4 Key Asset Tracking Software Features and Top Products That Offer Them
Asset managers using manual tracking methods often deal with inaccurate asset information, limited visibility, and time-consuming processes that can negatively impact operational efficiency. Asset tracking software is the answer to all these issues. The software tags your assets and offers real-time location, status, and usage information to help asset managers gain complete control over their inventory.
However, there are multiple asset tracking systems available on the market. Learning about the software’s key features can help you find the right tool based on your specific processes and requirements.
To help you choose, this article highlights four key asset tracking software features based on the ratings given by verified software users. We also include the highest-rated asset tracking software solutions for each feature. Read more.
1. Inventory management
Inventory management in asset tracking allows businesses to manage the entire lifecycle of their assets—from acquisition to disposal. The feature helps inventory managers track asset depreciation, retirement, and warranties for inventory items. Users can generate alerts for scheduled maintenance, track maintenance history, and optimize maintenance schedules to ensure assets remain in optimal working condition.
What business problem does inventory management solve?
Balancing stock levels to prevent stockouts and managing maintenance schedules for a large number of assets are some common issues faced by inventory managers. Inventory management software allows users to generate alerts for low stock levels, reorder points, and inventory discrepancies, enabling proactive inventory replenishment. It also enables inventory managers to schedule and track maintenance activities for individual assets, including preventive maintenance, inspections, and repairs.
Ideal users of the inventory management feature
Inventory managers dealing with numerous assets spread across different locations or handling expensive equipment can use this feature to track diverse inventories, monitor their usage, and schedule inventory maintenance. Additionally, inventory management professionals looking to ensure compliance with asset tracking and maintenance requirements can also benefit from this feature. With automated tracking, alerts, and audit trails in place, users can ensure that all activities related to an asset are documented and necessary maintenance is carried out on pre-defined intervals.
Top 3 products with the highest ratings for inventory management
Analysis performed February 2024*
Inventory management feature rating: 4.90/5
Inventory management feature rating: 4.74/5
Inventory management feature rating: 4.69/5
2. Inventory tracking
Inventory tracking feature enables businesses to track the movement of items within different locations and departments. It often incorporates barcode and radio-frequency identification (RFID) technology to capture and update inventory data in real time. Inventory management professionals can also use this feature to track inventory quantities, preventing stockouts and optimizing ordering processes.
What business problem does inventory tracking solve?
Manual processes of inventory tracking often lack real-time tracking, making it difficult to locate specific items and identify stockouts. Without proper tracking, assets are also susceptible to loss, theft, or damage, impacting costs and operations. Inventory tracking feature within asset tracking software offers automatic updates through barcode scans or RFID tags, ensuring accurate and up-to-date inventory records. It allows professionals to see the location of individual items and track their movement history to identify potential misuse.
Ideal users of the inventory tracking feature
Asset managers looking to gain transparency into asset movement and utilization can leverage the inventory tracking feature for live location tracking. The feature helps professionals track the movement of assets, including who used it, when, and where. This detailed log can be used to identify potential misuse, locate missing items, and optimize asset utilization.
Top 3 products with the highest ratings for inventory tracking
Analysis performed February 2024*
Inventory tracking feature rating: 4.76/5
Inventory tracking feature rating: 4.73/5
Inventory tracking feature rating: 4.59/5
3. Mobile access
Mobile access allows users to access and manage asset information using their mobile devices, such as smartphones and tablets. Inventory management professionals can leverage this feature to view detailed inventory information, such as their location, status, and maintenance history even when outside the office. It also enables users to check assets in and out using their mobile devices, updating the asset’s status and location in real time.
What business problem does mobile access solve?
Limited visibility and team coordination are some common issues faced by asset managers when away from their offices. Mobile access can solve these challenges by providing secure and remote access to asset management data. The feature offers access to real-time dashboards and reports, allowing managers to monitor inventory levels and make timely decisions even on the go. It also facilitates timely communication between asset managers and their teams, regardless of their location.
Ideal users of the mobile access feature
Field-based professionals, such as construction managers and field service technicians can use mobile access to monitor asset details, including equipment usage, service history, and maintenance needs while onsite. Additionally, executive managers can use this feature to gain real-time insights into asset utilization and make timely decisions to improve overall asset management strategy.
Top 3 products with the highest ratings for mobile access
Analysis performed February 2024*
Mobile access feature rating: 4.86/5
Mobile access feature rating: 4.71/5
Mobile access feature rating: 4.51/5
4. Work order management
Work order management in asset tracking allows users to create, assign, track, and manage work orders related to assets. Users can create work orders to request maintenance repairs, inspections, or other types of asset-related service, and assign these to specific technicians or maintenance teams. The feature also enables managers to track the status of their work orders in real time, ensuring timely completion of tasks.
What business problem does work order management solve?
Work order management simplifies the process of requesting, assigning, and completing maintenance tasks, helping businesses reduce paperwork and manual processes. It also helps asset managers track work orders, ensuring that the assets are maintained and serviced on time. This helps prevent unexpected breakdowns, reduce downtime, and improve asset performance over a period of time. Work order management also helps optimize resource allocation by ensuring that tasks are assigned to the most appropriate team members based on their skills, availability, and location.
Ideal users of the work order management feature
Inventory and warehouse managers can use work order management features for improved inventory control and management. The feature helps professionals create work orders for repetitive tasks such as stock replenishment and safety inspections, schedule preventive maintenance for assets, and assign work orders related to stock movement tracking. This helps them gain better control over their operations, reduce costs, and improve customer satisfaction.
Top 3 products with the highest ratings for work order management
Analysis performed February 2024*
Work order management feature rating: 4.81/5
Work order management feature rating: 4.80/5
Work order management feature rating: 4.60/5
Methodology
Key features: To identify the key features of this article, we asked users to rate, on a scale of “low importance” to “critical,” how important different features are for asset tracking software. The features showcased are those that the highest percentage of reviewers rated as “highly important” or “critical” over the past two years (as of Feb. 05, 2024).
Feature eligibility: To be included in the set of features considered, a given feature had to have at least 200 user ratings within the past two years (as of Feb. 05, 2024), of which at least 20% must indicate the feature is “critical.” Eligible features were determined from two sources:
Our research team’s review of public information about asset tracking software usage, definitions, and associated features.
Reviewers’ indication of the features they use for asset tracking feedback.
Product selection: To identify the top-rated products per feature, we evaluated user ratings for products that offer each feature. For a given product, reviewers rate each feature on a scale of one to five stars. A given product had to have at least 20 user ratings (between February 2022-24) for the feature in question to be considered.
*We selected products for this article based on their average ratings between February 2022 - 2024, which may differ from their current overall average ratings.