How to setup an asset tracking software easily?

For growing businesses looking to save their money, streamline operations and improve efficiency, implementing effective asset inventory and management software is crucial. Sounds great but how do you get started in a way that quickly delivers value to your teams without getting drawn into the complexity that may come with such software? Here’s a guide to get you started through five key stages. Depending on your level of experience – starting from scratch or having previously used an old asset management software – here’s your guide to five key stages of implementing modern asset tracking software.

Stage 1: Get an online inventory of your assets

The first step is to gather and digitilise your existing asset inventory. This involves creating a comprehensive list of all assets, including their descriptions, purchase dates and  quantities.

If you have an existing spreadsheet of assets data, most systems will have an import wizard to allow you to import that data.

If you are starting from scratch then smart asset tracking solutions will make it easy for you to label your assets using QR codes with your smartphone and add them into the software by scanning the QR code and filling in key information and pictures of your assets.

Stage 2: Start tracking your Assets

Once the inventory is online, the next stage is to actively track the movement and status of each asset. One of the benefits of using asset tracking software instead of spreadsheets is how easy they make it to keep track of asset’s assignments to locations or people over time.

Logical tracking

You will need to map your company’s locations (e.g. sites, storage rooms) and asset users (e.g. office users, technicians, customers) in the system. You can assign the assets to these locations and/or people.

Shared assets can also be booked or checked out/checked-in by your team for a specific period of time.

Physical tracking

For assets that are geographically distributed (e.g. tools being used on jobs) you may want to track their GPS position. An asset tracking software may offer a mobile app with built-in scanning capabilities so that your users can simply scan the asset to record its latest GPS location.

GPS-trackers or IoT devices allow you to go much further by recording your assets’ position and other information(e.g. state, utilisation, faults), all in real-time. However, this requires a much bigger investment in hardware and you will need to perform a quick Return On Investment study to decide if you want to go ahead with this solution.

Stage 3: Digitalise your key processes

Begin digitalising key asset-related processes such as asset bookings and maintenance management. This can be achieved by using asset management software features that allow users to request assets and schedule maintenance tasks.

• Implement an asset booking system to track asset usage.
• Set up automated maintenance alerts and schedules.
• Create a digital request system for asset repairs.

Stage 4: Digitalise further tedious tasks

Identify and digitalise further tedious tasks, such as compliance management and depreciation calculations, to minimise human error and free up time for your employees.

• Implement automated checklists for your assets and processes
• Implement compliance tracking features and reports to ensure regulatory adherence.
• Automate depreciation calculation for accurate financial reporting.
• If your company has internal customers or if you are a Service Provider you can digitalise the invoicing of assets utilisation or maintenance work.

Collaboration and mobile app

Modern software will enable online collaboration: you can invite your asset users, managers, service providers, or in some cases your asset-using clients, into the system, giving them access only to the features and data that apply to them. A mobile app will be almost mandatory for certain users, such as technicians or inventory managers.

Stage 5: Performing Analytics and Tracking Asset Financials

Finally, now that you have been running with the software for a few months, you can utilise its analytics and reporting features to gain insights into asset performance and financial data.

• Generate reports on asset usage and maintenance frequency.
• Understand the true cost of ownership of your assets (TCO) and identify saving opportunities for your business.
• Track asset depreciation and calculate total asset value for accurate accounting purposes.
• Analyse asset lifecycle to improve procurement decisions.

How modern AI-powered asset tracking software can help you

While this article outlines key stages for implementing asset inventory and tracking software, it’s important to note the emerging role of AI in enhancing these processes.

First of all, it will facilitate your onboarding overall interaction with the software, providing a more user-friendly experience that will save you the time and effort in software training.

Soon, AI will allow image recognition of your assets thus significantly speeding up the inventory process.

AI can also significantly improve asset tracking by automating predictive maintenance schedules based on usage patterns and historical data. It can also optimise asset allocation by analysing real-time demand and availability, reducing downtime and improving resource utilisation. Additionally, AI-powered analytics can identify trends and anomalies in asset performance, providing valuable insights for strategic decision-making and maximising return on investment.

Overall, it allows growing businesses to move beyond reactive management to a proactive, data-driven approach.

Conclusion

Implementing effective asset management software through these five stages provides growing businesses with a structured approach to streamline operations and improve efficiency. An all-in-one asset management software like Bulbthings Smart Asset Manager further enhances this process by consolidating all these functionalities into a single platform. From initially digitising asset inventories and actively tracking their status to digitalising key processes, automating tedious tasks, and providing in-depth analytics and financial tracking, an integrated solution like Bulbthings ensures that businesses can smoothly transition through each stage. This not only minimises human error and saves valuable employee time but also offers a holistic view of asset performance and financial data. Over time, this leads to lost avoidance and cost savings, better procurement decisions, regulatory compliance, and overall optimised asset lifecycle management, driving sustainable growth for the business.