The Importance of Returnable Asset Tracking and Management
When it comes to business, nothing is more important than efficiency. Whether you’re a small- to medium-sized business or a large corporation, the right tools at your disposal will increase profitability and streamline your operations. One tool that companies of all sizes can benefit from is returnable asset tracking and management. By implementing a system to track and manage these assets, companies can streamline their processes and reduce costs by eliminating manual tasks associated with managing reusable assets. These systems can save money, highlight bottlenecks, reduce downtime, and improve your business’s overall operational efficiency.
What Is Returnable Asset Tracking and Management?
The term “returnable asset tracking” refers to the process of managing reusable assets in a way that helps you protect your investment. With a returnable asset tracking system, you can track your assets as they move through your warehouse or facility (or even between multiple facilities). You also have the ability to track your asset locations as they travel through the supply chain.
What Is a Returnable Asset?
A returnable asset is any item used in shipping or transport meant to be returned to its place of origin. It can be a plastic pallet, keg, or returnable container, such as a plastic tote.
Why Track Reusable Assets?
Reusable assets are a significant part of the supply chain. They are an important element of a company’s inventory and can be expensive to replace. They can also be difficult to locate when not in use, making them vulnerable to theft or loss.
This is why it is important for organizations that rely on reusable assets to track them through the entire lifecycle — from acquisition through utilization and disposition.
How Returnable Asset Management Systems Work
RFID tags and RFID readers are the heart of any returnable asset tracking system. An RFID tag is a small device that stores information about the object it is placed on and broadcasts this information wirelessly when it comes within range of an RFID reader. Tags can be printed onto labels or affixed directly to items, making it faster and easier for you to keep track of your assets as they move through the supply chain.
RFID software is used by organizations that want to integrate their existing systems with an RFID infrastructure — providing them with the ability to track physical objects throughout their journey through your business processes. This software helps ensure that no single item gets left behind along its journey from point A (manufacturing) to point B (inventory).
RFID systems don’t suffer from the same inefficiencies as barcode scanning systems, since they aren’t limited by line of sight like a barcode reader.
Deciding What You Need to Track
The first step in deciding on a solution is to determine the necessary information about the items you want to track. Make sure you can answer these questions:
- What assets do you want to track?
- How many assets do you want to track?
- What kind of assets are they (i.e., large equipment vs. small inventory)?
- What is the highest value asset that you will be tracking?
Accountability of Assets
Companies may have thousands (or even tens of thousands) of returnable assets moving through the supply chain. A tracking system cuts down on shrinkage by showing real-time visibility of those assets. Otherwise, assets can be lost in the supply chain. In that case, a company must pay for replacements.
Streamlining Your Business Processes
There are a lot of benefits to implementing an RFID asset tracking system. First and foremost is that it can make your entire workflow much more efficient by automating processes, leaving you with more time to focus on other important projects.
Another benefit is that an RFID solution provides real-time traceability data, meaning you will always have up-to-date information about your assets. Keep track of assets easily to avoid them getting lost or damaged while in use. By automating processes like logistics and inventory management, companies will also be able to take advantage of cloud computing solutions that provide easy access from any device — including smartphones!
A third bonus is scalability; if your business grows over time, having a scalable returnable asset tracking solution means you won’t have trouble keeping up with increased demand for services or products due to poor planning.
Protect Your Reusable Assets
Returnable assets are a crucial part of any business, and an efficient returnable asset tracking system can save you both time and money. RFID technology has made it easier than ever to track the location of these items while eliminating the need for manual data entry. Real Time Intelligence can help your business set up an RFID system to keep track of your reusable assets no matter where they are in the supply chain – and ensure they always come back to you. Call us today to find out how!