Real-time asset tracking has become a vital investment for every company with movable assets –especially as business operations become more complex and location technologies evolve. In fact, the global real-time asset tracking market is projected to grow at a compound annual rate of 13.45%, reaching $34.82 billion by 2026 –according to a recent report.
The current IoT-based (Internet of Things) and GPS-assisted tracking make it easier and cheaper for managers and proprietors to track, protect, and optimize their business assets from anywhere. This arms them with the visibility and control they need to run their business operations efficiently and monitor their performance.
So, What is Real-Time Asset Tracking Exactly?
Real-time asset tracking is the use of software to monitor the movement of:
- IT equipment
- And other business assets
A tracking tag such as Bluetooth or RFID, often with GPS and motion sensor chips, is attached to the asset to provide the real-time location of the asset and its progress.
The main reasons businesses implement real-time asset tracking is to analyze the asset's usage and to cut costs. Luckily, with a little investment, asset-tracking software provides critical data that can be leveraged to streamline day-to-day operations, protect valued assets, and maximize profits.
Why Real-Time Asset Tracking is Valuable to Small Businesses
There are many reasons why small businesses invest in real-time asset tracking. Here are the top five:
1. Streamline Real-Time Asset Management
The state and location of a company's assets will be available in real-time –making it that much easier for businesses to track them. Real-time asset tracking also encourages proactive planning and enhanced asset productivity. Allowing you to calculate the asset's life cycle more easily and accurately, and organize day-to-day activities based on asset availability. Without the hassle.
2. Promote Asset Location and Recovery
A small business with tens or hundreds of assets would typically need to hire staff to track and recover business assets. However, with GPS real-time asset tracking software, a single individual can keep track of hundreds of business assets at the same time. And, another added benefit –this technology has made it easier and less expensive to find and recover assets while maintaining efficiency.
A good asset-tracking software minimizes cases of delayed productions, higher costs of asset tracking and recovery, and improves customer satisfaction.
3. Eliminate Unnecessary, Expensive Maintenance Costs
The life cycles of your assets often overlap and, depending on their usage, can be active for months or even years before they need repair and maintenance. Real-time asset tracking goes beyond locating the assets; the software also includes essential information about the items that make it easier to maintain and service them. This allows you to save costs on maintenance and ensure your assets are in their best state at all times.
4. Ensure Regulatory Compliance
In highly regulated industries, it’s crucial to capture accurate data on assets –especially to generate reports that prove compliance. This means real-time asset tracking can help businesses pass internal and external audits and stay compliant in regulated industries like:
- Alcoholic beverage distribution
- Financial and medical services
- Dietary supplement industries
- Among many others
5. Audit Your Assets With Ease
Internal and external asset audits are an integral part of running a small business. Asset audits help businesses identify ghost licenses, stray assets, and under-utilized resources. When done manually, even the smallest business with only a handful of assets can feel the strain. However, with real-time asset tracking software, the business can access data and any information on assets via a single dashboard.
Ultimate Guide to Mobile Asset Tracking
The best way to make GPS asset tracking effective? Make it easy to use. Learn how to protect and optimize valuable business assets right from the palm of your hand, using this guide to GPS tracking via a mobile app.
The Competitive Advantages of Spytec’s Real-Time Asset Tracking Software
For any small business today, implementing asset monitoring software can provide a wide range of cost- and time-saving benefits. Despite these benefits, not all real-time asset tracking tools and software solutions are the same. Here are the five reasons to try Spytec's GPS trackers.
Spytec develops GPS trackers specifically for small businesses. The company understands the struggles of a growing business and has made its mission to make top-of-the-range GPS trackers accessible even to new startups. Their newest tracking devices are priced for affordability.
When it comes to real-time asset tracking, the speed of the equipment and software matters. Unlike most trackers in the market, Spytec's real-time asset trackers have negligible lag and update the asset location multiple times every second. Less efficient trackers update asset location as infrequently as once every few hours.
GPS-based real-time asset trackers are, by far, the most reliable trackers for a modern business. There are differences between Bluetooth and GPS trackers. While Bluetooth-based trackers exist, they are far less reliable for use over a wide or remote area. Spytec's trackers use both technologies to ensure that customers enjoy the benefits of the two tracking technologies.
Every small business entrepreneur wants to invest in quality tools and software. When it comes to asset trackers, it is crucial that they are of good quality to outlast the assets they track. Spytec guarantees the quality of both the tags and the software that reports on them. Visit Spytec's resources page to learn more about the quality of the tracking software and hardware.
5. Customer Service
Real-time asset tracking software is only as good as the quality of service provided by the company behind it. Spytec understands that there may be a learning curve for small businesses implementing real-time asset tracking for the first time. That’s why the company offers committed customer support including a help center and round-the-clock support.
Leverage Real-Time Asset Tracking that Pays for Itself
Real-time asset tracking can no doubt benefit many businesses, but choosing the right solution for your business is key. Contact Spytec today to discover more benefits and applications of asset trackers and how they will benefit your business.