What is asset tracking?
Asset Tracking is the process of capturing vital information on the status and location of assets using scanners to detect barcodes or RFID tags for asset verification. As an alternative to scanning, data can be entered manually into a central asset register. The register should offer fully-customizable fields for recording valuable asset data.
Asset Tracking is carried out by organizations with the aim of improving the usage and security of valuable items. Additionally, routine physical audits are mandated by auditors to ensure that finance departments can verify the existence of assets that are listed on the balance sheet. Organizations that fail to track assets correctly could be losing vast sums of money on an annual basis.
Asset Tracking differs from Inventory tracking; the former is the process of monitoring the value of items owned by a business along with useful information about location, ownership, associated documents, etc., whereas the latter describes keeping an accurate record of items that are held in stock for sale to customers.