The logistics business has assets in huge quantities. It means that the logistics industry is an asset-intensive industry. These assets are heavy and play a crucial role in daily operations. This industry has costly equipment including vehicles that send a purchase order to different organizations. Lots of organizations are dependent on the logistics industry. That is why asset maintenance is essential.

All Plant and Machinery require regular preventive and other maintenance activities. In case of breakdowns, repairs should happen immediately to prevent business loss. Moreover, there are lots of inventories and consumables are there which need to be kept track of! This is where Asset Management Software comes into play.

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For asset tracking here there are several asset tracking technologies such as Barcode, QR Code (Quick Response code), NFC (Near field communication), IoT (Internet of Things), GPS (Global Positioning System), BLE (Bluetooth low energy), etc.

However, in this blog, you will know What exactly is RFID? What components are included in the RFID solution? So, without wasting any time let us begin!

What Is RFID Technology?
The full form of RFID is radio frequency identification. RFID solution is one of the best technologies used for asset tracking. It is used in several applications and industries as well such as security, airlines, asset monitoring, military, healthcare, etc.

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Any organization that stores resources or stock in a stockroom need a strong framework to keep track of their goods. One of the most well-known strategies most organizations use is RFID tags that are very helpful in asset tracking. However, choosing the right type of asset tracking for your business can be a gamechanger!

After reading this blog you will be able to get a clear picture of RFID tags either they fit in your organization for your business or not So without wasting any time let us begin!

What Is RFID Technology (RFID Tags)?
RFID means Radio frequency identification. RFID technology comes in the RFID tags form they are small tags and uses radio waves for communication. This technology uses a specific radio wave which enables them to identify items and communicate. It quickly identifies asset movements and keeps track of each asset.

Importance of IT support services:
The main factor that drives every business, small to big increasing the productivity as well as the expansions is IT support team that includes technology experts with good experience and knowledge that enable companies to stay consistently strong in the competitive market.

How does IT support services play a key role in the companies?
• Helps to stay updated related to the latest technologies released in the market.
• Troubleshoot and update continuously with the Existing systems.
• Awareness of the company structure, demands, functionality's operations performed in the projects.

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Sinking with the technology, the methods we have been using for asset life cycle management are old and no longer can be used in a satisfactory position.

For economic and financial development, we should consider the methods of recent times to get appropriate results.

In the present technology-growing world, advanced methods with enhanced abilities to manage physical assets have increased over the past several years. In addition, such techniques have been gradually incorporated into a management framework.

What is Asset?
An asset can be defined as an item, thing, or entity that has the potential to give actual value to an organization.

Asset Management can be described as a coordinated activity of an organization to realize value from assets.

Assets have always been managed by the officials professionally and also, they were maintained simultaneously from past decades.

Why is Asset Management necessary?
The process of asset management includes the duties of optimizing the delivery of value and making an appropriate decision about the assets.

If the asset is not taken care of then its chances of failure will increase, this is why scheduled maintenance is important. Giving maintenance is a significant part of asset management.

The main objective of asset management is producing the least overall life cost of assets which can be affected by other parameters such as business continuity or risk during the decision-making process.

This makes the condition possible for an organization to study and observe the performance of assets in different stages.

The also comprises the opportunities, balancing the costs, and the threats against the level of performance of assets, which makes it essential for the greatest return on the investment and to maintain the objectives of the organization.

Asset Management Necessities
Also Read: How is Asset Tracking Using NFC Different from Other Technologies?

What is Asset Life Cycle?
A key process of asset management is the understanding of an asset’s life cycle. There are some key stages for maintaining the asset’s lifecycle.

The fixed asset life cycle begins from the time when the company acquires any asset and it ends when the company disposes of the same asset.

The life cycle of an asset includes the depreciation adjustments, its repair, and the upgrades performed on the asset.

Many accounting issues arise throughout the life of an asset based on the requirement of the accountant to make decisions regarding financial reporting or the asset’s value.

What is Asset Life Cycle Management?
Assets are the items that hold the strength of the company. You should know what assets your organization has, where are they, and their condition, it will help in planning for future assignments and meeting business requirements.

Asset life cycle management is the process by which the optimization of profit generated by the assets is kept by the organization throughout its life cycle.

The services offered by the organization tend to address all the stages of an asset’s life cycle nevertheless of their scope, opportunity, scale, or industry.

Also Read: Understanding of Asset Lifecycle Management in the Supply Chain Industry

What are the Stages of Asset Lifecycle Management?
The team involved with asset management manages the organization’s assets. Their aim is to assist the organization in tracking the changes in their assets, how they are configured, and their location.

The asset of any size big or small, cheap or valuable goes through 5 key stages of the asset management lifecycle. The stages are:

Asset Life Cycle Management
1. Procurement:
Procurement is the first process or stage of maintaining the asset life cycle which holds the actual purchasing of the asset.

With the options available, the best decision will be taken to fulfill the organization’s requirements without exceeding the budget.

Usually, the purchase is made by planning with the needs which are identified from the gathered data, and then the forecasts are made to justify the actual purchase.

Once the asset is purchased it belongs to the company and can be used as it is considered fit and profitable.

Create Purchase Orders
Purchase Order Workflow
Link to Cost Budgets
Purchase Order Approval
Purchase added to the inventory
2. Deployment
The deployment stage is the state where all the action takes place before the asset is finally used.

The asset is assembled, and preliminary checks are conducted on it. The inspection is done to check for physical defects as well as design and engineering problems, whether the asset is installed correctly and safely or not.

Also, tests are performed to confirm any kind of issues, with installed barcode tags for tracking purposes.

Asset deployed, transferred from inventory to in-use.
Discover the assets for software and hardware inventory.
Issue software for a hardware asset.
3. Utilization
Utilization is the longest stage of asset life cycle management. The asset is finally put to good use for which it was purchased.

The revenue and returns earned on its capital are seen. Any kind of upgrades, patch fixes, purchasing of new licenses, compliance audits, and cost-benefit analysis are part of the utilization stage.

The performance of an asset is continuously checked for issues that might arise unexpectedly during its presence on the production floor. The prime area of focus during the utilization stage is to get the most output from the asset.

Scheduled scans
Complete Ownership Tracking
Software Compliance and License Management
Asset Depreciation Calculations
Also Read: What is the next trend for Asset Tracking to consider?

4. Maintenance
The continuous use will put the asset in a wear and tear situation due to which maintenance becomes a common occurrence.

With the growing age of the asset, maintenance help to increase its productive life. Modifications and upgrades are done to make the asset more in sync with the times, making them faster and better. This will only improve the quality of the work.

Maintenance of assets
Notification of expiry dates
Software License Agreements linked to the Software
5. Disposal
Till the end of an asset’s useful productive life, it must be disposed of.

The decision to dispose of an asset should be based on the service deliverables. Before disposing of the asset, everything is checked, treated, and processed to ensure that it should not harm nature or society.

For this, all the data must be wiped from the asset. It is then dismantled piece by piece, all the parts which can be used further are stored and those with no use are sent in scrap.

If the asset consists of any part that can cause an environmental hazard, they are to be eliminated and disposed of as dictated by the environmental laws of that geographical area.

State changed from in-use to expired or disposed
All the software issued to the disposed asset will get un-issued
What Are the Benefits of Asset Life Cycle Management?
Here are some of the benefits you will get from asset life cycle management:

Management of the life cycle of an asset will calculate your needs in a better way.
The proper system will assist you in making informed purchase order decisions.
It will improve your dynamic when it comes to the restoration of resources.
The management will improve the quality of IT services in your organization.
You will know the total cost of ownership of an asset every time.
Managers can look at the lifecycle of each asset that will help in making informed decisions such as when assets need to be retired or either to sell or not.
Also Read: Why is Requisition Management Important for an Organization?

Conclusion:
Asset life cycle management helps the organization to optimize the performance of the asset throughout its useful life.

The life cycle management starts from the point of the planning stage and moves along in a sequential manner until the product is no longer useful and must be disposed of.

Asset life cycle also helps organizations in keeping their assets well maintained by providing preventive maintenance.

The asset management software would allow an organization to know the operational costs, usage frequency, and performance associated with an asset throughout its lifetime.

This will allow comparison against business numeric to know how your assets fare as compared to the business standards. To maintain a competitive edge in the market it is necessary to have accurate asset lifecycle management.

Frequently Asked Questions (FAQs)
1. Which phase of asset life cycle management is most important?
All phases of asset life are important but if you have to pick one most important phase that is maintenance. If maintenance is done at the right time and effectively. Then the life of the asset can be extended along with that maintenance expenses will be decreased as well.

2. Why is asset management software important for asset life cycle management?
Asset management software is important because it is built for this purpose as it automates the process and simplifies asset life cycle management. Moreover, there are so many factors that one cannot keep up while deciding and this software provides assistance in making a decision.

3. Wich industries can utilize asset management software?
All those industries which are having difficulty in managing their assets & those organization which have assets in abundance can use this software. Those organizations who want to eliminate the manual process and want to shift to automated processes can utilize this software.

Note: This article was originally published at Asset Infinity. You can see the original post here at asset life cycle management

An eCommerce business is a business model that allows organizations to sell their products to individuals & from business to business. An eCommerce business can take place over computers, mobiles, tablets, and so on. We know a big size eCommerce business can have millions of inventories to sell and assets for themselves. That is why it is important to ensure asset tracking is done properly. In this asset tracking guide, you will know various aspects of asset tracking that will help you in the eCommerce business.

What Is Asset Tracking?
Asset tracking is a technique that allows you to monitor your assets and inventories. This feature comes in handy when there are lots of assets and inventories.

You can know where they are located when their barcode tag, QR Code (Quick Response code) tag & RFID (Radio-frequency identification) tag is scanned it lets you know all the information related to assets.

Asset tracking is an important aspect of asset management.

Also Read: Why Asset Tracking System Is Essential in Every Industry?

What Are the Benefits of Asset Tracking?
The benefits of asset tracking are discussed below:

Benefits of Asset Tracking for eCommerce Business
1. Saving from Theft
Theft is one of the main issues in all organizations, especially in the eCommerce business because there are inventories of all sizes big and small. Small inventories can be easily hidden in pockets.

Theft also impacts productivity & decreases the efficiency of the organization. Moreover, when an asset is stolen it directly impacts the bottom line.

Overall organizations suffer from millions of dollars lost every year due to asset theft issues. However, lots of organizations do not pay attention to this issue.

According to the Safe At Last website, “Employee dishonesty costs US businesses $50 billion every year” Bu when you use the asset tracking feature you can easily avoid assets from theft.

2. Avoiding Misplacement
Misplacement of assets is similar to theft in this case asset is not found where it was left. This occurs due to the employees’ utilizing assets and leaving them anywhere and as a result, other employees’ time is wasted.

As they look for an asset it decreases the efficiency of the employees. In the worst-case scenario, an asset is purchased unnecessarily. But you can avoid misplacement of assets as an asset tracking feature will let you know where the asset is located.

It is very beneficial in saving time for employees and eliminates the chances of purchasing assets unnecessarily. It is very important for eCommerce businesses.

3. Reduce Failure Chances
In an organization, maintenance is a major concern if asset failure occurs it can be an expensive repair. When you are keeping track of assets you can avoid asset failure so with proper tracking and monitoring.

You can know when the asset was given last maintenance and when maintenance is due. With asset tracking, you can keep track of maintenance and decrease maintenance expenses as well.

Also Read: How Asset Tracking & Management Helps in Improving Hotel Revenue?

4. Helpful in Audit & Maintain Compliance
The audit is an important process of any organization. It lets you know the asset condition and is helpful in calculating the actual value of assets. However, it is a long and hectic process because assets are in different locations.

With asset tracking, you can easily bring back assets before the audit begins and it becomes a simple process to audit assets. Also, you can easily verify assets physically.

In some industries, asset tracking is important for maintaining regulatory compliance. If an organization is not found following rules, then the organization might have to pay huge penalties. So, these are the few important benefits of asset tracking.

In this asset tracking guide, you must know asset tracking techniques.

Below we have mentioned a few of the techniques:

Barcode, QR Code (Quick Response code), RFID Radio frequency identification, NFC (Near field communication), are used for asset tracking. These technologies have their advantages and disadvantages.

For example, the barcode is simple but cost-effective whereas QR Code is an advanced version of the barcode.

RFID is expensive than a barcode, QR Code but with an RFID scanner you can scan multiple tags at a time, so it is more productive, NFC provides real-time information and works more quickly, and NFC is expensive as well.

What Is the Role of Mobile and Cloud Computing Technology in Asset Management?
In an asset tracking guide, the mobile plays an important role because you can make changes with your mobile without coming to your office in order to make quick decisions.

Mobile applications and cloud computing technology give you the power to work from anywhere across the world. You can access files when you are on an office trip, and you are no longer bound to your office.

Since you are using cloud technology you do not have to worry about data security as well as the cloud service provider will be responsible for data security. Meanwhile, they keep data in an encrypted way.

Asset tracking with mobile apps gives you notifications and alerts as per the requirement. When inventory is below the defined level or whenever any update occurs in the procurement and requisition process.

With a smartphone, you can scan asset tags and labels that come in handy when you are mobile.

Conclusion
In the asset tracking guide, you must use advanced technology such as automated asset management software, mobile technology, asset tracking technique, and cloud computing technology.

You must use utilize these technologies; it is an effective guide for asset tracking. Once you implement these technologies you will see their impact in a positive way and your eCommerce business will grow.

Also Read: What Are Trends to Know About Equipment Maintenance?

Frequently Asked Questions (FAQs)
1. What is an asset tracking application? How does asset tracking work?
The tracking is done with an asset tracking label that is attached to the asset. Whenever you scan the label, it will let you know its information with the location. We know when equipment is not found it leads to a costly delay in production work, disappointing customers. Asset tracking eliminates lots of problems once and for all.

Asset management software is one of the best options you have for asset tracking. It plays a crucial role in effective asset management, and it can increase asset life. With this software you can have all the information such as who has the asset, who is using it when it will be returned, you can know its current location and status as well. Either asset is open, running, or closed when its maintenance is due.

2. Which asset tracking technology is useful for the transport and logistics industry?
GPS is one of the technologies that are very beneficial for the transport and logistics industry because it provides real-time information as it helps drivers in saving time by avoiding traffic jams and saving expenses. Moreover, in the transport and logistics industry delivery on time is very crucial GPS helps in achieving that as well. Furthermore, there are several other benefits as well.

3. Why is asset tracking important?
Below we have mentioned a few of the reasons why asset tracking is important!
1. Asset tracking is helpful in tracking the performance and evaluation of assets.
2. You can gather data on each asset in order to optimize each asset.
3. When you have automated asset tracking software, it will alert you in advance for maintenance and you can implement preventive maintenance.
4. With asset tracking, you can easily identify each asset specifically when there are lots of similar assets.
Note: This article was originally published at Asset Infinity. You can see the original post here at Asset Tracking Guide for eCommerce Business