Asset tracking is the process of monitoring and managing an organization's assets throughout their entire lifecycle. It’s done to optimize usage, reduce losses, support compliance, and improve overall planning.As organizations grow, their asset inventory becomes more complex, and without a proper tracking system, things can quickly get out of hand. That’s why asset tracking is a key part of any Asset Management strategy: it provides visibility, enhances decision-making, and ensures that resources are used efficiently.
In the next sections, we’ll take a closer look at what asset tracking really means, explore automated asset tracking as a way to simplify the process, and walk you through a step-by-step guide to build an effective tracking system.
What is asset tracking?
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.
Asset tracking vs. equipment tracking
Just a small clarification before we move on. 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.
Manual vs. automated asset tracking
Organizations typically approach asset tracking in two ways: manually or through automated systems.
1. What is manual asset tracking?
Manual asset tracking involves using spreadsheets, paper records, or basic tools to log and monitor assets. This method can work for small businesses with a limited number of resources, but it quickly becomes inefficient and error-prone as the organization grows.
The lack of real-time updates, higher risk of human error, and time-consuming audits make it difficult to maintain accuracy at scale.
2. What is automated asset tracking?
Automated asset tracking is the process of using technology to track, monitor, and manage assets with minimal manual input.
It leverages tools such as QR codes, GPS, and dedicated software to automatically gather and update information about an asset’s location, condition, and lifecycle.
In IT environments, this often includes agent-based tracking (with a small application installed on the device) and agentless tracking (which collects data remotely using network protocols). These technologies help organizations maintain full visibility, reduce errors, and save time, especially in environments with a large number of assets.
Why automation matters
The key advantage of automation is its scalability and accuracy. Instead of relying on someone to manually update records or perform physical checks, automated systems ensure that asset information stays current and complete.
This improves decision-making, supports compliance, and frees up teams to focus on more strategic tasks.
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 walk you through a step-by-step guide to help you build a reliable and scalable asset tracking system for your organization.
#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
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While some small businesses may initially rely on Excel for Asset Management, this approach becomes inefficient as the number of assets grows. For effective asset tracking, we highly recommend a dedicated asset tracking software or even better: a dedicated Asset Management software.
A solid option is InvGate Asset Management, which supports both IT and non-IT assets, includes automated discovery tools, and integrates seamlessly with other systems. The best part is that you can try it for free with our 30-day free trial.
#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.
With InvGate Asset Management, this process is simplified through automated discovery tools, bulk imports, and seamless integration with your existing systems.
The database tracks key details to ensure that your 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.
Tools and features for IT assets
IT assets typically benefit the most from automated, real-time tracking. InvGate Asset Management offers:
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Agent-based tracking: Installs a lightweight application on devices to continuously collect data (hardware specs, software, usage, etc.).
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Agentless tracking: Uses network protocols (like SNMP or WMI) to remotely gather data from devices that can't support agents (e.g., printers or switches).
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Smart tags and health rules: Automatically classify assets or flag those that meet specific conditions.
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License monitoring and usage data: Track installed software, user behavior, and license compliance.
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Custom dashboards and alerts: Set automated notifications when key changes happen.
This hybrid approach (agent + agentless) offers complete visibility and control over the entire IT asset ecosystem.
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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. Here is how:
- Manual or bulk import via CSV/XLS.
- QR code tagging for fast scanning and lookups.
- Asset mapping to associate assets with users, departments, or locations.
- Advanced search and reporting for better traceability and analysis.
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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.
#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 goes far beyond knowing what your company owns. It's about gaining full control of your resources, reducing losses, and making smarter decisions. As businesses grow, manual methods become unreliable and inefficient, opening the door to wasted time, misplaced assets, and compliance issues.
That’s why more organizations are turning to modern, automated solutions. A well-structured asset tracking system offers real-time visibility, strengthens security, and drives cost optimization. In short, it’s not 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!
