Reducing Asset Tracking Costs - Element ID

Reducing Asset Tracking Costs

The distinction between inventory and asset tracking is a gray area in terminology. It is best thought about in terms of the balance sheet. Assets are the capitalized items you are depreciating and inventory is, well, inventory. The data tracking process and the equipment used is typically the same.

Typical assets include servers, computers, notebooks, lab equipment, test fixtures, special equipment, etc. It also can include reusable trays, bins, kegs, totes or other types of product carriers. Often these assets contain your product and are sent out to your customers and distributors. They can be expensive to replace and can damage customer perception of your brand if not properly maintained/serviced. Tracking allows you to know where these assets were shipped to, how long they’ve been out, and when they are due for service.

Auditing (cycle counting) is significantly faster with RFID. Because no line of sight is required, simply pointing and waving a handheld RFID reader toward a storage location and holding the trigger allows for extremely rapid cycle counting of tagged items. No more army of IT guys looking for assets once a year. The cost of verifying is greatly reduced and many customers increase the frequency of asset audits.

We also provide small-scale solutions targeting the rental market.

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Automation technologies are essential to reducing asset tracking costs1

  • Companies with automation systems have seen reductions in product losses around 5%
  • Savings on new containers and equipment exceeding $5MM annually

Companies with tracking systems have seen drastic improvements to asset mobility and visibility2

  • 90% labor reduction for asset tracking
  • 70% less asset write-offs
  • Up to 50% improvements to accuracy of asset movement reporting

Typical Equipment Used

Business Problems This Can Help Solve

  • How can I comply with Sarbanes-Oxley for less money?
  • How can I know where my valuable equipment is?
  • How do I reduce asset inventory time and cost?
  • How do I know where my leased inventory is?
  • How do I know what leased inventory should be here?
  • How do I find in-stock inventory more efficiently?
  • How do I get my asset data into my ERP system?

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