Asset visibility entails tracking assets from the beginning to the end of their lifecycle. Businesses can achieve optimised asset utilisation and an improved bottom line by knowing everything about these assets, from their location and utilisation to their replacement dates. Total asset visibility goes one step further by providing real-time visibility, with data and analytics that are essential for making informed decisions regarding company assets.
In today’s increasingly connected and competitive market space, organisations looking ahead must work towards total asset visibility. As such, we go into further detail about its importance and the role RFID systems play in achieving it.
The importance of total asset visibility
Asset management entails tracking and managing all kinds of assets, either physical or intangible, like intellectual property, starting from procurement and maintenance up to disposal. In asset management, asset visibility means being able to monitor and identify the location, status, and performance data of assets in real-time. For example, RFID is used for real-time location tracking in healthcare sectors. Achieving asset visibility is the first critical step towards optimising asset utilization, this ultimately leads to total asset visibility and traceability.
Total asset visibility is the pinnacle of asset management wherein all of a company’s assets are trackable and managed via a single complete integrated ecosystem. Achieving it requires businesses to implement an asset management solution, like an RFID asset tracking system, to integrate with their existing solutions and gather accurate data from all available assets in real time. With it, business owners can get a centralised view of their assets and better decide how to handle their deployment, utilisation, maintenance and replacement.
Although achieving total asset visibility seems daunting, it is entirely possible given that organisations implement the right asset management system for their needs. RFID asset management solutions allow for end-to-end asset tracking throughout their entire lifecycle, providing meaningful insights into how assets perform so businesses can be proactive about their maintenance and overall utilisation.
The role of RFID asset management in achieving total visibility
RFID asset management works by tracking the status and location of assets and collecting data about how they are being used. RFID tags can store such information and more about the item they are attached to, and they can continually be updated or reprogrammed to reflect the latest information. This information can then be collated into reports for improving asset management strategies. As mentioned, RFID asset management can track both physical and digital assets:
- Physical assets, whether the company’s fixed assets or inventory stocks, can be tracked to ensure their efficient and effective usage. Moreover, asset management can facilitate their maintenance and repair schedule to ensure their operational condition and prevent downtimes or disruption.
- Digital assets include intellectual property, domain names, software licences, and more. Tracking these things helps businesses stay on top of their renewal dates and monitor that only authorized employees with access privileges are permitted in order to secure sensitive company data.
Having a clear understanding of total asset visibility is the first step to achieving it and this is why pursuing it is so important. Ultimately, leveraging RFID asset tracking is one of the best ways to do so, as the powerful insights it provides can lead to better decision-making and increased revenue. If the visibility of organisational assets is anything less than total, it is time to consider adopting an RFID asset management solution today.