existing asset inventory data
- Check-in Check-out – Asset Allocation
- Automated Asset Movement
- Asset Security
- Asset History
- Online/Offline Asset Search
- Business Intelligence Reports
iOnAsset i.e., the acquisition, use, maintenance, modification and disposal of critical assets and properties – is vital to most businesses’ performance and success. The more capital-intensive the operation, the more business performance is tied to the availability, maintenance and deployment of the assets. iOnAsset prides in being able to deal with tough asset situations and solving problems with their equipment, vehicles and property. This solves the problem of most managers spending their time reacting to breakdowns and emergencies, or planning ahead on how they optimize their assets for business performance.
iOnAsset refers to an eagle eye on assets, which continuously monitors every asset in an organization. It has the ability to pinpoint, locate, and count every individual asset.
iOnAsset is a web based Asset tracking and management system. It has the ability of end to end asset management and smooth tracking of every individual asset. The admin can control all the asset from his desk, can manage every individual asset in an organization, and can smartly identify the movement of every individual asset. It uses tagging mechanism; every asset will be attached with RFID Tag/Barcode. It also tracks the history of asset movement, asset allocation (check-in & check-out), including their current location, past location and movements throughout the facility i.e. at all times. It also calculates depreciation of Assets and Asset expiry process.
iOnAsset features include:
- Web Based Asset Management– iOnAsset is a smart web based solution of asset tracking and management enabling it to access anytime and anywhere.
- Offline Asset Inventory– In addition to online asset inventory, iOnAsset provides a mechanism of keeping the inventory where local network, wi-fi or connectivity is not available. Offline inventory is done through RFID/Barcode handheld reader.
- Asset Auditing– It performs the periodic automate audit process to find misplaced and lost assets. Different colour code charts shows different categories as new entries, misplaced assets and assets available as per the records.
- Reconciliation– It reconciles an entire location or room’s asset using a single click
- Check-in/Check-out– iOnAsset keeps track of an asset using check-in/check-out procedure.
- Asset Movement Tracking– iOnAsset provides automated asset movement tracking. When an asset is moved by authorized personnel, iOnAsset updates the database with the new location. It keeps the record of each location. This feature is available with RFID solution.
- Asset Security– Security is implemented based on the permission on Role, Asset and Location.
- Automated Asset Search– Locate a particular asset within a storage using RFID/Barcode handheld reader.
- Import Inventory Data– A feature to import the existing inventories to iOnAsset database.
- Business Intelligence Report– This gives a quick update on overall business statistics.
- Multilingual Support – Easily customizable to support any language. Currently iOnAsset is available in English and Arabic version.