10 min read
There’s a reason why asset tracking is a fundamental part of any well-planned Asset Management strategy. And there is no surprise here— it works.
We all know it: managing IT assets can quickly become overwhelming. Devices move between employees, software licenses expire, and critical assets sometimes go missing. Maybe it’s not a big deal at first, especially in small companies with a limited number of assets. But what happens when a company grows? Things get complicated.
That’s why asset tracking is so important. So, if you're looking for a better way to keep track of your organization's assets, you're in the right place. In this blog post, we’ll break down why asset tracking matters and give you a step-by-step process to help you track your assets in a comprehensive manner. Let’s get started!
ITAM software
4.4
Gartner
What is asset tracking?
Let’s keep it simple. Asset tracking is the process of monitoring and managing an organization's physical and digital assets throughout their lifecycle. It helps businesses keep track of what they own, where it is, who is using it, and when it needs maintenance or replacement. This can include hardware, software, vehicles, equipment, and other valuable resources.
Organizations typically approach asset tracking in two ways: manual methods or automated systems. Manual tracking relies on spreadsheets or paper records, which can work for small businesses but become inefficient as operations grow. Automated asset tracking, on the other hand, uses dedicated software and tracking technologies to provide real-time visibility and accuracy.
Asset tracking vs. equipment tracking
Although these terms are sometimes used interchangeably, there is a difference between asset tracking and equipment tracking. Basically, asset tracking is a broader concept that involves monitoring all types of assets within an organization, including IT hardware, software, office furniture, and vehicles.
Equipment tracking, on the other hand, is a more specific practice focused on tools, machinery, and operational equipment, often emphasizing maintenance and availability. While asset tracking ensures visibility and compliance across all assets, equipment tracking is primarily concerned with keeping essential machines and tools in working condition.
How to track assets in a company?
If you’re looking to set up an efficient asset tracking system, you need a structured approach. A well-implemented system improves visibility, prevents losses, optimizes costs, and ensures compliance.
In this section, we’ll cover the entire asset tracking process, step by step, so you can implement it effectively in your company.
1. Assess your current needs and process
Before choosing an asset tracking method or even investing in asset tracking software, it’s crucial to evaluate your current situation. Ask yourself: Is the current process working? Is a manual approach enough? Do we need an automated solution?
This assessment will help you determine the scope of asset tracking required. It will also involve identifying the assets you need to track—at least to get a big-picture understanding of your needs.
2. Choose the right asset tracking software
For effective asset tracking, we highly recommend using an automated software solution. While some small businesses may initially rely on Excel for Asset Management, this approach becomes inefficient as the number of assets grows. Automated solutions improve accuracy, streamline processes, and enhance reporting capabilities.
Businesses with a small number of fixed assets might manage with spreadsheets or basic tracking tools, but organizations with highly mobile assets, IT equipment, or strict compliance requirements will benefit from dedicated Asset Management software.
A powerful option is InvGate Asset Management, which provides real-time visibility, automated tracking, and seamless integration with IT and non-IT assets. The best part is that you can try if for free with our 30-day free trial.
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3. Create a comprehensive Asset Management Database (AMDB)
If you don’t already have an asset inventory in Excel (which can serve as a foundation for your Asset Management solution), now is the time to create one. A well-structured Asset Management Database (AMDB) is key to successful asset tracking.
With InvGate Asset Management, this process is simplified through automated discovery tools, bulk imports, and seamless integration with your existing systems. The database should categorize assets by type, track key details (serial numbers, location, user assignments), and ensure that IT and non-IT assets are properly documented. Whether you are tracking hardware, software, or non-IT resources, an accurate inventory forms the foundation of your asset tracking strategy.
4. Select the technologies and features for asset tracking
The tools and features you need for asset tracking depend on the software you’ve selected and the tracking method you plan to follow. Once again, not every feature is designed for tracking every asset. So, let’s break this down into two sections:
Tools and features for IT assets
IT assets require advanced tracking methods to ensure visibility, compliance, and security. The best approach combines automated asset discovery tools, remote monitoring, and centralized databases to track an asset throughout its entire lifecycle—from request to disposal.With InvGate Asset Management, organizations can seamlessly manage their assets while ensuring they remain operational and compliant.
First, our solution offers both agent-based discovery and agentless discovery methods, allowing organizations to track every device efficiently. Additionally, features like Software License Management, usage analytics, and automated alerts help maintain asset compliance and performance.
To further enhance monitoring, asset health rules can be configured to categorize assets by status—green for safe, yellow for warnings, and red for critical conditions—allowing IT teams to prioritize interventions. Moreover, smart tags can be automatically assigned based on predefined conditions, enabling instant detection of issues and reducing downtime by triggering alerts as soon as an asset requires attention.
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Tools and features for non-IT assets
Non-IT assets such as machinery, vehicles, office equipment, and tools require different tracking methods. With InvGate Asset Management, businesses can easily create a non-IT asset inventory by adding assets manually or importing data from a CSV or a XLS file. The platform provides pre-built asset categories, with the option to create and customize new ones, making it especially useful for industries like mining and education.
To enhance tracking, InvGate Asset Management offers advanced search capabilities, ensuring assets can be located within seconds. Additionally, the platform includes a QR code generator for easy scanning, customizable asset IDs, asset mapping to link assets with users or locations, and detailed reporting tools to support data-driven decisions.
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5. Ensure asset records are complete and accurate
A robust asset tracking system relies on comprehensive and up-to-date asset records. Every asset should have key details recorded, including:
- Serial number and model information.
- Assigned user or department.
- Location and movement history.
- Maintenance and warranty details.
Keeping this information accurate allows for better tracking, compliance, and decision-making.
6. Establish tracking and maintenance workflows
To ensure consistency, define standard workflows for asset tracking and maintenance. These should include:
- Assigning and reassigning assets to employees or teams.
- Logging asset transfers and location updates.
- Scheduling preventive maintenance.
- Updating asset status (active, in repair, retired).
Integrating InvGate Asset Management with a Service Management tool like InvGate Service Management can further streamline these workflows. With workflow automation, businesses can automatically trigger maintenance requests, assign tasks, and track service history without manual intervention. This integration enhances efficiency, reduces downtime, and ensures that assets are properly maintained.
7. Conduct regular audits and reconciliations
Even with a great tracking system, regular audits are necessary to maintain accuracy. Periodic asset verification helps identify discrepancies, missing assets, and compliance gaps. Businesses should implement:
- Physical audits to confirm asset locations.
- Automated reconciliations with tracking software.
- Reports on asset utilization and performance.
8. Analyze asset data and optimize asset usage
A well-managed asset tracking system doesn’t just monitor assets—it provides insights to help organizations make better decisions. Reports on usage patterns, maintenance history, and depreciation allow companies to optimize asset allocation, reduce costs, and improve efficiency.
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9. Train employees on asset tracking best practices
The success of an asset tracking system depends on proper adoption. Employees need to be trained on how to log, update, and manage asset records. Training should cover:
- Using tracking tools (scanners, mobile apps, software platforms).
- Properly tagging new assets.
- Maintaining data accuracy and compliance.
- Reporting missing or damaged assets.
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10. Continuously improve and adapt your asset tracking strategy
Technology evolves, and so do business needs. Companies should continuously review and update their asset tracking strategies, incorporating new technologies and adjusting processes as needed. Regular assessments ensure that the system remains effective as the organization grows.
By following these steps, businesses can implement a reliable and scalable asset tracking system that enhances efficiency, reduces costs, and improves overall Asset Management.
What makes asset tracking essential for organizations?
A good indicator of how important a topic is becoming for organizations in the ITAM world is to look at market trends. And the market trend is clear: asset tracking is no longer just an option—it’s becoming a necessity. In fact, the global asset tracking market is projected to grow from USD 28.93 billion in 2025 to USD 53.51 billion by 2030, with a compound annual growth rate (CAGR) of 13.09% (Mordor Intelligence).
This growth reflects the urgency for businesses to improve asset visibility, prevent losses, and optimize costs. Without a structured system, organizations risk losing control of their assets, facing compliance challenges, and overspending on replacements. Implementing asset tracking not only enhances operational efficiency but also strengthens security and enables better data-driven decision-making.
To sum up
Asset tracking isn’t just about keeping tabs on what your business owns—it’s about gaining full control over your assets, optimizing costs, and preventing unnecessary losses. As companies grow, managing assets manually becomes inefficient, leading to wasted time, misplaced resources, and compliance risks. That’s why organizations are turning to modern asset tracking solutions to streamline operations and make smarter financial decisions.
With the global asset tracking market expanding rapidly, it’s clear that businesses across industries are prioritizing this practice. Whether you’re tracking IT equipment, machinery, or company vehicles, a well-structured asset tracking system provides real-time visibility, improves security, and ensures efficient resource allocation. In short, asset tracking isn’t just an operational tool—it’s a strategic advantage.
If you want to try InvGate Asset Management for free, sign up for our 30-day free trial. See you there!
