Home>Blog>What are the Types of Assets You Can Track Through Asset Tracking Software?
22 April 2020
An asset management system offers a number of advantages to organisations, and one of its most important features is the ability to track your assets. Before the advancement of business technology, businesses used to track their assets with manual logbooks, leaving behind hard to manage paper trails. However, today, there are several asset tracking software available that have made the task much easier than ever before.
Advantages of Asset Tracking Software
Whether you opt for a comprehensive asset management software or you pick one that only offers tracking capabilities, there are several advantages that you would be able to avail. You can use a cloud-based asset tracking solution to keep an accurate record of the information regarding all your assets on the cloud. With the automated tracking, not only can you keep a note of the whereabouts of your assets at any time, but you can also stay on top of their maintenance schedules and other information.
Types of Assets that Can be Tracked
When it comes to tracking your assets with a well-designed asset management system, you get access to comprehensive solutions to manage all kinds of assets that your business owns. Practically any asset can be tracked using the software. However, to make it clearer, all assets can be categorised into the following categories. Here is more information about the types of assets that can be tracked as well as some examples of the same:
Tangible Assets
Any asset that has a physical presence is referred to as a tangible asset. All tangible assets can easily be tracked with a proper asset management system. Some examples of tangible assets would include your property, buildings, equipment, inventory, cash, stock, bonds, etc.
Financial Assets
A financial asset refers to an asset that has a value that is based on a contract. Some of the best examples of financial assets include cash, bonds, stocks, and also derivatives. It is possible to manage the inflow and outflow of the same using tracking software, which makes it easy to stay on top of the finances as well.
Fixed Assets
Fixed assets are long-living assets which are fixed in their state and cannot be converted into cash or consumed or expended in any way in the foreseeable future. Fixed assets are also tangible assets and some examples of the same include your machinery, fleet, buildings, and more. When it comes to fixed assets like machinery, equipment, and inventory, asset management software can prove to be very important. The software can help you track the whereabouts, maintenance schedules, repair needs, and much more for these assets.
Intangible Assets
Assets with no physical presence, like patents, goodwill, etc., are referred to as intangible assets. However, in regard to tracking, this category can include data management, managing software licensing and more.
Other Tracking Capabilities
The scope of advantages offered by an asset management system encompasses a lot of fields that are pertinent to a business. Other tracking capabilities that you can enjoy with the right asset tracking software include shipment tracking, consumables management, regulatory compliance, and much more.
What types of assets you can track with your asset management software will vary with the software you choose. So, you should always put in the due research before investing in such a system to ensure that you get access to the capabilities you require.
FAQs
Any asset that has a physical presence is referred to as a tangible asset. All tangible assets can easily be tracked with a proper asset management system. Some examples of tangible assets would include your property, buildings, equipment, inventory, cash, stock, bonds, etc.
What types of data can be feed into Maximo monitor? ›
Instrument your devices with sensors: Install sensors on your devices and connect the devices to the Maximo Asset Monitor platform. A single sensor might collect metric data about several conditions of each device, for example, temperature and pressure. The metrics are combined into a single device type.
Which of the following are examples of asset tracking technology? ›
Examples of asset tracking technology include:
- Barcodes: Barcodes are labels that contain unique identifying information. ...
- Handheld devices to locate inventory: These are portable devices equipped with tracking software.
Maximo Asset Management provides insight for all your enterprise assets, their conditions and work processes, for better planning and control. With Maximo Asset Management you can: Manage which users can log in to the system and which sites, applications, and menu options each user can access.
What is Maximo asset management system? ›
Maximo is designed to assist an organisation in managing its assets such as buildings, vehicles, fire extinguishers, equipment recording details such as details, maintenance schedules and participating in workflows to manage the assets.
What type of database is Maximo? ›
Maximo Manage supports IBM® Db2®, IBM Db2 Warehouse, Microsoft SQL Server, and Oracle Database.
What types of data can be pushed to the Maximo Application Suite platform? ›
The application collects and analyzes data from different sources such as IoT data, sensors, and cameras. Maximo Safety will also alert managers when compliance isn't being met.
What is asset tracking used for? ›
Asset tracking, in its simplest definition, is the method used to track a company's physical assets either by scanning barcode labels attached to the assets or by using tags using GPS or RFID, which broadcast their location.
How do you track your assets? ›
10 Asset Tracking Tips
- Determine What You Need to Track. ...
- Look at the Asset Life Cycle. ...
- Track New Assets Instantly. ...
- Assign Unique Tracking Numbers. ...
- Use an Enterprise Asset Tracking Software. ...
- Know Your Assets' Location at all Times. ...
- Understand Asset Depreciation. ...
- Be Mindful of Your Company's Needs.
An asset management tool is your asset tracking software where you can keep track of all of your important physical assets in one place.
There are three types of item and three applications to support them; Items, Service Items and Tools. Items are managed in the Item Master application, the other two have applications of the same name.
What are objects in Maximo? ›
A Maximo Business Object (MBO) is a combination of Java code and data. Each MBO represents a single database record from a single database table. This means a Workorder MBO will contain a single row from the Workorder table. An MBO has a number of attributes that store details e.g. WONUM and SITEID.
What is the difference between item and asset in Maximo? ›
An asset is something you want to assign work against ( work orders) or perform preventive maintenance on. Inventory items are for things you have to keep track of, the remaining balance, but are not normally used in work orders or do not require preventive maintenance.
What are the capabilities of Maximo asset management? ›
IBM Maximo Asset Management provides organisations with enhanced decision-making capabilities. The system collects data on asset usage, maintenance history, and performance, which can be analysed to make better decisions about asset management.
What is Maximo software used for? ›
IBM Maximo® Application Suite is a set of applications for asset monitoring, management, predictive maintenance and reliability planning. Get the most value from your enterprise assets with Maximo Application Suite.
How many modules are in Maximo? ›
Maximo Asset Management includes six management modules: Asset Management – Track location data and manage assets throughout their entire lifecycle.
What are the different types of meter in Maximo? ›
There are 3 types, continuous (operates a bit like an hour meter), gauge (similar to the temp gauge in your car) and characteristic (you can enter a value i.e. hot/cold).
What is IBM Maximo monitor? ›
IBM Maximo Monitor aggregates operating state data and process parameters across legacy systems, historians, IoT sensors, and other repositories to provide enterprise-wide visibility into performance. The solution scales quickly and easily across the enterprise.
