Choosing an Asset tracking solution

Modular software solutions now enable businesses to track the entire lifecycle of their assets. Selected carefully, an Asset tracking system can help your business to:

• Reduce costs
• Control risk, including compliance
• Increase efficiency
• Improve customer service

Using the latest auto-ID methods: RFID (Radio Frequency Identification) tags, barcodes and GPS, together with mobile computing and Web technologies, Asset tracking systems provide an effective way to manage your assets and can provide full control and visibility of your assets including:

• asset status
• on-hire/off-hire or issue and return
• location
• condition
• documentation
• works orders/picking lists
• stock and spares
• QA/maintenance inspections

Mobile computers with integrated RFID readers can deliver a complete set of tools for fitters, technicians and engineers - both in workshops or on remote project sites - that eliminate paperwork, give positive proof of identification, prove attendance and deliver 100% data validity by removing manual data entry.

If you opt for a hosted asset tracking solution, no new IT infrastructure is required and clever remote diagnostics tools means that the solution provider can manage, update and diagnose any faults or training issues remotely via Local Area network (LAN) or GPRS (mobile data) connections.

Web based management tools mean that access is available remotely allowing engineers and managers to monitor their plants and make management decisions from anywhere in the world. Web based applications now mean that third parties, such as manufacturers, suppliers or end users, can be granted access to update data, inspection history and transfer documentation online ensuring that the end user always has accurate, real time data.

Benefits of an Asset tracking system

Selected carefully, your asset tracking solution will enable improved decision making and ultimately improve your ROI (Return on Investment):

Reduced administration

Asset tracking systems can significantly reduce administration costs and improve efficiency at the same time. Field data is acquired and transmitted directly to the database, eliminating the re-keying of data within the process.

By using an automated asset tracking solution, paperwork can be eliminated as all inspection and service work required is detailed on mobile computers, and all work carried out is then instantly recorded. Works orders or picking lists are passed electronically to mobile computers which can then be used to record the on/off hire and in/out-of-stock of assets. Users are automatically notified of any inspection due when they scan an asset and followed by step by step instructions detailing the actual inspection required. Inspection Certificates are generated directly from fieldwork and are immediately available centrally via any internet capable computer. Stock-taking is also less time consuming and completely paperless.

Reduced loss of assets

Using an RFID based asset tracking system, customers can instantly benefit from having total visibility of their assets. RFID allows users to track assets quickly and effectively using mobile computers to record all asset movements. All transactions are recorded in an event log and delivery notes are generated on the web based application.

Improved utilisation and life cycle costs

A good asset tracking system will track all transactions (e.g. On Hire/Off Hire) in real time, at the point of hire via a mobile computer, to ensure accurate utilisation calculations. This then allows management teams to make informed decisions in relation to their asset inventory and new purchases. In many cases the asset tracking solution will enable users to make significant reductions in their inventory without impacting on their ability to meet contractual requirements.

Utilisation figures can also be used to accurately track life cycle costs by subtracting the operating cost from the revenue generated by an asset. Each time an inspection is recorded against an asset, a fitter’s time can be booked against the cost as well as the cost of any spare parts used. Finally, decisions on product reliability or cost efficiency can also be made leading to further cost savings.

Increased data accuracy

An asset database is only as good as the data it contains. In order to provide quality data over multiple sites, areas and users, asset tracking systems may use mobile computers that acquire data via auto-ID (machine-to-machine communication). This ensures all data input is validated with name, date, time and asset number and is captured without error every time, in addition to being associated automatically to the correct location in the master database.

Data from remote sites, sub-stores or even subcontractors which is acquired using ‘paper and pen’ systems is at risk to human error and therefore cannot be relied upon to be correct. The use of auto-ID technology (RFID) provides conclusive proof of who, when, and where.

Proven compliance built-in

Because all information on the calibration and inspection of an individual asset is recorded and validated by scanning the unique RFID tag number, as well as the time stamp and operator name captured by the mobile computer, it is now possible to track compliance steps and generate the relevant calibration certificate.

Track assets through manufacturing

The use of RFID makes it easy to track assets as they move through a manufacturing process. The asset tracking system can be used to create a Bill Of Materials (BOM), track the allocation of components/parts to the assembly line and for signing off against a quality assurance check list at each stage. This ensures that not only do users realise quality improvements, they can also track manufacturing KPI’s (Key Performance Indicators) throughout the process. In addition, using the asset tracking system to compile documentation during the manufacturing/build stage allows users to deliver a complete O & M (Operation and Maintenance) manual to the end user.

Improved Quality Control

From the point when an asset is created, inspected, certified as inspected, and then tagged, it is identifiable and its full audit history can be obtained from any web enabled computer (subject to user name and password control). Supply of replacement parts is simple because the system can be linked directly to Procurement or Stores information. The system also prevents multiple instances of the same asset being in use by uniquely identifying each tool. Your asset tracking solution should include a complete audit trail.

Manage stock

By tagging the stores areas and build/goods-out areas, users can effectively track all consumable items as they are dispatched to a project site and charged against a contract number. Returns from site can also be managed so that users can accurately account for all consumables or spare parts used on a given project.

Assettagz from 4hSolutions is a leading asset tracking system that can be rapidly implemented either as a standalone system or fully integrated into your back office Enterprise Resource Planning (ERP), hire or financial systems.