| Companies and business houses do not always | | | | protected database will store information about the |
| manage to keep track of all their assets, even though | | | | computer and each time the computer connects, it can |
| the total worth of the assets may run into millions. This | | | | easily be tracked. |
| also leads to financial losses for the company. | | | | 2. Software tracking: Some specialized monitoring |
| It is possible to get a list of the company's assets and | | | | license software is available to help organizations |
| their worth, but traditional methods of keeping these | | | | handle their software investments> This will help |
| records were unable to keep additional information like | | | | them avoid penalties and fines that may be imposed in |
| the location of the asset, its cost, maintenance and | | | | instances of non-compliance to norms. |
| use. This problem, however, can now be resolved by | | | | 3. Barcode Systems: Barcode systems include |
| using asset tracking solutions, which will provide anyone | | | | barcode, tags, barcode scanners and PDAs. They are |
| in the company with information about its location, | | | | ideally suited for scheduling of maintenance and |
| maintenance costs, its depreciation value and the date | | | | valuation and asset tracking on the basis of location |
| since it has been with the company. | | | | and a whole host of other functions |
| These asset tracking solutions come in hand held form | | | | 4. GPS Solutions: These come in the form of a |
| or can be computer based, and can keep track of all | | | | two-way satellite technology and is useful in locating |
| types of assets, fixed and movable, by allotting them a | | | | asset vehicles and trailers |
| barcode or a distinctive number. Barcodes allotted to | | | | 5. Proximity Tagging: This is effective in preventing |
| assets prove to be particularly beneficial for auditing | | | | theft and in the case of theft the vehicle can be |
| purposes, as they become easily identifiable. | | | | traced in a short period of time. It is connected to an |
| Having asset-tracking solutions have many | | | | access control system. |
| advantages like: | | | | While finding the most appropriate asset tracking |
| - The asset can be traced by an address, name or | | | | solution, one must look for the following features in the |
| business | | | | system: |
| - The depreciation value of the asset can be | | | | |
| calculated very easily | | | | 1. Ability to Navigate: The interface layout and design |
| - The costs and expenses of the asset can be | | | | reveals how easy or cumbersome it is to navigate the |
| gauged | | | | asset tracking system, and provide insights into setting |
| - Detailed reports about the asset can be seen | | | | up the whole system |
| - Helps cut down expenses by checking on what | | | | 2. Features Involving management: This feature |
| assets already exist and not wasting money on similar | | | | reveals the depreciation tools used, asset editing |
| items | | | | features, splitting assets and other features like |
| - Time saving as equipment required is all listed | | | | barcode scanning |
| - Being informed about what one has helps cut down | | | | 3. Integration-This feature reveals the ability of the |
| losses by just having forgotten about an asset | | | | program to establish a system of information sharing |
| acquired in the past | | | | with tax software, GL programs and supplementary |
| - Helps cut down on borrowings without prior sanctions | | | | systems of accounting |
| - Better service and better management of resources | | | | 4. Report writing: This feature reveals the ability of the |
| helps maintain a tighter budget | | | | program to customize reports through special writing |
| - Easy to start with a simple inventory system | | | | features, besides regular schedules and forms |
| Various types of asset tracking systems are available, | | | | 5. Help and Support facilities: In-built help facilities assist |
| and have to be selected according to individual | | | | in getting assistance when required along with the |
| requirements. Some of the popular asset tracking | | | | latest updates |
| solutions available are: | | | | Asset tracking solutions are a requirement to keep |
| 1. Software based asset tracking: It is possible to initiate | | | | track of expenses and costs, and maintain a record of |
| an asset tracking system by installing software on the | | | | every transaction. This is especially helpful in curtailing |
| computer that will be linked to a central monitoring | | | | future costs as the same service providers can be |
| station through an IP connection or a modem. This will | | | | used, provided their information is stored. |
| help keep track of the computer used as well. The | | | | |