How Asset Tracking Technology Helps Businesses Today

 

Asset tracking is a vital part of business management. Without it, you have no idea whether it is working properly and how much it is costing your company. Asset tracking Australia helps determine the total cost for all the items in your company, from office furniture to large equipment and computers. With this, more and more organizations are using asset traceability systems and make the most of this technology successfully. 

What Is Asset Tracking?

It is a process, in which you document all the physical assets of your company. This utilizes a centralized system that provides information in real-time such as owner, location, contract, and maintenance for all assets. Using asset traceability software automates manual processes in asset management. When you eliminate manual labor, it can significantly save time, energy and expenses. 

What Are the Benefits? 

Increased accuracy.  Asset traceability software can be your source of truth. This kind of insight helps you understand where your assets are, how they are being used, and what actions need to be taken. It removes the guesswork. With asset tracking, hard facts determine business decisions. 

Improved efficiency. It provides high-level information into the performance of the physical spaces of your company, including the warehouse, storage, and office. It is beneficial because it allows you to identify crucial links to streamline your business operation. Also, data tracking helps you anticipate the needs of your asset before it occurs, for example, equipment maintenance. 

Get audit benefits. When an asset audit is conducted by an external team, it creates a disturbance on the organization. But, it has many advantages like identifying ghost assets. When your business has fewer assets then you have to pay fewer taxes and maintenance costs. It also minimizes compliance risk. 

Greater accountability. Without asset tracking, your company could be experiencing huge losses without even knowing about it. Tracking your assets helps you avoid these losses as well as holds your employees accountable for handling them efficiently and responsibly. 

Lower administrative costs. Asset traceability removes the need for your employees to track down assets using manual methods. This reduces human error that could cause asset loss. It also frees up the staff to focus on other profit-generating responsibilities. 

Better customer service. When you improve the function of your organization, it also becomes evident to your customers. Whether it is well-informed employees, a well-stocked inventory, or a more efficient operation, customers will benefit from these improvements. Depending on your business, some customers may want to know if you are using an asset tracking system because it contributes to your reliability as a partner. 

Planning for future growth. It can be difficult to scale the growth of your business when you are using spreadsheets to keep track of everything. Fortunately, asset traceability aids you in many areas, including identifying asset usage trends to help you prepare for business growth. 

Asset tracking not only keeps track of your assets but also enhances the way you operate your company. By using this technology, you have access to all your asset information. You can monitor your assets and taxation, calculate depreciation, and other important variables. Moreover, you will experience the increased productivity of your employees. 

How to Implement A Scalable Tracing System

 

This is a time when consumers, partners, and regulatory agencies throughout the supply chain demand transparency. Fortunately, you can start implementing a traceability system to deliver visibility of the entire lifecycle of each part. The traceability technology NZ will also maximize data value to detect production issues or trends, making proactive improvements quickly. 

Staying competitive in your market by implementing a part traceability system can start small. The process may begin at the lean cell level and scale up. Over time, you can build a complete traceability system that can adapt to your evolving needs. 

Review and Strategize

To get the most value out of traceability technology NZ, consider your big-picture goals. Begin building a solution that will serve your needs in the short term but also grow with your company over time. Here are some factors to consider: 

·         What will happen within your supply chain that can impact how you transport and distribute your product?

·         Are there any new manufacturing regulations or standards you need to comply with?

·         What are the trends that could change how you make your products?

·         What are your long-term operational goals?

·         How are the needs of your customers changing?

 

Determine Identifying Information

The initial step to traceability is choosing what information is needed to identify parts. You can identify parts in various ways such as manufacturing date, batch number, model, etc. However, serialization is what allows critical information to be accessible within the company software. After defining the coded information, you can store an amount of information with a smaller footprint. 

Integrate Vision Technology to Verify Accuracy

A vision system enables sorting, tracking, and identifying through the type, orientation, mark grading, defect detection, and mark area recognition. This stage is vital for complete traceability technology NZ for key purposes: 

·         It makes sure that the right data is marked on the correct part

·         It confirms there are no mistakes in the marking process 

The verification process works by grading barcode quality to guarantee the durability of traceability data. It automates processes by scanning barcodes at crucial points in the manufacturing process. It verifies that the barcode information is accurate and prevents serial number duplication. It also logs barcode information into a database. 

Enable Industrial Data and Analytics by Incorporating Marking Equipment

You integrate a vision system when you mark a product with a barcode using the proper marking equipment. Identifying parts can help you implement a traceability system. 

The traceability technology starts with connecting marking equipment with enterprise software, allowing tracing information to flow back and forth. Though there are different levels of connectivity, the integration process can be done in various ways, depending on your existing manufacturing system. 

Protect your business from certain risks inherent in a digitally connected world. So, start building your track and tracing system now. While you can implement a traceability system at your own pace, keep in mind that each system comes with lots of variables and unknowns. Consider using tracetech solutions wherein experts will implement traceability technology for you, saving you time and stress that goes into planning and executing the system.