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Collin Williams | Posted on October 27, 2022 / in Asset Management / 637 views

Why Use a Barcode Asset Tracking Software?

Five Reasons Why Businesses Need to Adopt EAM Solutions

What Is Barcode Asset Tracking?

Barcode asset tracking is a simple and affordable method for companies of all sizes to manage and track their physical assets. A barcode label and a reader are the two elements that make barcode asset tracking possible, whether they are used for inventory and stock control or for lifecycle management.

It would be hard to find a business, organization, or industry — the manufacturing sector is a great example — that couldn’t benefit from complete and accurate fixed barcode asset tracking.

Indeed, almost all businesses rely on things like physical space, furniture, office supplies, and industrial equipment to operate effectively, bring in money, or otherwise maintain operations.

Fixed assets are durable, tangible items that a business or organization owns and utilizes in its operations to generate revenue. As you use the assets, the value of these items decreases. Depreciation must be recorded on the company’s balance sheet.

Organizations lack the ability to know where their assets are located, what condition they are in, and what fixed assets they hold without a recordkeeping system.

“Out-of-sight, out-of-mind” strategies result in ghost assets, lost or stolen assets, a lot of audit-related guesswork, expensive accounting and tax problems, time and money losses, unpreparedness, and general dissatisfaction.

Each fixed asset is given a barcode which, when scanned, reveals the item’s precise location and any other relevant information that the company has deemed important. When used in conjunction with an asset-tracking platform, barcodes can provide instant access to a variety of information about a given asset, including its complete maintenance history, maintenance schedule, check-in/check-out status, depreciation, and any associated photos, voice notes, videos, or other records.

Benefits of Using Barcodes to Track Assets

There are numerous advantages to barcode asset monitoring, including improved inventory accuracy, quicker asset data collection, lower asset tracking expenses, fewer errors, streamlined recordkeeping, and a very simple rollout procedure requiring minimal employee training.

The majority of modern businesses are starting to recognize the need for barcode asset tracking for their success, and not just for accounting and compliance needs. Whether a product has moved from one location to another or is undergoing scheduled repairs, a barcode can acquire real-time updates on its location.

You can quickly track assets, no matter where they are located, by scanning barcodes. Additionally, using barcodes for asset tracking lowers the possibility of human mistakes, which can have disastrous effects on a business if data is input improperly.

Regarding the value of scanning barcodes in asset-tracking systems, take into account the following advantages:

  • Captures of vast amounts of information about each asset;
  • Increased accountability;
  • Reduction of labor costs due to shorter time of inventory data entry;
  • Immediate access to the location of each asset;
  • Eliminates missed maintenance schedules.

Barcode Asset Tracking on Mobile Devices

Using a barcode scanner, along with asset-tracking software, you can:

  • Obtain quick, accurate results in real time;
  • Take steps to eliminate manual asset tracking’s inefficiencies and the risk of mistakes;
  • Increase accountability among your staff while saving time and money.

Numerous available apps enable your phone to scan barcodes, including 2D, QR, and standard black bars. In the not-too-distant past, managers had to track a company’s critical fixed assets by using a separate handheld barcode scanner to enter each item into their records.

Due to their high costs, the scanners were usually only available in a limited amount. Additionally, handheld scanners required maintenance and eventually had to be replaced, much like the majority of hardware. It’s no secret that we’re all looking for ways to do our tasks more quickly and more efficiently while still striving to do more with fewer resources.

The use of smartphones and tablets with modern asset-tracking software offering barcode-scanning capabilities is also revolutionizing the way assets are tracked.

Imagine being able to control every one of your fixed assets, including your IT assets, from your smartphone, whenever you want, without the need for any additional tools. When used in combination with a mobile scanner, asset tracking using barcodes provides unmatched convenience. The asset-tracking process is significantly improved by a barcode-tracking system as it enables businesses and organizations to make the most out of how everyone involved in the lifecycles of their fixed assets.

As the industry’s undisputed leader in asset tracking, CloudApper Assets’ simple yet effective mobile asset-tracking software is steadily gaining traction. Mobile barcode scanners, a crucial piece of software, are included in the free Android and Apple mobile apps from CloudApper Assets that sync with the cloud.

The whole lifecycle of your important assets may be found in the palm of your hand when you connect your barcode scanner to an asset monitoring app like CloudApper Assets. You may enter and view information from your smartphone or tablet, including where an asset is, who owns it, its check-in/check-out status, depreciation figures, and much more. Access your data instantly, anywhere, and at any time.

CloudApper Assets’ Barcode Asset Tracking Software

With CloudApper Assets, your asset-tracking system doesn’t need the same repairs or replacements as handheld barcode scanners. Now, you and your employees can spend less time and money looking for lost items or trying to remember when they were last serviced.

Plus, with CloudApper Assets, you can have as many users as you want at no extra cost, so you can add as many stakeholders as you want.

Managing your resources better saves you lots of time and money. Barcode asset tracking that is easy and works well can have a big effect on a company’s bottom line. To find out why CloudApper Assets is one of the best-rated barcode asset tracking software, contact us now.

About the Author

Collin Williams, an adept Enterprise Tech Transformation Advisor, boasts 5+ years mastering Leading Enterprise Solutions. His prowess spans industries, driving impactful change and innovation. Collin's strategic insights transcend sectors, making him a catalyst for tech-driven transformation across diverse landscapes.

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