Real-Time Asset Tracking: 5 Reasons Why Your Business Needs It


Businesses of all sizes can use real-time asset monitoring to keep track of assets across their whole organization.

Real-time tracking has become a vital investment for every company with movable assets –especially as businesses get more complex and location technologies evolve. In fact, the global real-time asset tracking market is set to grow at a compound annual rate of 13.45% and is set to reach $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 and at any time. This accords them with the complete visibility and control they need to run their businesses efficiently and monitor their performance. 

What is Real-Time Tracking? 

Asset tracking is the use of software to monitor the movement of IT equipment, devices, vehicles, and other assets in a business. A tracking tag such as Bluetooth or RFID, often with GPS and motion sensor chips are attached to the asset to provide real-time location of the asset and its progress.

The main reasons businesses implement real-time asset tracking is to define the asset's usage and to cut costs. Luckily, asset-tracking software coordinates with the tags and provides critical data –all in real-time. 

And, with a little investment, this data can be leveraged to streamline their day-to-day operations, protect their valued assets, and maximize profits.

Why Use Real-Time Asset Tracking in a Small Business?

There are many reasons why small businesses invest in real-time asset tracking. Here are the top five reasons.

1. Streamlines 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. 

When you have the visibility and data, your asset management becomes that much better. It also encourages proper 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. Promotes Asset Location and Recovery

A small business with tens or hundreds of assets would typically need to hire a handful of staff specifically to keep track of 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 in the end. 

3. Eliminates Unnecessary and Costly Maintenance Costs

So, you must keep track of all of your assets in order for your business to be profitable and thrive. And maybe this is why you’ve found yourself here?

To put it simply, the life cycles of your assets often overlap and depending on their nature and use can be months or years before they need repair and maintenance. But, 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. Ensures Regulatory Compliance

In highly regulated industries, it’s crucial to capture accurate data on assets –especially to generate reports that prove compliance. This means, asset tracking can help businesses in the pharma, alcoholic beverage distribution, financial services, medical, and dietary supplement industries pass internal and external audits –and stay compliant. 

5. Helps Business Audit their Assets

Internal and external asset audits are an integral part of running a small business today. 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.  

The Competitive Advantages of Spytec Software

For any small business today, implementing asset monitoring software can provide a wide range of cost-effective and time-saving benefits, including the ability to track assets in real-time.

Despite these benefits, not all real-time asset tracking tools and software solutions are the same. Here are the five core reasons to try Spytec's GPS trackers.  

1. Cost

Spytec develops GPS trackers specifically for small businesses. The company understands the struggles of a growing business and has made it its mission to make top-of-the-range GPS trackers accessible even to new startups. Their newest tracking devices are priced for affordability.

2. Speed

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. Some inefficient trackers update asset location as infrequently as once every few hours. 

3. Technology

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 both tracking technologies.

4. Quality

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 discover more on the quality of the tracking software and hardware.

5. Customer Service

A real-time asset tracking tool and software is only as good as the quality of service provided by the company behind it. Spytec appreciates how much of a challenge a small business using its cutting-edge technologies for the first time can face. Therefore, the company has made tremendous investments in customer support including a help center and round-the-clock support. 

Conclusion

Real-time asset tracking can benefit their business, just make sure you invest in the right trackers. If you are shopping for asset trackers for your business assets, this GPS FAQ page can help you figure out what you need and why. Contact Spytec today to discover more benefits and applications of asset trackers and how they will benefit your business. 

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