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Asset Tracking Software

Asset Tracking software allows managers to track inventory of internal resources and IT assets. Fixed asset software allows an organization manage the usage, warranties, and performance of assets in one centralized system. Asset management tools often includes barcoding capabilities, can improve repair timelines, and reduce asset downtime. Related tools can also be found in EAM Software, Fixed Asset Management software, and IT Asset Management software. Browse our catalogue to find the best asset management tools in Canada for your organization.

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Fiix's cloud-based asset tracking CMMS software helps plan, track, and optimize maintenance to boost efficiency and asset health. Learn more about Fiix
Fiix's asset tracking CMMS software is the easiest way to plan, measure, and optimize asset performance. Fiix partners with you to organize assets and inventory, manage work, connect to business systems, and make data-driven decisions. Use customizable dashboards to see all your work, parts, costs, schedules, and KPIs in one place with just a few clicks. Our technician-focused desktop and mobile apps help you create, schedule, prioritize, and be notified of tasks from anywhere—even when offline. Learn more about Fiix

Features

  • Activity Tracking
  • Audit Trail
  • Mobile Access
  • Depreciation Management
  • Maintenance Management Software
  • Work Order Management
  • Equipment Tracking
  • Inventory Management Software
  • Check-in/Check-out
  • Search/Filter
  • Asset Lifecycle Management
Maintenance Connection is a multi-site, multi-industry CMMS/EAM that helps businesses avoid asset failure and reduce downtime. Learn more about Maintenance Connection
Accruent's Maintenance Connection is a market-leader CMMS / EAM that helps maintenance teams transition from reactive to preventive asset maintenance, avoid asset failure, reduce downtime, and streamline multi-site operations. Maintenance Connection is built to be scalable for any organization, offering extensive flexibility and configurability that ensure deep functionality across major industries. Learn more about Maintenance Connection

Features

  • Activity Tracking
  • Audit Trail
  • Mobile Access
  • Depreciation Management
  • Maintenance Management Software
  • Work Order Management
  • Equipment Tracking
  • Inventory Management Software
  • Check-in/Check-out
  • Search/Filter
  • Asset Lifecycle Management
MaintainX is the leading maintenance and work execution software, designed specifically for industrial and frontline teams. Learn more about MaintainX
MaintainX is the leading maintenance and work execution software, designed specifically for industrial and frontline teams. We help companies streamline maintenance operations, improve asset management, and empower workers—all while delivering insights that can improve the bottom line. We’re proud to serve some of the world’s largest brands, including Duracell, AB InBev, Univar, Cintas, McDonalds, Titan America, and many more. Learn more about MaintainX

Features

  • Activity Tracking
  • Audit Trail
  • Mobile Access
  • Depreciation Management
  • Maintenance Management Software
  • Work Order Management
  • Equipment Tracking
  • Inventory Management Software
  • Check-in/Check-out
  • Search/Filter
  • Asset Lifecycle Management
A customizable and full featured asset tracking platform. Easy to setup and use. Cloud based and mobile. World-class support. Learn more about Reftab
Specialized for IT departments, Reftab was voted by Forbes as the best customizable asset management platform in 2023. With a focus on simplicity and automation, anyone, no matter their requirements or technical ability can utilize Reftab to provide a robust asset management platform for their organization. We offer integrations with Intune, Jamf, Okta, Azure, CDW, Dell, Zendesk, Jira, and the list goes on.. We also offer an installable agent. We even integrate with no-code / low-code platforms so that you can use your IT Skills to build a more customized powerful solution for unique needs. Setup a FREE account today! Learn more about Reftab

Features

  • Activity Tracking
  • Audit Trail
  • Mobile Access
  • Depreciation Management
  • Maintenance Management Software
  • Work Order Management
  • Equipment Tracking
  • Inventory Management Software
  • Check-in/Check-out
  • Search/Filter
  • Asset Lifecycle Management
Tool tracking & tool inventory solution for contractors and mobile workers. Search, find and transfer tools in the field & shop. Learn more about Construction Tool Tracking System
Construction asset tracking doesn't have to be hard or complicated. We make tool and equipment tracking simple by focusing on field personnel. ShareMyToolbox makes it easy for the field workers to search, find and transfer tools using a phone. With the field updating tool movements as they happen, an up to date inventory is always available to the office. Our entire system is mobile and cloud based which makes it quick and easy to setup. Start a free trial and see how easy tool tracking can be! Learn more about Construction Tool Tracking System

Features

  • Activity Tracking
  • Audit Trail
  • Mobile Access
  • Depreciation Management
  • Maintenance Management Software
  • Work Order Management
  • Equipment Tracking
  • Inventory Management Software
  • Check-in/Check-out
  • Search/Filter
  • Asset Lifecycle Management
SafetyCulture (iAuditor) is a mobile-first application that digitizes processes and streamlines your operations to get better everyday. Learn more about SafetyCulture
SafetyCulture is an app that frontline teams actually want to use. It’s a digital solution for tasks like conducting inspections and important checks, raising and resolving issues, managing and tracking physical assets, learning important skills and accessing procedures on the go. It also helps teams do more than just tick the boxes for governance, risk, and compliance – it can help set environment, health and safety standards, and raise the bar when it comes to operational excellence. Learn more about SafetyCulture

Features

  • Activity Tracking
  • Audit Trail
  • Mobile Access
  • Depreciation Management
  • Maintenance Management Software
  • Work Order Management
  • Equipment Tracking
  • Inventory Management Software
  • Check-in/Check-out
  • Search/Filter
  • Asset Lifecycle Management
Track asset status, ownership, software and hardware details, financials, and more using ITAM in ServiceDesk Plus. Learn more about ManageEngine ServiceDesk Plus
ServiceDesk Plus helps track every single IT asset in your organization through a centralized IT asset inventory. IT teams can track ownership, financials like depreciation, asset loans, reported incidents, and more within a single console. It also offers automated, periodic asset scanning to track IT assets, located both on-premises and remote. Learn more about ManageEngine ServiceDesk Plus

Features

  • Activity Tracking
  • Audit Trail
  • Mobile Access
  • Depreciation Management
  • Maintenance Management Software
  • Work Order Management
  • Equipment Tracking
  • Inventory Management Software
  • Check-in/Check-out
  • Search/Filter
  • Asset Lifecycle Management
Asset Management Accelerator helps support complex asset agreements and attract the right investors. Learn more about Asset Agreement Management
Built on industry-leading business application Microsoft Dynamics 365, Domain 6’s Asset Management Accelerator helps organizations manage all sorts of complex structures, giving you visibility over complete portfolio of assets you own or operate. Leveraging the powerful capabilities of the Microsoft Intelligent Cloud and Dynamics 365, Asset Management Accelerator breaks down data silos created by traditional solutions. Learn more about Asset Agreement Management

Features

  • Activity Tracking
  • Audit Trail
  • Mobile Access
  • Depreciation Management
  • Maintenance Management Software
  • Work Order Management
  • Equipment Tracking
  • Inventory Management Software
  • Check-in/Check-out
  • Search/Filter
  • Asset Lifecycle Management
Track your assets with our easy-to-use solution that includes custom QR code labels, cloud software & top-rated scanner apps! Learn more about GoCodes
Track your assets with our easy-to-use solution that includes custom QR code labels, cloud software and top rated scanner apps. Our powerful solutions includes all the features you need to manage your organizations assets: * Scan and check out assets in seconds * Manage consumable inventory * Create, assign and manage tasks * Organize your assets into kits * Add photos and more * Customize your setup in seconds * Control user access by roles an filters * Create custom reports, charts & graphs. Learn more about GoCodes

Features

  • Activity Tracking
  • Audit Trail
  • Mobile Access
  • Depreciation Management
  • Maintenance Management Software
  • Work Order Management
  • Equipment Tracking
  • Inventory Management Software
  • Check-in/Check-out
  • Search/Filter
  • Asset Lifecycle Management
Ingenium is a web based tool for asset management using mobile technology on high security servers. Learn more about Asset Ingenium
Ingenium is a feature rich asset management tool. It can be adapted to the user's environment through the use of unlimited user defined data, custom views, field aliases and standard, custom and report write reports. Four data collection methods are supports including Bluetooth and phone apps.. Subscription services are provided on highly secure servers in a multi-tenant environment. Asset may be tracked individually or in groups. Images, videos and url links are supported. Learn more about Asset Ingenium

Features

  • Activity Tracking
  • Audit Trail
  • Mobile Access
  • Depreciation Management
  • Maintenance Management Software
  • Work Order Management
  • Equipment Tracking
  • Inventory Management Software
  • Check-in/Check-out
  • Search/Filter
  • Asset Lifecycle Management
Jira Service Management is an ITSM software that unlocks high-velocity teams to deliver great service experiences fast and together. Learn more about JIRA Service Management
Jira Service Management is an ITSM solution that unlocks high-velocity IT, dev, operations, and business teams. Empowered teams can deliver great service experiences, without the complexity of traditional ITSM, and coordinate efforts for even more impact through Jira’s open collaborative platform. Streamlined workflows, automation rules, queues, SLAs, and a self-service portal all empower IT, dev, operations, and business teams to deliver exceptional service management at scale with no silos. Learn more about JIRA Service Management

Features

  • Activity Tracking
  • Audit Trail
  • Mobile Access
  • Depreciation Management
  • Maintenance Management Software
  • Work Order Management
  • Equipment Tracking
  • Inventory Management Software
  • Check-in/Check-out
  • Search/Filter
  • Asset Lifecycle Management
On-premise and web based software designed to manage quality driven assets for diverse customers of any size. Learn more about IndySoft
Improve productivity with equipment templates; automatic calculation of uncertainty and pass/fail data point readings; automated emails, alarms & reports; barcoding; certificates, stickers & packing slips. Built-in tools to help ensure compliance with all widely accepted standards. Fully customizable, IndySoft can be tailored to support your business flow and data requirements rather than conforming your business to the software. Six languages to support global deployment. Cloud or on-premise. Learn more about IndySoft

Features

  • Activity Tracking
  • Audit Trail
  • Mobile Access
  • Depreciation Management
  • Maintenance Management Software
  • Work Order Management
  • Equipment Tracking
  • Inventory Management Software
  • Check-in/Check-out
  • Search/Filter
  • Asset Lifecycle Management
Efficiently track the equipment your business relies on with a simple and effective cloud-based solution. Learn more about Notifii Checkout
Access your inventory anywhere, anytime with the help of Notifii Checkout. Make your entire inventory easy to access and manage, from the web or on your mobile device. Notifii Checkout desktop and app versions allow you to easily manage the equipment checkout process anytime/anywhere. Allow your team to reserve equipment ahead of time, receive reminders when items are due back, and keep track of it all with reports and searchable history. Learn more about Notifii Checkout

Features

  • Activity Tracking
  • Audit Trail
  • Mobile Access
  • Depreciation Management
  • Maintenance Management Software
  • Work Order Management
  • Equipment Tracking
  • Inventory Management Software
  • Check-in/Check-out
  • Search/Filter
  • Asset Lifecycle Management
Asset Manager is a web-based fixed assets register for tracking your company's assets. Check in/out, manage service, and more. Learn more about Kaizen Asset Manager Web Edition
Asset Manager Web Edition is a web-based Asset Management Software for tracking your company's Fixed Assets. Access it from your computer or tablet wherever you are - in the office, shop, warehouse, or on-the-go. Check in or out assets from or to your team; manage service schedules and completed service, track purchases, asset history, and more. Learn more about Kaizen Asset Manager Web Edition

Features

  • Activity Tracking
  • Audit Trail
  • Mobile Access
  • Depreciation Management
  • Maintenance Management Software
  • Work Order Management
  • Equipment Tracking
  • Inventory Management Software
  • Check-in/Check-out
  • Search/Filter
  • Asset Lifecycle Management
A web based or locally installed complete asset management system using mobile device, bar codes and RFID. Learn more about AssetWIN
AssetWIN is a highly adaptable and scalable asset management system deployed either in the cloud or locally installed. Product design enables capture of data efficiently on any mobile device through browser via WIFI or cell connection by scanning bar codes or RFID. Unlimited user defined data assures that it can support the needs of the most complex organizations and ample reporting through standard reports and a built-in report writer assure that data can be presented with ease. Learn more about AssetWIN

Features

  • Activity Tracking
  • Audit Trail
  • Mobile Access
  • Depreciation Management
  • Maintenance Management Software
  • Work Order Management
  • Equipment Tracking
  • Inventory Management Software
  • Check-in/Check-out
  • Search/Filter
  • Asset Lifecycle Management
UpKeep is rated the #1 mobile-first Asset Tracking Software to streamline work orders, facility, and asset management. Learn more about UpKeep
UpKeep's asset tracking software is a modern maintenance and asset management solution for your team. From your desktop to your phone and even your tablet, UpKeep is easily accessible from anywhere at any time. Create work orders on-the-go, get notifications when tasks are updated, and receive alerts straight from your app when assets go down making your business run more efficiently than ever before. Learn more about UpKeep

Features

  • Activity Tracking
  • Audit Trail
  • Mobile Access
  • Depreciation Management
  • Maintenance Management Software
  • Work Order Management
  • Equipment Tracking
  • Inventory Management Software
  • Check-in/Check-out
  • Search/Filter
  • Asset Lifecycle Management
Gartner identified Nlyte as providing cornerstone technology for the evolving Hybrid Digital Infrastructure Management (HDIM) space. Learn more about Nlyte DCIM
Nlyte automates tracking of an assets lifecycle. Receiving scans assets as they enter the receiving dock to ensure they are quickly deployed. Automated network discovery tracks the additions, status changes, and moves of networked assets, software, and IoT devices. The network is monitored and changes made to asset the asset database, and integrated CMDB, ITSM, and finance systems for a single source of truth. User-based reporting can provide exception reporting for ITops and Security teams. Learn more about Nlyte DCIM

Features

  • Activity Tracking
  • Audit Trail
  • Mobile Access
  • Depreciation Management
  • Maintenance Management Software
  • Work Order Management
  • Equipment Tracking
  • Inventory Management Software
  • Check-in/Check-out
  • Search/Filter
  • Asset Lifecycle Management
The best-rated CMMS software on Capterra. Easy to use, easy to love. Cut downtime by 37% & boost productivity 41% today! Learn more about Limble CMMS
Limble CMMS is a simple to use, mobile-first software solution that helps you manage maintenance work, automate work scheduling, monitor work history, generate reports, and organize assets. Our average customer reduces downtime by 37%, increases productivity by 41%, reduces part spend by 29%, and increases asset life by 23%. Limble is trusted by companies around the world including McDonald’s, Rite Aid, etc. Request a demo and we will show you how Limble can help solve your unique needs. Learn more about Limble CMMS

Features

  • Activity Tracking
  • Audit Trail
  • Mobile Access
  • Depreciation Management
  • Maintenance Management Software
  • Work Order Management
  • Equipment Tracking
  • Inventory Management Software
  • Check-in/Check-out
  • Search/Filter
  • Asset Lifecycle Management
Checkit harmonizes strategy, sensors, and software, enabling frontline teams to drive bottom-line benefits for operational leaders. Learn more about Checkit Operations Management
Checkit is a global provider of purpose-built intelligent sensor and data collection technology that enables industry leaders across healthcare, food, retail, and other emerging markets to create, connect, and scale operational ecosystems. By simplifying strategy, harmonizing process, and empowering teams to be more efficient, operational leaders can now turn outdated systems into smart solutions designed to be empowering for the frontline but beneficial to the bottom-line. Forward-thinking leaders such as BP, Google, Sodexo, the Ritz Carlton, and hundreds more use Checkit to ensure compliance, safety, and quality, and align these programs to sustainability and ESG initiatives in clear and tangible way. Visit www.checkit.net to learn more, and follow us on YouTube, X, Facebook, and LinkedIn to stay informed. Learn more about Checkit Operations Management

Features

  • Activity Tracking
  • Audit Trail
  • Mobile Access
  • Depreciation Management
  • Maintenance Management Software
  • Work Order Management
  • Equipment Tracking
  • Inventory Management Software
  • Check-in/Check-out
  • Search/Filter
  • Asset Lifecycle Management
Visual, easy-to-use software that helps your team quickly find & easily monitor the condition of every asset throughout its lifecycle. Learn more about AkitaBox
Picture a digital version of your floor plan with pins marking each asset’s location. Click an asset pin and up pops manufacturer info, photos, the O&M manual, any work orders, and more. Welcome to asset management - AkitaBox-style. Our visual, easy-to-use software helps your team quickly find and easily monitor the condition of every asset throughout its lifecycle. Real-time reporting identifies problem assets before they fail, extends their life, and allocates capital dollars more effectively. Learn more about AkitaBox

Features

  • Activity Tracking
  • Audit Trail
  • Mobile Access
  • Depreciation Management
  • Maintenance Management Software
  • Work Order Management
  • Equipment Tracking
  • Inventory Management Software
  • Check-in/Check-out
  • Search/Filter
  • Asset Lifecycle Management
Top ranked inventory management, warehousing, manufacturing, and asset tracking for Government, Manufacturing, Construction & Education Learn more about Flowtrac
Improve your ability to track and forecast. Eliminate hidden cost and waste by gaining visibility and control of your inventory, assets, shipping, and warehousing. Move from pen and paper to one of the highest rated, most customizable inventory management solution on the market. Available in the cloud or on-premise, our solutions are ideal for Government, Manufacturing, Construction and Education segments. Enjoy the ease of implementation with an expert staff that will have you up and running quickly. Now as part of Unanet, we seamlessly integrate into your ERP and CRM systems and have the resources to accelerate our solution roadmap. Ensuring that you stay ahead of the crowd with solutions that meet your every changing needs. Learn more about Flowtrac

Features

  • Activity Tracking
  • Audit Trail
  • Mobile Access
  • Depreciation Management
  • Maintenance Management Software
  • Work Order Management
  • Equipment Tracking
  • Inventory Management Software
  • Check-in/Check-out
  • Search/Filter
  • Asset Lifecycle Management
Canada Local product
Fleet Complete is a leading global provider of IoT solutions. We help you track your vehicles, equipment & mobile staff with ease! Learn more about Fleet Complete
Fleet Complete is a leading global provider of IoT solutions in the connected commercial vehicle space and mobile workforce management. We help businesses improve dispatching, fleet tracking, regulatory compliance and in-field staff management to achieve optimal productivity of assets and resources. We are constantly enhancing our IoT platform to ensure our customers and partners benefit from the latest technology and industry-driven capabilities. Learn more about Fleet Complete

Features

  • Activity Tracking
  • Audit Trail
  • Mobile Access
  • Depreciation Management
  • Maintenance Management Software
  • Work Order Management
  • Equipment Tracking
  • Inventory Management Software
  • Check-in/Check-out
  • Search/Filter
  • Asset Lifecycle Management
Asset Tracking Software w/ inventory tracking, POs, maintenance, QR Code/Barcode scanning, & RFID integration. Try It For Free!
EZOfficeInventory is a cost effective cloud based solution with an intuitive interface for asset management needs. With support for remote team collaboration around asset reservations, maintenance, checkouts, and audits, with Barcode and QR Code scans via our mobile app, you'll be up and running in no time. Also, it comes with the all-new mobile app experience, now available for Android and iOS users. Perfect for remote teams with asset tracking or coordination needs. Learn more about EZOfficeInventory

Features

  • Activity Tracking
  • Audit Trail
  • Mobile Access
  • Depreciation Management
  • Maintenance Management Software
  • Work Order Management
  • Equipment Tracking
  • Inventory Management Software
  • Check-in/Check-out
  • Search/Filter
  • Asset Lifecycle Management
Learn why Forbes rated Asset Panda the #1 Asset Tracking Software of 2024. Try Asset Panda with a free 14-day trial (no card required)!
Asset Panda's asset tracking software helps you streamline the process of asset management. Our cloud-based asset tracking software is a flexible, user-friendly, and customizable system & supports many integrations. The software pairs with mobile iOS & Android apps with free barcode scanning. On top of asset tracking/management, we help with inventory tracking, fixed asset audits, maintenance tracking, depreciation, equipment tracking, & more. Get your free 14-day trial today (no card required)! Learn more about Asset Panda

Features

  • Activity Tracking
  • Audit Trail
  • Mobile Access
  • Depreciation Management
  • Maintenance Management Software
  • Work Order Management
  • Equipment Tracking
  • Inventory Management Software
  • Check-in/Check-out
  • Search/Filter
  • Asset Lifecycle Management
Fracttal One is a maintenance management software that helps companies to manage and optimize their maintenance operations.
Fracttal One is a maintenance management software that helps companies to manage and optimize their maintenance operations. It provides tools for asset management, scheduling and performing preventive maintenance, managing work orders, monitoring spare parts inventories, tracking costs and performance, and generating analytical reports. Fracttal One utilizes technologies such as artificial intelligence and the Internet of Things (IoT) to enhance efficiency and decision-making in maintenance operations. Learn more about Fracttal

Features

  • Activity Tracking
  • Audit Trail
  • Mobile Access
  • Depreciation Management
  • Maintenance Management Software
  • Work Order Management
  • Equipment Tracking
  • Inventory Management Software
  • Check-in/Check-out
  • Search/Filter
  • Asset Lifecycle Management

Asset Tracking Software Buyers Guide

Asset tracking software allows managers to keep track of their organizations inventory of internal resources and IT assets. This includes tracking relevant information, such as warranties, usage, and depreciation. Asset tracking solutions will typically feature ways to streamline the tracking process, such as barcodes or QR codes. These features can reduce asset downtime and improve repair times.

Some of the core features an organization should expect from an asset tracking solution include the ability to map asset life cycles, track the effectiveness of equipment, and generally keep tabs on all things related to the organization's assets. For sufficiently large businesses in Canada, asset tracking is just as important as inventory management, which is why dedicated software solutions for this problem exist. It is also common for this type of software to allow for custom roles and employee profiles.

The main benefit of effective asset tracking software is cost. By managing its assets, an organization can cut down on a range of expenses that it might otherwise have incurred. One example of a cost-saving is avoiding situations where a job is delayed because it requires equipment that is not available at the required time. Proper asset tracking can also help manage a business's finances as it makes it easier to keep track of the value of assets, which makes it possible to plan for End Of Life (EOL) more effectively.

Asset tracking solutions have a key area of focus in that they centre around the assets themselves, but there are other categories of software that are closely related. One example of a related software category is fixed asset management software, while another is IT asset management software.

When looking for asset tracking software, a business needs to consider several factors to make the right choice for its needs. Naturally, the majority of these decisions revolve around the features that the solution offers. These features can broadly be separated into core and common features, with core features being essential. Generally speaking, for a solution to be included in the asset tracking category, it will need to include at least the following features:

  • Breakdown and maintenance tracking, allowing the organization to make crucial decisions on things like downtime and replacement of assets
  • Asset lifecycle mapping puts the data collected from breakdowns and maintenance history to use where it can inform decisions and help anticipate things like significant maintenance costs
  • Effectiveness tracking can help to measure the effectiveness of an asset—such as a piece of equipment—which provides essential data when a company is considering replacing or upgrading
  • Employee roles and profiles make it simple to assign tasks—such as asset maintenance—to the right people
  • Barcode and QR code generation and scanning make the process of tracking assets more accurate and partially automated, reducing the work involved in asset tracking

What is Asset Tracking Software?

Asset tracking software helps Canadian organizations track a range of metrics related to the assets they own, including the performance of those assets and expected End of Life (EOL). Using asset tracking software can help organizations reduce the costs associated with owning assets by removing the inefficiencies of traditional asset tracking systems. For example, they are reducing the chances of an asset facing unexpected downtime due to a lack of maintenance or ensuring that the asset does not reach the end of life at a time when the organization is not expecting it.

In almost any business, adequate asset tracking is just as important as inventory management. Assets—which include things like inventory—cover just about everything from tools to heavy machinery and any other kind of equipment used in the course business. The importance of these assets may vary, but the importance of properly managing those assets does not. Assets that are not where they are supposed to be, are double-booked, or have just broken down and cannot currently be used all result in delays and expenses for a business. Asset tracking software helps to reduce these situations.

Modern asset tracking solutions incorporate various technologies to make asset tracking more efficient and accurate. One example is barcode or QR code scanning, where a code is generated for a particular asset. Once in the system, that asset's code is scanned whenever it moves around or starts being used on a new project, ensuring that the system always knows where it is. Data analysis is also a big part of modern asset tracking. Using increasingly accurate algorithms and AI, asset tracking can provide insight into the usage of a company's assets, as well as make more accurate predictions about things like maintenance.

What are the benefits of asset tracking software?

The benefits of asset tracking for Canadian businesses are wide-ranging, but all come together to a single point of focus—the more efficient use of a company's assets. This is achieved through several functions, but the net result is reduced costs associated with the ownership, usage, and maintenance of assets of all kinds. Some of the more specific benefits associated with asset tracking systems include:

  • Make asset management more efficient: The central benefit of asset tracking solutions is the increased efficiency they bring. Assets can be more accurately tracked in every aspect, whether it be the current status of the asset in terms of maintenance requirements or the physical location of the asset at a particular point in time.
  • Reduced costs: Avoid things like booking assets for work when they are unavailable, ensuring downtime is scheduled for times when it is convenient, and accurately predicting an asset's end of life, all save money for a business. These savings add up, and larger companies with a lot of assets—particularly expensive assets like vehicles or heavy machinery—will find the savings they can make by moving to a good asset tracking solution to be quite substantial. Other ways in which asset tracking solutions can save money include reducing the human labour element involved in asset tracking and improving customer service.
  • Accountability: Modern asset tracking solutions automate the task of signing assets in and out, making it a simple matter to ensure accountability for problems with an asset. Employees will have to scan the QR code assigned to that asset when signing it out and then scan it again when returning it. This ensures that an organization can always determine who was last responsible for the asset.
  • Regulatory and financial compliance: Detailed asset tracking records are important in some industries for regulatory and financial—such as tax—reasons. Asset tracking solutions make it easier to comply with regulations like these by providing detailed automated reports that can be used when filing any necessary paperwork, as well as plugged directly into other relevant software systems.
  • Real-time information: Managers and other senior members of the organization will be able to easily get an overview in real-time of the current whereabouts of certain assets, as well as generate reports from that information.
  • Easily adjust company records with asset changes: While it is common for an asset to be purchased by an organization and used until it reaches its end of life, that is not always the case. Sometimes assets are sold or just get moved around the organization in such a way that it has implications on things like tax calculations. Asset tracking solutions make it simple to factor in these changes.
  • Detailed reports and insight: Asset tracking software is privy to a wider range of data points than traditional asset tracking systems—that is, logbooks or spreadsheets—were. This wealth of data makes it possible for asset tracking software to provide detailed reports that wouldn't have been possible without it. Additionally, due to the constantly evolving analytical capabilities of things like AI, it is increasingly common for asset tracking solutions to offer advanced insights based on the information it collects.

What are the features of asset tracking software?

The features of asset tracking can be broken down into core and common features. Core features should be present in almost every asset tracking solution on the market, whereas the precise combination of common features in any given solution will differ. Here are some of the most common features of asset tracking software:

  • Maintenance and other downtime tracking: Having a detailed and up-to-date understanding of how assets are performing is a critical aspect of making the most efficient use of those assets. Asset tracking solutions will usually provide the ability to track breakdowns and other causes of downtime, such as maintenance. This makes it easier to see when a particular asset might need replacement due to constantly breaking down or if that asset could benefit from an upgrade or replacement.
  • Asset lifecycle mapping: Planning the lifecycle of an asset is never as straightforward as it should be, but asset tracking solutions work to make this aspect of asset management more simple. By tracking things like breakdowns, maintenance costs, and a range of other data points, asset tracking software can help an organization more effectively map the lifecycle of its assets, and in turn, plan for the future.
  • Equipment effectiveness tracking: It's not always the case that an asset is used until it reaches its end of life. Whether through accidental damage, poor maintenance decisions, changes in business, or even the asset itself being less effective than it was expected to be, sometimes it is more cost-effective to retire an asset early. Asset tracking solutions make it easier to see a clear picture of how an asset has performed against predefined performance indexes. This helps organizations make informed decisions about things like whether to replace a particular asset or not.
  • Cloud-native applications: As with many business applications these days, many asset tracking software developers have embraced the cloud with their products. This means that businesses can benefit from things like remote asset tracking, centralized data storage, and the ability of employees to scan in (or out) assets using intelligent devices such as their mobile phones.
  • QR code generation and scanning: QR codes (and, in some cases, barcodes) make it easier to sign assets in and out because they contain all the information the system needs to identify an asset. Together with information about the employee scanning the asset and the date and time, the system can automatically log a highly detailed record of the asset's whereabouts, all from a single scan that takes a few seconds. The system will also be able to generate these QR codes.
  • Custom roles and profiles for employees: The ability to assign employees with specific roles and profiles makes it easy for an organization to automate the process of assigning things like the maintenance of a particular asset. It also makes it possible to automatically approve or deny the signing out of a particular asset based on whether the employee attempting to do so has sufficient authority or permission to do so.
  • Interactive dashboards for reporting and planning: Asset tracking solutions will typically provide their users with a friendly user interface where they can see a host of reporting options, overviews of assets and their whereabouts, and carry out a range of tasks like updating asset information or generating new QR codes. These dashboards are often cloud-native, meaning they can be accessed by any authorized employee from anywhere with an appropriate device.
  • Preventative maintenance planning: The wealth of data collected by asset tracking solutions and the predictive power of that data makes it possible to arrange preventative maintenance on assets rather than wait for the asset to break down. Scheduling necessary maintenance at an ideal time can amount to substantial cost savings in the long run.

What should be considered when purchasing asset tracking software?

When purchasing asset tracking software, it is essential to consider several factors, namely the cost and the features on offer. It is also important to remember that not all asset tracking solutions are created equally, and it is worth looking into the reputation of the developer and any reviews of the software that are available. This is particularly the case for cloud-native solutions. Some of the more specific considerations that an organization should think through before settling on an asset tracking solution include:

  • What are the key features of the software? The key features of the software are, of course, what will make or break it as a potential solution for any given business. A particularly affordable solution will ultimately be worthless if it doesn't have the features the organization needs. While it is often worth opting for a solution that doesn't have features that are unnecessary for the organization in question, it's also important to think ahead a little. A feature that isn't needed now might be worth having for the very near future.
  • Is the developer reliable? Whether opting for a standard software package to be installed locally or a cloud-native application that is run under a Software-as-a-Service (SaaS) model, it is worth checking that the developer has a good record when it comes to things like customer service, technical support, and maintenance of their software. Asset tracking is an important aspect of any business, making it important to not have to worry about facing technical issues that the developer is not able to help with
  • Is the software secure? One of the advantages of asset tracking solutions is they can cut down on money lost through asset loss. This is only the case if the software and the procedures it employs are secure, however. Security in this regard can come in several ways, such as the way data is stored. This is particularly important when dealing with a Software as a Service provider, as the data will not be in the organization's control.
  • Is the software suitable for the size of the business? The needs of a small business differ substantially from the needs of a large organization when it comes to asset tracking, so it is important to make sure the potential software solution is suitable for the size of the business it will be used in. Check for things like limitations on how many assets can be tracked under the current plan and whether the software can register multiple locations for larger organizations.
  • Is the software compatible with other related software? Asset tracking software can make life easier in various other parts of the business, such as accounting, but the chosen software will need to be able to work with the relevant software already in use to take advantage of that.
  • Is the developer actively supporting and improving the software? As discussed below, asset tracking is an active field of development with many trends likely to influence this field of software going forward. Finding a developer that is actively working on their software solution to add improvements and keep it up to date with the current trends in asset tracking will make taking advantage of those trends a much smoother process.

The most relevant asset tracking software trends are related to gathering more data about those assets and what to do with that data once it has been gathered. Here are the most relevant trends to do with asset tracking software in more detail:

  • Predictive maintenance: The power of AI as an analytical tool has continued to revolutionize many areas of business over recent years, and asset tracking is unlikely to be an exception to this trend. Asset tracking solutions are likely to continue to incorporate increasingly accurate predictive maintenance functionality in their software, saving businesses money by more accurately predicting when it would be wise to schedule preventative maintenance for a particular asset.
  • Fleet telematics: In the case of fleet assets, such as vehicles and haulage, the use of GPS tracking has become a viable option for keeping track of them. It is likely that this will not only be offered in more and more asset tracking solutions but that it will also become the norm for fleet assets.
  • Increased IoT tracking: On a similar theme to the previous trend, barcodes, QR codes, and even RFID chips have become well-established ways of tracking the whereabouts of an asset, but with the increasingly accurate array of options for tracking a variety of things—as well as the falling costs of those options—it is likely that more sensors will find their way into asset tracking. This might include things like temperature, humidity, shock, or pressure sensors. These additional data points will give the system and the organization a much more accurate picture of things like lifecycle and maintenance schedule. An asset that has broken down from proper use needs to be distinguished from an asset that has broken down because it was involved in an accident or not used in the manner it was designed to be.
  • Continued cloud migration: Asset tracking solutions are already commonly offered as cloud-native, Software-as-a-Service (SaaS) applications. Due to advantages offered by reduced costs, remote access, and centralized data, this trend is likely to continue to the point that traditional software packages will be very rare if they remain an option at all.

Sources

The features highlighted were identified based on their relevance and the percentage of products in Capterra’s directory that offer them. The following sources were used for this document:

  1. Forbes - What is Asset Tracking? (Date accessed: Monday, June 13th, 2022)
  2. Wikipedia - Asset Tracking (Date accessed: Monday, June 13th, 2022)