November 5, 2021
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3 mins

Top thing to consider when choosing asset tracking software

An increasing number of companies are realising just how useful asset management software can be for their businesses. Fortunately for us SMEs, software companies have responded with many tools and solutions for the many different existing use cases. The variety of specialised asset management solutions is so great that it can be difficult to figure out which one is best for you. Fleet management? Asset tracking? …CMMS? …All of the above? While the answer to this question varies from one SME to another, we can divide asset management solutions into a few main categories. This will help you understand what use case each one is designed for and, more importantly, help you figure out exactly which solution is best for your team. This can help prevent you from spending unnecessary amounts of  time and money on multiple solutions.

Asset tracking

Asset tracking software are typically used to track individual assets that are assigned to locations, users, projects and more. These systems allow an up-to-date asset register with detailed information of the status and condition of the assets as well as detailed documentation and history of events. These tools often allow users to automate assets booking and check-in/out from users. Asset tracking software may also allow users to track the position of their assets in real-time using GPS tracking devices.

Inventory management

This allows companies to track stock movements of items in large quantities in order to optimise their stock levels. Companies that need to track supplies, parts or consumables for their operations often require such capability.

CMMS

As the name implies (Computerised Maintenance Management Software), CMMS automates the maintenance scheduling process and allows companies to streamline their work orders. This is esspecially useful for companies in heavy industries such as manufacturing or utilities as the uptime of machines is critical for their business.

Fleet management

Fleet management software is similar to asset tracking. However, they include features specifically for vehicles (e.g.vehicles mileage and fuel consumption tracking). Since vehicles are among the most expensive assets for a company (with many variable costs), these software will often include features that allow it to monitor and optimise costs of vehicles.

Facilities management

Facilities management software will provide the asset tracking and maintenance features mentioned previously, taking into account many needs specific to buildings management. For example, the ability to manage assets and their sub-components or the ability to consolidate buildings’ environmental data.

There are many software packages for each of these categories. However, the common problem with them is that they focus on one particular need or family of assets. This may be an issue for businesses that rely on various types of assets for their operations. Especially if they are an SME with few resources having to manage all of them! For instance, if you’re an SME in the construction sector that needs to track hand/power tools, PPE, vehicles and machinery, you’ll have to invest in multiple tools and may risk lacking some valuable insight to optimise the productivity and costs of your projects. The same will apply to SMEs in other sectors such as healthcare, hospitality, and more.

Luckily, there is a solution to this problem for SMEs. Bulbthings is leading the way in a new generation of asset management solutions. We provide a modular solution that is not only smart and simple, but affordable. Our solution caters to SMEs no matter the needs they have with their assets, immediate or future. Here’s where you can find out more.