How to Identify and Fix Three Asset Tracking Challenges?

Tracking business assets have become important in recent times. If you have a proper asset tracking system and asset tracking strategy, you can prevent equipment breakdowns, reduce out-of-stock situations, and ensure compliance with regulatory certifications.

Businesses accumulate multiple assets to increase their income and value. While the assets can facilitate operations, when they are excess in quantity, businesses tend to lose them. They face different asset tracking problems and pull down the overall productivity.

Business assets can be categorized as tangible and intangible. The former includes equipment and plant property, while the latter consists of brand names and patents. Intangible assets can contribute to growth prospects down the road.

Apart from attaining economies of scale, proper asset tracking via either RFID or barcode can reduce financial losses. The best way to handle loopholes is to identify challenges and formulate ways to resolve them within a short period. You can control the below-mentioned three shortcomings using the tracking solution of your choice.

  1. Frequent Breakdowns

The experts providing the best RFID asset tracking system said unscheduled downtime happens due to old equipment and lack of maintenance. The companies experiencing frequent equipment failures must upgrade their service programs immediately.

This can be done by executing an extensive maintenance schedule. With an automated tracking solution such as RFID or radio frequency identification, the businesses can routine repairs while increasing equipment’s lifespan.

Preventive maintenance can eliminate downtime by:

  • Decreasing labor downtime
  • Decreasing cost of overall maintenance
  • Boosting productivity and efficiency

After the calibration management is done, the employees are notified with emails. This lets employees make alternate arrangements so that no work tasks are postponed, and labor costs are reduced. The companies can elevate performance by keeping equipment in proper shape.

  1. Excess Production or Untimely Out-of-Stock Situations

When it comes to stocking a specific asset, determining the correct amount can be challenging. You will surely face a shortage of or excess assets when dealing with stock management. This can cause delays in workflows and incur tremendous overhead prices.

Why do businesses have inaccurate stocks often? Because they have an inadequate system to understand the optimal quantity of stock. To resolve such a problem, businesses should invest in a tracking module. The module enables you to set minimum threshold alerts for assets. An automatic purchase order is made, and the vendor is informed whenever the limit is passed.

Excess stock occupies warehouse space and becomes obsolete after a stipulated period. To avoid these mishaps, it is advised to research the consumption patterns and calculate an accurate demand for assets.

  1. Complying with Regulatory Certifications

Businesses must have to handle abundant equipment. The experts offering RFID hospital asset tracking systems said making sure all the assets meet the terms and conditions of regulatory certification can be tricky. Small and medium-sized businesses are regulated heavily. To meet the requirements, you must have a precise database displaying clear asset ownership data.

Regulatory compliance usually means preparing detailed reports, which can be quite time-consuming. While most businesses struggle with this, there is an easy way to go about it. By using RFID, you can record every activity related to assets. Automated systems help you maintain error-free information, which can be used for conducting audits. Having calibration, replenishment, and depreciation records allows you to acquire compliance within a short period.

Adjust your asset tracking strategy to tackle the problems mentioned above, eliminate malpractices, and utilize existing resources for amplifying positive results. All this is possible only if you select the right tracking system. Consider your business goals and needs before finalizing the decision.