Automated Asset Tracking System: 7 Key Features to Look for

When it comes to asset management, businesses across industries are still falling behind. According to a report by Gartner, up to 30% of assets in a typical business environment go untracked, leading to lost inventory, inefficiencies, and missed opportunities. Shockingly, poor asset management costs companies an average of $5,000 per employee each year. Yet, many businesses continue to rely on outdated manual tracking systems or spreadsheets, which are prone to human error and inefficiencies.

It’s time to acknowledge that manual asset tracking is no longer sufficient. As companies scale, the complexity of managing assets: IT equipment, office supplies, or machinery, only increases. That’s where an automated asset tracking system comes in. With automation, companies can ensure they’re staying on top of their assets, reducing operational costs, and avoiding the costly mistakes that stem from poor asset visibility.

So, what should you look for when choosing an automated asset tracking system? Here are the seven key features that will help ensure you’re making the right investment for your business.

1. Automatic Data Capture and Updates

The primary function of an automated asset tracking system is to reduce manual work, and the most basic way it does this is by automatically collecting and updating asset information. Through IT asset discovery or asset scanning, an automated system can identify and track assets in real time, without requiring manual input.

How It Works

Asset Discovery typically scans a network for connected devices like computers, servers, or mobile devices and automatically records asset details such as identifying device types, serial numbers, location, and condition.

Why It Matters

Automated data capture ensures that your asset inventory is always accurate, without the need for frequent manual checks. With real-time updates, you can quickly locate assets, track their usage, and know exactly where everything is, reducing the risk of misplacement or loss.

2. Automated Reporting and Analytics

Once your assets are tracked, you need to analyze their performance, usage, and status. An automated asset tracking system should be capable of generating reports automatically based on predefined parameters like asset usage, condition, or location over a given time period.

How It Works

You can set up the system to run reports on a schedule. For example, a monthly report on asset usage or a quarterly report on asset depreciation. Reports should be customizable based on specific needs, such as which assets require maintenance or which are due for replacement.

Why It Matters

Automated reports save time and eliminate the need for manual tracking. With reports available on-demand, you can make data-driven decisions about asset optimization, maintenance schedules, or budget planning. It also ensures you're always in the loop without having to remember to check.

3. Automated Maintenance Scheduling

Assets require regular maintenance to remain in good working order. A solid automated asset tracking system should be able to schedule maintenance for your assets automatically, based on usage hours, predefined timelines, or condition triggers.

How It Works

For example, you might set a system to schedule maintenance for a printer every six months or after 500 pages have been printed. As the asset reaches a certain threshold (in terms of time, usage, or condition), the system will notify the relevant team member or even schedule maintenance automatically.

Why It Matters

By automating the maintenance process, you reduce the risk of neglecting asset upkeep. This helps ensure your assets stay in good condition for longer, preventing costly repairs or replacements due to avoidable issues. It also helps maintain productivity, as maintenance tasks can be planned in advance.

4. Automatic Reorder and Procurement Triggers

An effective IT asset tracking software should not only track asset usage but also help you manage inventory and procurement. When inventory levels drop below a set threshold, the system should trigger automatic reordering, ensuring you never run out of essential assets or supplies.

How It Works

Let’s say your company uses a lot of office supplies, such as printers and ink cartridges. When the inventory for these items falls below a certain threshold, the system automatically generates a purchase order or notifies the relevant person to reorder supplies.

Why It Matters

Automatic procurement helps streamline the purchasing process, ensuring that your organization is always stocked with the necessary assets and materials. It also reduces the risk of manual errors and ensures that purchasing is done in a timely and efficient manner.

5. Automated Asset Lifecycle Management

Assets have a life cycle, from procurement to retirement. An automated asset tracking system should manage every stage of the asset’s life, triggering notifications or alerts when certain milestones are approaching, such as maintenance deadlines, warranty expiration, or asset decommissioning.

How It Works

For example, the system can notify the team when an asset is about to reach the end of its warranty, so you can either extend the warranty or plan for a replacement. Similarly, when an asset reaches its end of life, the system can help with its proper disposal or replacement.

Why It Matters

Automated asset lifecycle management ensures that assets are used optimally, repaired or replaced on time, and that compliance requirements are met. It reduces the chances of missing critical dates (like warranty expirations or decommissioning), which can lead to lost opportunities or additional costs.

6. Integration with IoT Devices for Real-Time Monitoring

The Internet of Things (IoT) is transforming how businesses monitor and manage assets. An automated asset tracking system should integrate with IoT devices to provide real-time data on asset performance, condition, and location. This integration helps businesses monitor critical assets like equipment, vehicles, or machinery without manual checks.

How It Works

IoT sensors can monitor a range of variables, including temperature, humidity, motion, and location, depending on the asset type. This data is sent directly to the asset tracking system, allowing for real-time monitoring and updates.

Why It Matters

Real-time monitoring allows businesses to keep tabs on the health and status of assets, preventing issues from escalating into costly repairs or downtime. It’s especially useful for high-value assets or mobile assets that need constant oversight. Automated alerts can be triggered if the asset goes out of range or fails a performance check.

7. Automated Workflows for Asset Returns or Transfers

Managing assets often involves transferring or returning assets between different teams or locations. An automated asset tracking system should streamline the check-in and check-out process, updating the asset status in real time as it’s moved or reassigned.

Automated checkin/checkout process in AssetLoom

How It Works

For instance, when an asset is returned, the system can automatically update the asset’s status from "checked out" to "available" without requiring manual intervention. Similarly, when assets are transferred between departments or locations, the system should update the asset records and location automatically.

Why It Matters

Automating asset transfers and returns reduces the risk of human error and ensures that asset data remains accurate and up to date. It also saves time and reduces the administrative burden of manually tracking asset movements.

Conclusion

When selecting an automated asset tracking system, it’s important to consider features that not only track assets but also improve the overall management of those assets throughout their lifecycle. The seven key features outlined above—automatic data capture, automated reporting, maintenance scheduling, procurement triggers, lifecycle management, IoT integration, and asset workflows—help businesses increase efficiency, reduce errors, and make more informed decisions.

By focusing on these features, companies can improve their asset management processes, enhance operational productivity, and ensure their assets are always accounted for and well-maintained.