Businesses need a unified platform that enables their organisation to perform real-time monitoring of critical information about every asset. Using cloud-based asset tracking software solutions allows you to maintain a precise account of the asset data safely on the cloud. Bringing in automation to your asset tracking platform allows you to not just ensure the location of your assets at all times, but also ensures that you keep track of the schedules for repair, maintenance and more.

Businesses that are highly dependent on assets to carry out processes, such as fleet companies, construction firms, manufacturers and airlines are required to monitor and maintain elaborate assets. When sectors like these face equipment downtime it leads to diminished output and revenue as well as possible dissatisfaction among customers.

Which Asset Types Can You Track?

If you are looking to monitor your assets by means of advanced asset management software, you can gain accessibility to holistic solutions to cater to various sorts of assets that lie in your business’s purview. Virtually all assets can be monitored with the help of specialised tracking software. Nonetheless, to clarify things, various assets can be divided into different categories.

Let’s review the different types of assets that can be tracked using asset tracking software development solutions.

Tangible Assets

All assets that are present in material form are known as tangible assets. This type of asset can readily be monitored when robust asset tracking software is used.  Tangible assets would include things like equipment, buildings, property, inventory, cash, vehicles, machinery among others.

Intangible Assets

This type of includes assets that have no physical form and usually offers an organisation long-term value. It includes things like intellectual property, goodwill, patents, trademarks, licences etc. When it comes to tracking this type of asset, businesses can use asset tracking software solutions to manage licences, manage data among other things.

Fixed Assets

Typically, fixed assets can be described as long-term physical assets that remain unchanged from their original state and are not exhausted by any means or sold for cash at any future date. A lot of fixed assets tend to be tangible assets such as fleet, property, inventory, machinery, buildings and these are easily tracked by means of asset management software. Apart from tracking assets’ whereabouts, this software is configured to offer your business greater transparency in terms of asset maintenance, utilisation and costs.

Financial Assets

Financial assets take into account liquid assets that hold value in accordance with contractual claims. A few of the common financial assets are stocks, bonds, derivatives, investment portfolios, bank deposits and so on. You can track the inbound and outbound flow of financial assets by using relevant asset tracking software solutions, as it will allow you to remain well-informed about the financial health of your assets.

Before investing in asset tracking software development solutions you need to do your due diligence, as this wll ensure that you get a solution with the features and functionalities you actually require.