Asset Tracking: What is it? Why is Asset Tracking Important and How to Track Your Asset?

Ever lost track of expensive equipment or misplaced crucial machinery just when you needed it the most? 

If you have ever faced the chaos and frustration of hunting down missing assets or critical equipment you’re not alone. 

For many businesses juggling high-value items — whether in hospitals, construction sites, or warehouses — this is a common nightmare.

The pain point is clear: without an efficient way to monitor and manage these assets, operations can grind to a halt, leading to lost time, reduced asset’s lifecycle, increased costs, and heightened stress. Enter asset management tracking system.

• How to track assets?
• But what exactly does asset management system involve?
• Why is it so vital for your business?
• And how can you implement it effectively to avoid these headaches?

In this blog article, we aim to share our 20 years extensive experience and knowledge to help you understand the ins and outs of how to track assets. 

We will demystify asset tracking, explore its importance and why it’s essential, and also will give you the clear steps on how to increase inventory tracking and asset’s loss. 

Also, we’ll provide practical strategies to help you manage and monitor your assets efficiently.

By the end of this read, you as a business owner will be equipped with actionable insights and tips to protect your investments, streamline your operations, and boost overall efficiency of your company.

You know? The benefits of IoT in logistics are extensive, helping businesses make informed decisions and optimize their supply chains. To learn more about how TECTELIC’s solutions can enhance your smart logistics operations, read the article “What Are The Benefits Of Smart Logistics?”

But first (and very quickly): What is Asset Tracking?

If we are talking in simple words, Asset tracking is like having a GPS for all your valuable stuff. It allows a companies to know exactly where everything is, how it’s doing, and whether it’s being used efficiently. Imagine never having to waste time hunting down equipment or worrying about misplaced things — asset management tracking gives you real-time visibility and control over your assets, ensuring smooth and efficient operations.

Discover the advantages of different asset tracking technologies and find out which one suits your business best in the article “6 Types Of Asset Tracking Technologies And Which One Is The Best For Your Business“.

How to Track Your Asset: 7 Common Methods Used for Asset Tracking

Global Positioning System (GPS)

What It Is: GPS asset tracking definition is a satellite-based navigation system that provides location and time information in all weather conditions, anywhere on or near the Earth where there is an unobstructed line of sight to four or more GPS satellites.

How It Works: GPS works by using a network of satellites that send signals to a GPS receiver. The receiver calculates its position by measuring the time it takes for the signals from multiple satellites to reach it. 

By triangulating these signals, the receiver can determine its exact location. This data is then transmitted to a central system where it can be monitored and analyzed.

For accurate asset tracking, GPS devices are attached to assets such as vehicles, machinery, or high-value equipment. These devices continuously send location data to a central tracking system, allowing businesses to monitor their assets in real-time. 

GPS Asset Tracking method is particularly useful for tracking assets that move frequently or over large distances, ensuring they are always where they are supposed to be.

Pros of GPS:

Are you seeking for the best GPS tracking devices? We have already created a comprehensive guide in this article15 Best GPS Tracking Devices For Your Equipment [2024].

Cons of GPS

Signal Dependency: Requires a clear line of sight to satellites, in dense urban areas, forests, or inside buildings where signals may be obstructed.

Best GPS Asset Tracking Providers

Here are some of the top GPS asset tracking procedures and why they stand out:

• TEKTELIC: We are specialized in IoT-enabled GPS asset tracking solutions that provide in real-time, reliable and accurate location data. TEKTELIC’s products are designed for easy integration and offer long battery life, ensuring continuous asset monitoring. Our solutions are particularly useful for industries requiring durable and high-performance tracking devices, such as logistics, construction, healthcare or others.
• Fleet Complete: This company offers GPS tracking solutions that can monitor a wide range of assets, from heavy-duty equipment to smaller tools.
• Verizon Connect: This brand offers GPS asset tracking software and hardware solutions that provide real-time visibility of the assets.

Bluetooth Low Energy (BLE)

What It Is: Bluetooth Low Energy (BLE) asset tracking meaning is a wireless personal area network technology designed for short-range communication. 

It’s a variant of standard Bluetooth technology but is optimized for significantly lower power consumption while maintaining a similar communication range.

How It Works: BLE works by sending small bits of data over short distances using radio waves. It consists of BLE beacons and BLE-enabled devices (such as smartphones or dedicated tracking devices). Here’s a more detailed breakdown of how Bluetooth Low Energy works:

• BLE Beacons: These tiny, battery-powered devices send out a unique ID signal continuously. They can be attached to items like tools, equipment, or containers.
• BLE-enabled Devices: When a device like a smartphone or a BLE reader comes near a beacon, it picks up the beacon’s signal and reads its unique ID.
• Data Transmission: This ID, along with signal strength info (used to estimate distance), is sent to a central system, which can be cloud-based or local.
• Location Tracking: By analyzing signals from multiple beacons and devices, the system can pinpoint the approximate location of each asset, making it great for indoor areas where GPS may not work well.

One of the most proven devices which uses BLE technology for asset tracking is TEKTELIC’s PELICAN and PELICAN Ex. To learn more visit our website.

Pros of BLE:

• Low Power Consumption: BLE beacons have long battery life, making them ideal for continuous asset tracking.
• Cost-Effective: BLE devices are generally cheaper than other tracking technologies like GPS.
• Easy to Deploy: Simple to install and configure, making it accessible for businesses of all sizes.
• Good for Indoor Tracking: Provides accurate indoor location tracking where GPS signals may not reach.
• Scalable: Can easily be scaled by adding more beacons and BLE-enabled devices as needed.

Cons of BLE:

• Limited Range: Effective range is typically up to 100 meters, making it less suitable for tracking assets over large outdoor areas.

Best BLE Asset Tracking Providers

These top three BLE Asset Tracking providers are recognized for their innovative BLE technology, user-friendly platforms, and comprehensive tracking solutions:

• TEKTELIC: We offer innovative IoT-enabled BLE asset tracking solutions that provide reliable and accurate location data, precise asset surveillance, user-friendly asset management software and reliable hardware. Our products are designed for easy integration and offer long battery life, ensuring continuous asset monitoring.
• Zebra Technologies: They provide a range of BLE asset traceability solutions, including beacons and an analytics platform.
• Estimote: This company provides BLE beacons that are widely used for asset tracking in retail, industrial, and smart office environments.

Near Field Communication (NFC)

What It Is: Near Field Communication (NFC) is a short-range wireless communication technology that enables the exchange of data between devices over a distance of about 4 centimeters or fewer.

 It’s commonly used in contactless payment systems, but it also has applications in physical  asset tracking.

How It Works: NFC works by allowing two NFC-enabled devices to communicate when they are brought close together. 

Here’s how it typically works for asset tracking:

1. NFC Tags: Small, battery-free tags attached to assets. They store a unique identifier.
2. NFC Readers: Devices like smartphones that read the data when brought close to the tags.
3. Data Transmission: The reader captures the tag’s ID and transmits it to a central system.
4. Location Tracking: The system logs the data, providing the asset’s location and status.

Pros of NFC

• Low Cost: NFC tags are relatively inexpensive, making them a cost-effective solution for asset tracking.
• Easy to Use: Simple to set up and use, with no need for complex configurations.
• Quick Data Transfer: Enables fast and secure data exchange between the tag and the reader.

Cons of NFS

• Short Range: NFC’s range is limited to about 4 centimeters, requiring close proximity between the tag and the reader.
• Manual Scanning: Requires manual scanning of each tag, which may not be efficient for tracking large numbers of assets over wide areas.
• Limited Data Storage: NFC tags have limited storage capacity, suitable only for small amounts of data.
• Interference: Performance can be affected by metal surfaces or electronic interference, which can block or distort the signal.

Best NFC Asset Tracking Providers

• Smartrac is a leading provider of NFC technology, offering a wide range of NFC tags and inlays for asset tracking.
• Identiv specializes in secure NFC solutions for asset tracking.
• Avery Dennison provides NFC solutions for asset tracking. Their NFC tags and readers are designed for easy deployment and high performance.

Radio Frequency Identification (RFID)

What It Is: Radio Frequency Identification (RFID) uses electromagnetic fields to automatically identify and track tags attached to objects. 

The main differentiation of this asset tracking system is its ability to automatically identify and track assets without direct line-of-sight, using electromagnetic fields to communicate between tags and readers over varying distances.

How It Works: RFID consists of two main components: RFID tags and RFID readers.

• RFID Tags: Tags can be passive (no battery) or active (battery-powered). They store a unique identifier and other data.
• RFID Readers: Readers emit radio waves that power passive tags or communicate with active tags to read their stored data.
• Data Transmission: The reader captures the tag’s information and sends it to a central system.
• Asset Tracking: The system logs the data, updating the asset’s location and status in real-time or periodically.

Pros of RFID

• Range: Active RFID tags can be read from several meters away.
• Automated Tracking: Tags can be read automatically without direct line-of-sight.
• Large Data Storage: Can store more information compared to barcodes or NFC.
• Scalability: Suitable for large-scale asset tracking across various industries.

Cons of RFID

• Cost: Higher initial setup costs for tags and readers.
• Signal Interference: Metal and liquids can interfere with RFID signals.
• Privacy Concerns: Unauthorized scanning of RFID tags can raise security issues.
• Complexity: Requires more sophisticated infrastructure and technical knowledge to implement and maintain.

Best RFID Asset Tracking Providers

• Alien Technology specializes in high-performance RFID tags and readers.
• Impinj provides a robust RFID platform that includes tags, readers, and software
• Honeywell offers RFID solutions, including tags and readers that are works for industrial applications.

Barcode (QR Code)

What It Is: Barcodes and QR codes are types of optical machine-readable labels that contain information about the tangible assets to which they are attached. Barcodes are typically linear and read by laser scanners, while QR codes are two-dimensional and can be read by camera-based scanners, including smartphones.

How It Works: Barcodes and QR codes function through a simple process of encoding and decoding information.

• Barcodes/QR Codes: These codes are printed labels attached to assets, storing data such as unique identifiers, descriptions, and other relevant information.
• Scanners: Barcode scanners or camera-based QR code readers (including smartphone apps) read the codes. When scanned, they decode the information stored in the code.
• Data Transmission: The decoded information is sent to a central system or database where it is logged and processed.
• Asset Tracking: The barcode asset tracking system updates the asset’s information, including location of physical assets, status, and history, based on the scanned data.

Pros of Barcodes

• Low Cost: Printing barcodes and QR codes is inexpensive.
• Ease of Use: Simple to generate and attach to assets.
• Wide Adoption: Compatible with a wide range of scanners and devices, including smartphones.
• Quick Scanning: Provides instant access to asset information with a quick scan.
• Versatile Applications: Suitable for inventory management, tracking, and verification across various industries.

Cons of Barcodes

• Manual Scanning Required: Requires a scanner to be brought close to the code, which can be time-consuming for large numbers of assets.
• Limited Data Storage: Can store less information compared to RFID or NFC.
• Physical Wear and Tear: Codes can become damaged or dirty, making them unreadable.
• Line of Sight Needed: Scanners require a direct line of sight to read the codes accurately.

Best QR Code Asset Tracking Providers

• Zebra Technologies is a leader in barcode and QR code solutions, offering printers, scanners, and tracking systems.
• Datalogic specializes in advanced barcode scanning solutions, offering a range of devices that provide fast and accurate scanning.
• Socket Mobile offers versatile barcode and QR code scanning solutions, including compact and portable scanners.

2 Asset Tracking Examples and Use Cases

How TEKTELIC’s SPARROW Sensor Improved Operations at a Mauritius Hospital

Recently, TEKTELIC’s SPARROW sensor was deployed at a hospital in Mauritius, transforming the way valuable medical devices like MRI machines, surgical equipment, and wheelchairs are managed. 

Here’s a look at the positive changes TEKTELIC  asset-tracking solution brought to the hospital.

The key benefits marked by hospital’s personnel after several months of using:

• Real-Time Asset Visibility: Nurses can now easily locate critical medical equipment in real-time. Using the TEKTELIC’s Locus application, they can instantly find the equipment they need, which cuts down on search times and boosts efficiency.
• Better Use of Equipment: The Locus application lets hospital administrators see how equipment is being used across the facility. This helps in making smarter decisions about where to allocate resources, reducing downtime and ensuring everything is used to its full potential.
• Cost Savings: Thanks to the SPARROW sensor, the hospital has significantly cut down on equipment loss and the need for emergency replacements, leading to major cost savings.

Simultaneously with SPARROW, the hospital boarded the Locus application from TEKTELIC. This allowed for simple deployment and provided additional benefits such as real-time alerts, geofencing features, and easy integration with existing hospital software.

By implementing TEKTELIC’s SPARROW sensor, the Mauritius hospital has seen improvements in efficiency, resource utilization, and cost management, showcasing the significant benefits of advanced asset tracking in healthcare settings.

How TEKTELIC’s ORCA Trackers are Ensuring Safe Navigation in the Adriatic Sea

The second example of a successful deployment of TEKTELIC’s asset tracking and monitoring system is the implementation of TEKTELIC’s ORCA Asset Trackers to monitor the positioning of sea buoys in the Adriatic Sea. This enhances maritime safety and navigation efficiency. Here’s how this project has made a significant impact.

Key Benefits from the Deployment:

• Real-Time Monitoring: With a user-friendly web application, all sea buoys are tracked 24/7. This provides real-time data on their exact locations and conditions of physical assets, ensuring that maritime authorities can always keep an eye on these critical navigational aids.
• Enhanced Maritime Safety: The ORCA trackers help to optimize navigation routes and reduce response times during emergencies. This minimizes the risk of accidents or collisions, safeguarding both marine life and valuable assets.
• Operational Efficiency: By ensuring accurate and constant monitoring of buoy positions, the system helps in streamlining maritime operations. This ensures that navigation routes are always clear and safe, reducing the workload on maritime personnel.

Highlights of the ORCA Tracking System:

• Continuous Tracking: The ORCA trackers provide continuous, real-time updates on the status and location of sea buoys, which is crucial for maintaining safe navigation paths.
• Emergency Response: In the event of an emergency, the system’s real-time data allows for rapid response, minimizing potential damage and ensuring quick resolution of issues.
• Risk Minimization: By reducing the likelihood of accidents and collisions, the ORCA tracking system protects marine life and valuable maritime assets, contributing to overall maritime safety.
• User-Friendly Web Application: The web application that supports the ORCA trackers is designed for ease of use, providing a clear and accessible interface for monitoring buoy positions and conditions.

By implementing TEKTELIC’s ORCA Asset Trackers, the Adriatic Sea’s maritime operations have seen significant improvements in safety, efficiency, and environmental protection. This case study highlights the profound impact of advanced asset tracking technology on maritime safety and operational excellence.

What Are the Main Benefits of Asset Tracking?

What are the main benefits of asset tracking methods and management systems for businesses? Here are some key advantages:

1. Real-Time Visibility: Always know exactly where your assets are, reducing the time spent searching for items.
2. Cost Savings: Avoid unnecessary purchases and minimize losses by keeping track of existing assets.
3. Improved Efficiency: Streamline operations and increase productivity by having quick access to asset information.
4. Better Maintenance: Schedule timely maintenance to prevent equipment breakdowns, extending the lifespan of your assets.
5. Enhanced Security: Reduce theft and unauthorized use by monitoring the location and usage of your assets.
6. Data-Driven Decisions: Use detailed tracking data to make informed decisions about asset utilization and investments.
7. Compliance and Reporting: Easily meet regulatory requirements and generate reports for audits with accurate asset records.
8. Customer Satisfaction: Ensure timely delivery and service by efficiently managing the assets critical to your operations.

10 Asset Tracking Tips

By following these tips that we marked below, you will make your asset management way smoother and keep everything running like a well-oiled machine. Plus, you will be better equipped to make smart choices, protect your stuff, and hit your goals without all the usual headaches.

1. Define Clear Objectives. 

Establish clear goals for what you want to achieve with asset tracking, such as improving operational efficiency, reducing theft, or optimizing maintenance schedules.

2. Utilize Robust Tracking Devices. 

Leverage reliable tracking devices with hardware built to withstand harsh environments, offering accurate and dependable location data. TEKTELIC’s IoT-enabled devices are designed for seamless integration and feature long battery life, ensuring continuous and effective asset monitoring.

3. Use Reliable Asset Tracking Software. 

Choose robust, user-friendly software that provides real-time tracking, comprehensive reporting, and integrates easily with existing systems​.

Are you wondering which software is the most precise and accurate? Check out the comprehensive guide to proven asset management software in the article:“10 Best Asset Tracking Software for Your Small Business Chosen by Our Expert with 20 Years of Experience”.

4. Leverage Real-Time Tracking. 

Utilize real-time tracking capabilities to ensure you make informed decisions quickly. For example, TEKTELIC’s solutions provide real-time tracking capabilities, offering immediate visibility into asset locations and statuses.

5. Utilize Automated Alerts and Notifications. 

Set up automated alerts for important events such as maintenance due dates, or unauthorized movements. This helps in proactive management and quick response.

6. Analyze Data for Optimization. 

Use the data collected from your asset tracking system to analyze usage patterns, maintenance needs, and overall efficiency. Optimize operations based on these insights to improve asset utilization and reduce costs.

7. Ensure Compliance and Security. 

Make sure your asset tracking practices comply with industry regulations and standards. Implement security measures to protect sensitive data and prevent unauthorized access​.

8. Plan for Scalability. 

Choose a system that can grow with your business. TEKTELIC’s solutions are scalable, ensuring they can handle an increasing number of assets and adapt to changing operational needs.

9. Choose the Right Asset Tracking Partner. 

Select a reliable and capable asset tracking provider. Look for one that offers robust real-time tracking capabilities, sophisticated data analytics tools, and understands your unique business challenges.

By following these tips, you can execute asset tracking effectively. If you want to be sure that your asset tracking system provide accountability and accuracy of asset maintenance, and tailored to your business needs, or if you have more questions how to track assets – TEKTELIC’s experts are always ready to help and give you answers on all questions.

What are the best asset tracking solutions for your business?

Choosing the best asset tracking solution depends largely on the specific needs and characteristics of your business. Different industries and operational requirements necessitate different features and capabilities from an asset tracking system.

If your business requires robust, real-time tracking of high-value assets across large areas, TEKTELIC’s solutions could be an excellent fit. 

Tektelic offers advanced IoT-enabled tracking devices that provide reliable, long-lasting performance, making them ideal for industries such as logistics, construction, and healthcare.

For businesses that need precise indoor tracking or have assets in challenging environments, TEKTELIC’s durable and easy-to-integrate devices can ensure continuous monitoring and accurate data. 

Additionally, TEKTELIC’s solutions come with strong security features, scalability, and excellent customer support, making them suitable for businesses looking to grow and adapt their tracking needs over time.

In summary, the best asset tracking solution for your business will depend on your specific operational needs, the types of assets you need to track, and the environments in which they operate. 

If your criteria align with what TEKTELIC offers – such as reliability, scalability, and robust real-time tracking – then TEKTELIC’s solutions could be the best choice for your business.

FAQs (Frequently Asked Questions)

What is the best way to identify assets?

The best way to identify assets is by using IoT-enabled tracking solutions, including BLE tags or GPS technology. These technologies provide precise, real-time data and are designed for durability and easy integration, ensuring efficient and reliable asset tracking across various environments.

How to keep track of fixed assets?

Keeping track of fixed assets involves several key steps:

• Use Asset Tracking Software;
• Tag and Label Assets;
• Maintain a Centralized Database;
• Regular Audits and Updates.

By following these steps and leveraging TEKTELIC’s advanced tracking solutions, you can efficiently manage and track your fixed assets.

What is an asset tracking database?

The standard asset tracking system includes an asset tracking database is a centralized system that stores detailed information about an organization’s assets. This includes data such as asset descriptions, locations, status, maintenance history, and usage patterns. By maintaining accurate and up-to-date records, businesses can efficiently manage their assets, ensure compliance, and optimize their utilization.