10 min read
Asset location tracking is an essential part of IT Asset Management, enabling organizations to monitor and manage the location of their IT assets. With the rise of the digital workplace, businesses often have employees working remotely or traveling for various reasons. These staff members frequently carry IT assets filled with company information—often confidential—that accompany them across the globe.
Being able to track the geolocation of these devices is critical for recovering them in case of misplacement or theft. This is especially important as businesses increasingly rely on advanced tracking technologies to safeguard their operations.
In fact, the global asset tracking market is projected to grow from $17.14 billion in 2023 to $45.31 billion by 2030, with a compound annual growth rate (CAGR) of 14.9%, according to Fortune Business Insights. This rapid growth shows the importance of real-time location tracking and asset visibility for businesses across industries.
Fortunately, InvGate Asset Management includes asset location tracking as part of its ITAM solution. Let’s take a closer look at how it works and why it’s a game-changer for managing your IT assets.
What exactly is asset location tracking?
If you’re here, you probably already know what asset location tracking is. You might even be searching for a tool to track your assets. In any case, it’s good to establish a common understanding of what this concept means. So, let’s dive in.
Asset location tracking is all about keeping tabs on where your physical assets are at any given time. From IT devices to high-value equipment, tracking location helps ensure everything is where it should be and ready for use. By using tools like Global Positioning System (GPS), Radio-Frequency Identification (RFID), or QR codes, businesses can gain real-time visibility into their asset movements, whether indoors, outdoors, or halfway across the world.
Different types of asset location technology
This is where it gets interesting. If you’re researching asset tracking technologies and comparing asset tracking software, you’ll quickly discover that there are many types of asset location technologies. Some technologies excel at providing precise, real-time location data, while others are better suited for tasks like Inventory Management or monitoring asset movement. Depending on your needs, the environment where your assets operate, and your budget, you can choose a solution that aligns with your requirements.
Let’s break down the most common types of asset tracking technologies and clarify how they perform for asset location tracking specifically.
#1: GPS asset tracking
Best for real-time, outdoor tracking
GPS tracking uses satellite-based positioning systems to provide real-time location data, making it ideal for outdoor applications like fleet management or tracking goods in transit. With GPS, you can pinpoint the exact latitude and longitude of your assets, provided there’s a clear view of the sky. However, GPS can struggle with accuracy in urban environments, enclosed spaces, or tunnels, and it tends to consume significant power, impacting battery life.
#2: RFID asset tracking
Great for monitoring movement, not location precision
RFID technology uses tags and radio signals to track assets. Passive RFID tags work well for identifying assets at “choke points” (like warehouse entry/exit points), while active RFID tags provide more continuous monitoring. However, RFID is more about movement tracking and inventory management than precise geolocation. It’s cost-effective for warehouse or retail use but lacks the real-time location capabilities required for asset location tracking.
#3: Barcode and QR code tracking
Affordable, but manual and limited for location tracking
Barcodes and QR codes are excellent for tracking inventory and managing asset details. By scanning a code affixed to an asset, you can update or retrieve information, including location. However, this method is entirely manual and doesn’t support real-time or automated location tracking. While QR codes are inexpensive and practical for static or semi-static environments, they fall short for dynamic or large-scale tracking needs.
Recommended reading
How to Use QR Codes For Asset Management And Asset Tracking
#4: IoT asset tracking
Highly versatile for real-time indoor and outdoor tracking
IoT-based systems integrate connected devices and sensors to deliver real-time updates on an asset’s location and conditions, such as temperature or humidity. These systems excel in both indoor and outdoor environments and support advanced features like remote monitoring and predictive maintenance. While IoT asset tracking is highly effective, its implementation can be costly and requires significant setup.
#5: Bluetooth and BLE asset tracking
Reliable for indoor tracking with energy efficiency
Bluetooth Low Energy (BLE) is well-suited for real-time indoor tracking, such as in offices, warehouses, or hospitals. BLE devices provide updates through nearby connections and consume minimal power, making them practical for long-term use. However, BLE is limited in range and lacks the precision of technologies like GPS or UWB, which may be necessary for more dynamic tracking environments.
#6: WiFi-based tracking
Indoor-friendly but less precise
WiFi-enabled tracking systems use local networks to monitor asset locations. They are easy to set up and leverage existing WiFi infrastructure, making them cost-effective for indoor environments. However, WiFi tracking is less precise and depends on the strength and availability of the network, which can limit its effectiveness for detailed location tracking.
#7: Cellular ID tracking
Good as a backup for outdoor tracking
Cellular ID tracking triangulates asset location using signals from cell towers. While not as accurate as GPS, it’s an excellent backup option for areas with poor GPS coverage, such as urban environments or tunnels. It’s also more power-efficient, making it a viable choice for devices with limited battery life, but its imprecision makes it unsuitable as a primary location tracking method.
#8: Ultra-wideband (UWB) tracking
Exceptional for precision location tracking
UWB technology offers exceptional accuracy—up to 30 centimeters—for real-time tracking. It uses high-frequency radio waves, making it ideal for environments requiring pinpoint precision, such as industrial or healthcare settings. However, UWB typically consumes more power than other systems, although advancements like XLE (Xtreme Low Energy) technology help extend battery life.
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5 benefits of asset tracking
Asset tracking isn’t just about knowing where your assets are; it’s a strategic tool that drives efficiency, reduces costs, and improves overall operations. By leveraging technologies like GPS, RFID, and IoT, organizations can unlock a host of benefits that go beyond location monitoring. Let’s dive into five key advantages of asset tracking.
#1: Enhanced operational efficiency
Asset tracking streamlines workflows by providing real-time visibility into the location and status of your assets. This means less time wasted searching for equipment or tools and more time focusing on core tasks. Automated systems like RFID and IoT also reduce manual errors, ensuring your resources are being used effectively.
#2: Improved asset utilization
By tracking asset usage, businesses can identify underutilized resources and redistribute them to where they’re needed most. This ensures that assets are performing to their full potential, reducing downtime and improving overall productivity. With accurate data, companies can make informed decisions to optimize resource allocation.
#3: Cost savings
Lost or misplaced assets can quickly add up in terms of replacement costs and lost productivity. Asset tracking minimizes these risks by keeping tabs on valuable equipment and inventory. Additionally, features like maintenance scheduling and predictive analytics help avoid costly repairs or breakdowns, extending the lifecycle of your assets.
#4: Increased security and theft prevention
Knowing where your assets are at all times significantly reduces the risk of theft or unauthorized use. Technologies like GPS and RFID provide immediate alerts if an asset is moved without permission, allowing for quick action. This level of security is especially crucial for high-value equipment or sensitive data stored on devices.
#5: Better compliance and maintenance management
Asset tracking systems can help businesses stay compliant with industry regulations by maintaining accurate records of asset location, usage, and maintenance history. Automated alerts for maintenance schedules ensure that equipment stays in top condition, reducing the risk of non-compliance penalties and ensuring smooth operations.
Asset location tracking with InvGate Asset Management
Tracking assets' locations with InvGate Asset Management can be done in a matter of minutes. To perform the task, your company devices must have the Agent previously installed. This ensures that assets are periodically reporting information to our platform, including asset geolocation data.
If that's the case, all you need to do is login to InvGate Asset Management, go to the Assets menu, and search for the asset you're interested in. At this point, you can look it up by using several criteria (by owner, serial number, brand, model, etc.).
Once you find the device you're looking for, enter to its profile and check out the map along with the location information. And you're done! No more looking everywhere to find a device – or even worse: losing them!
ITAM software
4.4
Gartner
Things to consider when choosing the right asset tracking solution
Choosing the right asset tracking solution is a critical step toward improving operational efficiency and protecting your assets. Once again, tracking your assets is key for a comprehensive IT Asset Management strategy. But it's not the only focus you might want to consider. And with so many technologies and systems available, finding the one that best meets your needs requires careful evaluation. Here are some key factors to consider when selecting an asset tracking solution:
#1. Your specific needs and goals
Start by defining what you want to achieve with asset tracking. Are you looking to monitor high-value equipment, track IT assets, or improve supply chain visibility? Understanding your primary objectives will help you identify the features and technologies that align with your business goals.
#2. Tracking environment
Consider where your assets will be tracked. For outdoor tracking, GPS or cellular solutions may be ideal, while indoor environments might require RFID, WiFi, or BLE technologies. If your assets operate in both environments, a hybrid system that integrates multiple technologies could be a better fit.
#3. Real-time vs. periodic tracking
Do you need continuous updates, or is periodic tracking sufficient? With InvGate Asset Management, devices equipped with the Agent provide regular location updates, giving you the flexibility to tailor tracking frequency based on your needs.
#4. Scalability and adaptability
Your business will grow, and so will your tracking requirements. An scalable tool is essential. For example, unlike standalone asset tracking systems, InvGate Asset Management is designed to scale with you. Whether you’re adding new devices, integrating with existing tools, or adopting emerging technologies like IoT, our platform evolves alongside your operations.
#5. Ease of use
An effective asset tracking system should be intuitive and user-friendly. Look for solutions with straightforward interfaces, comprehensive reporting, and easy integration into your existing workflows.
#6. Cost considerations
Evaluate both the initial investment and ongoing costs, including hardware, software, installation, and maintenance. Choose a solution that fits within your budget without compromising on essential features.
#7. Security and data protection
Asset tracking often involves sensitive data about your operations. Ensure the solution includes robust encryption, secure communication channels, and compliance with data protection regulations to safeguard your information.
#8. Support and vendor reliability
A reliable vendor with excellent customer support can make all the difference. Look for providers with a strong track record, positive reviews, and responsive service teams to help you get the most out of your system.
Why settle for less?
With InvGate Asset Management, you get geolocation tracking and so much more. Why invest in a standalone asset tracking solution when you can have a complete ITAM platform that streamlines operations, enhances visibility, and provides actionable insights?
Take the next step and see for yourself. Sign up for a 30-day free trial today and experience the difference InvGate Asset Management can make for your business!
The bottom line
Asset location tracking is more than just a convenience—it’s a powerful tool that enhances operational efficiency, improves security, and supports better decision-making. As businesses increasingly operate in a global, digital-first environment, having a reliable system to monitor and manage assets is no longer optional; it’s essential.
With InvGate Asset Management, you get an intuitive and effective solution that provides real-time asset geolocation, robust reporting, and seamless integration into your IT Asset Management strategy. If your company hasn’t yet installed the Agent on all IT assets, now is the time to act. With just a few clicks, you can gain full visibility into your asset fleet and ensure your valuable resources are protected and optimized.
Ready to take control of your assets? See how InvGate Asset Management can transform your operations. You won’t regret it!
