Last Updated on June 18, 2023 by Ossian Muscad
Are you looking for a way to streamline the process of tracking your organization’s assets? Asset tracking templates can help make this process easier and more efficient. With an asset tracking template, you can keep detailed records of all your assets in one place. This guide will provide a comprehensive overview of creating and using an asset-tracking template for your business.
What is an Asset Tracking Template?
An asset tracking template is a document that systematically records and manages an organization’s physical assets, such as equipment, tools, vehicles, or other valuable items. It helps businesses monitor the location, condition, maintenance schedules, and other important information about their assets, ensuring efficient utilization while minimizing potential losses.
An asset-tracking template typically includes the following columns:
- Asset ID: A unique identifier for each asset, such as a serial number or barcode.
- Asset Name/Description: A brief description of the asset, including its make, model, and distinguishing features.
- Category: The type of asset, such as computer hardware, office furniture, or machinery.
- Location: The current location of the asset, such as a specific room, department, or building.
- Assigned To: The person or department responsible for the asset.
- Purchase Date: The date when the asset was acquired.
- Purchase Price: The original cost of the asset.
- Current Value: The estimated current value of the asset, which may change due to depreciation or appreciation.
- Warranty Expiration: The date when the warranty for the asset expires, if applicable.
- Maintenance Schedule: Information on regular maintenance activities, such as inspection dates and service providers.
- Notes: Any additional information or comments about the asset.
Using an asset tracking template enables organizations to optimize asset usage, maintain accurate records for financial and tax purposes, and simplify the process of reporting lost or damaged assets.
How Do You Track Assets?
Tracking assets is essential for businesses to optimize resource utilization, maintain accurate records, and reduce losses. There are several methods to track assets, each with advantages and limitations. Here are the four main methods you mentioned, along with their applications in various industries:
Barcode Scanning
This method involves attaching barcodes to assets and using barcode scanners to read and record their information. Barcode scanning is cost-effective and relatively easy to implement. It’s commonly used in retail, warehousing, and inventory management.
- Retail: Track inventory and manage stock levels in stores.
- Healthcare: Monitor medical equipment and supplies in hospitals.
- Manufacturing: Manage raw materials, finished goods, and warehouse items.
Radio Frequency Identification (RFID)
RFID uses radio waves to communicate between RFID tags attached to assets and RFID readers. This technology allows for real-time tracking and can read multiple tags simultaneously. It’s widely used in manufacturing, logistics, and healthcare.
- Transport and Logistics: Track shipment containers and monitor fleet vehicles.
- Construction: Keep track of job site tools, equipment, and materials.
- Healthcare: Monitor the location and usage of medical equipment and patient records.
Global Positioning System (GPS)
GPS tracking uses satellite signals to determine the location of assets, allowing for real-time monitoring and route optimization. This method is particularly useful for tracking mobile assets like vehicles and heavy machinery.
- Transport and Logistics: Monitor the location of trucks, vans, and delivery vehicles.
- Construction: Track the movement and utilization of heavy machinery and equipment.
- Manufacturing: Monitor the transportation of raw materials and finished goods.
Asset tracking software
Asset tracking software is a digital solution that helps organizations manage their assets by automating data collection, analysis, and reporting. These software solutions often support integration with barcode scanners, RFID readers, and GPS devices, providing a comprehensive asset management system.
- Retail: Streamline inventory management and prevent stock-outs or overstocking.
- Manufacturing: Optimize production processes and monitor equipment maintenance.
- Healthcare: Manage medical equipment, track patient records, and ensure regulatory compliance.
Different industries have varying asset tracking needs, and the choice of technology depends on factors such as the type of assets, budget, and specific requirements. Organizations often use these methods for effective asset tracking and management.
Why Use a Template For Tracking Assets?
Using a template for tracking assets offers several benefits to organizations, helping them manage their resources more effectively. Here are the main advantages of using an asset tracking template:
Improved Asset Visibility
A well-structured template provides a clear overview of all the assets in an organization, making it easy to locate and monitor them. This improved visibility helps prevent the loss or misplacement of assets, ensuring optimal usage and reducing downtime.
Streamlined Asset Management
A template simplifies the process of recording, updating, and retrieving information about assets, making asset management more efficient. By standardizing data entry, organizations can maintain accurate records and easily track their assets’ status, location, and condition.
Better Decision-making
Organizations can make more informed decisions about asset utilization, maintenance, and replacement with a comprehensive view of their assets. This leads to better resource allocation, reduced costs, and improved operational efficiency.
Increased Accountability
Assigning responsibility for each asset in the template promotes accountability among employees as they become aware of their roles in managing and maintaining the assets. This encourages proper handling and care, minimizing damage and extending the lifespan of the assets.
Enhanced Reporting
An asset tracking template allows for the easy generation of reports, providing valuable insights into asset performance, depreciation, and maintenance schedules. These reports can be used for financial planning, budgeting, and ensuring compliance with industry regulations.
Sample Asset Tracking Template
To give you an idea of an asset tracking template, here’s a sample template for you to use as a guide. This sample includes the following fields:
- Asset ID: 1001
- Asset Name/Description: Dell Latitude Laptop
- Category: IT Equipment
- Location: Office A
- Assigned To: John Smith
- Purchase Date: 01/02/2020
- Purchase Price: $1,200
- Current Value: $1,000
- Warranty Expiration: 06/20/2023
- Maintenance Schedule: Quarterly
- Notes: On lease
- Asset ID: 1002
- Asset Name/Description: HP OfficeJet Printer
- Category: IT Equipment
- Location: Office B
- Assigned To: Jane Doe
- Purchase Date: 06/15/2019
- Purchase Price: $300
- Current Value: $200
- Warranty Expiration: 06/25/2024
- Maintenance Schedule: Bi-annually
- Notes: Needs ink
- Asset ID: 1003
- Asset Name/Description: Forklift Model X
- Category: Machinery
- Location: Warehouse
- Assigned To: Tom Johnson
- Purchase Date: 08/10/2018
- Purchase Price: $25,000
- Current Value: $19,000
- Warranty Expiration: 08/10/2023
- Maintenance Schedule: Monthly
- Notes: Requires fuel
- Asset ID: 1004
- Asset Name/Description: Conference Room Table
- Category: Office Furniture
- Location: Meeting Room
- Assigned To: N/A
- Purchase Date: 03/25/2017
- Purchase Price: $1,500
- Current Value: $800
- Warranty Expiration: N/A
- Maintenance Schedule: As needed
- Notes: 12 Seats
You can also convert this format into a spreadsheet. Adjust the columns and categories to match your organization’s asset types and tracking requirements. Regularly update the template to ensure accurate and up-to-date information about your assets.
Create an Asset Tracking Template Using a Low-code Platform
If you want to quickly create an asset-tracking template without writing complex code, a low-code platform is the perfect tool. Low-code platforms allow users to visually assemble applications with drag-and-drop components, empowering them to develop and deploy business solutions rapidly.
DATAMYTE is a quality management platform with low-code capabilities. The DataMyte Digital Clipboard is a low-code workflow automation software with a built-in checklist and smart form builder. This feature, along with its drag-and-drop interface, allows you to create any checklist and form template you need—including an asset tracking template.
To create a checklist or form template using DATAMYTE, follow these steps:
- Log in to DATAMYTE and navigate to the ‘Checklist’ module.
- Click “Create Checklist” to create a new checklist or form template.
- Add a Title to the checklist or form template; select the category it belongs to.
- Click “Add Item” to add items to the checklist or form template.
- Add appropriate descriptions to each item, the type of answer required, and other relevant specifications, such as reference documents, acceptance criteria, or potential limits.
- Assign the personnel responsible for completing the checklist.
- Indicate any required approvals from other relevant personnel, such as supervisors or quality assurance managers.
- Save your checklist; it will now be available on any device. You can also print a physical copy of your checklist.
DATAMYTE also lets you conduct layered process audits, a systematic review of critical process steps. This auditing method focuses on the areas with the highest risk of failure or non-compliance. By conducting LPA using DATAMYTE, you can effectively identify and correct defects before they escalate.
With DATAMYTE, you have the perfect solution for creating and implementing asset-tracking templates. Book a demo today to learn how DATAMYTE can help you streamline your asset tracking and management processes.
Conclusion
Asset tracking is an essential part of any organization’s operations and success. With the right asset tracking template, you can streamline your recordkeeping process while ensuring all assets are accounted for and properly managed. Whether you create a template yourself or use a low-code platform like DATAMYTE to do it for you, having an effective asset-tracking system in place will make sure your business runs smoothly and efficiently.
