What Industries Benefit from Fixed Asset Tracking Solutions?

Get the assets you need, when and where needed

Asset tracking solutions can benefit any industry that handles assets or high-value inventory. Industries with critically supportive assets benefit the most, such as manufacturing, healthcare, oil and gas, mining, steel, telecom, and pharmaceuticals.

If your organization must manage large amounts of assets or maintain equipment over a large geographic area, asset tracking software can provide an immense boost. Utilities, government and municipal bodies, universities and corporate campuses can all see efficiency gains and reduce unnecessary spending on lost materials.

With asset management software, workers within these industries use wireless handheld devices to complete cycle counts, create fixed assets, dispose of fixed assets, complete location inquiries/transfers, check-in/check-out, issue to project, and more.

Each step transacts against the ERP in real-time at the point of work, greatly increasing operational visibility and efficiency.

Manufacturing

Manufacturers whose operations require advanced MRO to ensure production uptime can benefit from asset tracking solutions, such as mobile barcoding. Being able to quickly find the right tools, parts and equipment in the right location can be critical to preventing costly downtime. For businesses with complex process manufacturing like those operating in food and beverage, managing assets to maintain human safety is especially critical.

Mining & Metals

Effective asset management solutions are vital to ensure worker safety in the mining and metals industry, in addition to the numerous operational benefits. Equipment such as dewatering, centrifugal and piston pumps must always be carefully monitored to avoid degradation. When repairs are needed, it’s crucial that managers have accurate, timely visibility into the availability of tools, equipment, and spare parts.

Utilities

Utility companies often need to transfer high-value assets between remote locations and make repairs in areas with limited or spotty network connections. As with oil and gas, off-network availability solutions should complement mobile barcoding to ensure effective FAM.

Government & Municipal

Whether at the municipal, state or federal government levels, strategic FAM equips government agencies with the necessary tools to minimize waste and spend public dollars strategically. Mobile barcoding solutions also provide the detailed records that agencies and contractors need to meet government regulations, standards, and compliance.

Healthcare

With an average of 15% of hospital assets lost or stolen each year, there is a real financial cost from an inefficient asset management system. Automating healthcare's asset management both improves access and reduces capital costs.

Aerospace & Defense

Contractors serving DoD and government agencies must adhere to strict traceability, safety and work regulations in order to keep or win contracts. Keeping track of equipment, tools and machinery used in large-scale manufacturing of complicated projects makes asset and inventory tracking software a must. Ensure compliance with maintenance schedules and product recalls with visibility into an asset's inventory, location, and history. Enable teams with the tools and assets needed when and where there is demand. Reduce frustration across the team by enabling them to perform work efficiently.

Oil & Gas

MRO is a critical component of oil platforms, refineries, and other high-risk oil and gas environments. Failure to identify and mitigate problems quickly puts production, and lives, at risk. Consistent, reliable network access can be difficult to secure at these offshore or remote locations, necessitating additional off-network mobility solutions, such as high availability, batch mode, or offline inventory.

Telecom

The telecom industry’s capital base is mainly comprised of fixed assets, making FAM even more essential. The extensive telecom infrastructure, such as fiber networks and cell towers, provides the foundation for critical nationwide communications systems, so downtime not only affects telecommunications but can have costly impacts on other industries and consumers as well.

Now teams track equipment to improve utilization and ensure compliance

Gain accurate information and eliminate manual errors with Rain RFID

Paper-based processes and manual data entry belong in the world of yesterday in today’s age of digitization. Assets tie up large amounts of potential working capital and result in money lost in depreciation, lost high-value material and lost in the inability to perform maintenance when and where needed.

Using modern asset tracking solutions, organizations can drive efficiency, create transparency, cut overhead and maximize utilization.

Read thousands of items simultaneously, without line-of-sight. RAIN RFID tags are durable, low-cost, and don’t require batteries. Extend your asset management to include every valuable asset in your facility.

Too many companies still track their high-value tools, equipment, spare parts, and more using obsolete manual processes. Handwritten checklists and data entry can only frustrate and hinder your operation’s tracking efforts. Upgrading slow-moving processes with asset tracking software and mobility may prove transformative to your FAM best practices.

For any business in any industry that must manage a large number of assets over multiple locations, the ability to view, manage and track movements in real-time is necessary to remain competitive. With RFID you can gain item-level data about every asset to ensure important tools and equipment don’t get lost, misplaced, or stolen. By keeping up-to-date on your assets’ whereabouts, you can reduce overall inventory levels while ensuring adequate supplies across all locations.

When considering potential asset tracking software, the ideal solution will offer room to expand into other areas as your business grows. This way, your solution will solve current and future challenges. Mobility, inventory control, and mobile app development for supply chain apps are three invaluable areas to look for. Combined, they create a holistic solution for managing every type of inventory using high-quality data and real-time movements transacted at point-of-work.

If you are interested in improving your asset management skillset, consider reaching out to the Institute of Asset Management to explore their wonderful professional development and knowledge resources.

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