For years, asset management solutions tracked items in two dimensions: (1) what you have (2) where it should be.
As today’s technology advances, asset tracking systems have evolved beyond two dimensions. They’re using IoT technology and automatic identification integrations to deliver insights into what you have, where it is, who has it, the condition when it was last serviced, and whether any critical environmental conditions have changed that would impact performance.
Here are some multi-dimensional tracking successes gained from asset management solutions:
Tracking Inventory Replenishment
Effective inventory and asset management means successfully managing what you are actively using and what is being stored. Using real-time asset tracking can decrease carrying excess inventory or prevent not having enough in times of high demands. Regardless of the industry, if selling inventory produces revenue or maintaining assets for production supports your revenue stream, any disruption affects your ROI.
When inventory falls below a threshold, a good system can generate purchase orders automatically.
RTLS or Real-Time Locating Systems
The value from real-time locating systems, or RTLS, is in knowing where your assets, inventory, or work-in-process are located when you need them. Equipping local points with inventory tagging devices provides real-time location tracking down to the exact department, site location, floor, or room, giving users real-time insight into what, where, who data information at any given time.
Inventory and asset management solutions can provide beneficial analytical tools to help identify opportunities to reallocate resources, assets, or inventory. Consequently, this helps create revenue-boosting opportunities, expanding in return on investment. By maximizing asset utilization, the firm can maximize profit.
Now that you know some benefits of successful tracking, Apptricity is ready to help!
The Apptricity cloud-based Inventory Management Software and Tracking Solution uses IoT technology to keep track of your inventory in real-time or near real-time. It’s a cloud-based application available on the web and mobile devices. You get real-time visibility of your inventory data wherever you are, including analytics on shelf-life, inventory counts by location, out-of-stock by SKU, expiration dates by product, and shrinkage. Learn more about integrating tracking solutions in a free 20-minute demo.