Asset Monitoring System – Impacting Future Businesses
Tracking is the most satisfying feature in e-commerce and the safest way of making a business successful. Whenever we order something, we always eager to know the product’s status and it’s reaching time. There are a lot of thing which get delivered from here to there every day and a feature which provide exact time and status of the products are called Asset Management System.
It also known as asset monitoring and asset management. Apart from asset status, it also track an asset’s name, type, usage, engine hours, maintenance schedule, or other information, and may send alerts to managers when anything goes amiss.
While the scope of asset tracking is large enough to apply to fixed assets such as warehouses and to smaller assets such as laptops or pagers, this guide takes a deeper look at the most vulnerable class of assets: High value, movable ones that must be monitored remotely. Popular assets in this group include construction and moving equipment, railway vehicles, shipping containers, and even portable toilets. While focusing on the same topic, Nitisha from BISinfotech talks with Sanjay L Srivastav, Director, A’Niche Infotech Solutions Pvt Ltd and Sanjay Chawla, Founder & CEO, Daphne Systems.
A’ Niche Infotech offers technology led business solutions across two SBUs like, Auto Identification Data Capture Technology and Software Services. It has an Asset Management Software which keeps track of all assets with the help of Barcode / RFID solution. It has already deployed these solutions in Hospitals, Hotels, Retail Super Market, Colleges, Offices, etc. Also the company is focusing to add other organizations for such solution and making them aware of the benefits of it.
Daphne Systems use applications of RFID based technologies across diverse domains such as inventory management, article tracking and visibility. It provides assest tracking and inventory management solution to Indian market with tested and implemented in various government institution.
Importance of Automation Asset Monitoring
Sanjay Srivastav feels that asset monitoring plays a very important role, because with the help of monitoring system we can know many things, like- quantity of the products, responsibility of the assets, location, movement, EMI/insurance dues, repairing details, return details and also asset life.
While agreeing with the point of Srivastav, Sanjay Chawla said, Indian industries are including these kinds of systems to capture real time data, which improve profitability of companies. Also, the large sized warehouses are focusing on replacing their manual method of noting inventory with digital technologies.
According to an authentic research, the “India Inventory Management Software” market is expected to grow at a CAGR of 14.5% during the forecast period 2017–2023.
Chawla says, the market for such kind of software is driven by the increasing demand for real-time inventory, government regulatory policies and remote accessibility of information. Most of the Indian industries are including inventory management software as a part of digitalizing their supply chain to capture real-time data for improving profitability. Also, the large sized warehouses are focusing on replacing their manual method of noting inventory with digital technologies.
Challenges
Everything has some advantages or disadvantages. Whenever some companies start some new feature or products they always face some challenges. So, emphasizing on the same, Srivastav says, it is very tedious in the beginning to tag all assets and take them into systems. Tagging of assets initially requires lots of attention and full support from the existing IT team in the organization. Also some time companies look out for cheap solutions which are very impractical considering the offering which we have to offer. If customer is ready for scaled down version then in future we can look into it in developing it.
According to Chawla, being unaware of inventory levels has a largely negative impact on supply chains. Companies should make sure they have full visibility of their inventory at all times, to know when stock needs to be replenished. Even with the availability of technology, many companies still have outdated inventory management systems and manual processes. By upgrading your standard operating procedures and implementing new technology and software, you will become more efficient in managing your inventory.
The needs and demands of customers are constantly changing and now they are looking for distributors to be more flexible with their orders, also said.
Noted Scopes
There is huge scope for automation in asset monitoring because apart from other benefits which organizations get, it also helps auditors during auditing giving actual no’s of inventory vis-à-vis the assets which are accounted in books of accounts, explained Srivastav.
Chawla shares its importance and said, the scope of an asset monitoring system can cover many needs, including valuing the inventory, measuring the change in inventory and planning for future inventory levels. The value of this software at the end of each period provides a basis for financial reporting on the balance sheet. Measuring the change in inventory allows the company to determine the cost of inventory sold during the period. This allows the company to plan for future inventory needs.
So, the point of both speakers clearly identify that it makes financial work easier and things get sorted easily.
Latest Trends
About the latest trend and future of asset monitoring system, Chawla says, companies will look at inventory as a strategic asset, that when properly deployed will deliver increased value and competitive advantage. Effective collaboration between supply chain partners will take on increased importance. The intensifying risks inherent with global sourcing in combination with a better appreciation of TCO will motivate companies to rethink their global inventory strategies.
Srivastav shares that RFID and Bluetooth beacons to track the assets are the latest trends nowadays. But they are at very nascent stage because of high costs involved in it. Thus most of them prefer barcode solutions in tracking the same.
Ahead Expertise
Daphne System
The core team at DAPHNE is constituted by a young and dynamic group of academically brilliant and practically experienced professionals. Driven by a shared passion of enabling increasingly innovative and advantageous applications of RFID based technologies, these experts bring deep technical knowledge and astute business sense to the table.
Daphne is enabled by world class infrastructural components, and is thus equipped to deliver smarter solutions to medium and large enterprises. At the same time, it is able to extend highly customised solutions basis the business requirements.
A’ Niche Infotech
A’ Niche Infotech serve its customers in the distribution of Auto Identification and Data Capture Technologies and today is the ideal Auto ID Company. Today every corporate are looking for the solutions that can be best met by a single Company who can fulfil their software and hardware solutions demands. Whether it is Printers, Scanners, Bureau Services, or any other solutions, they want a smooth transition from their traditional way of doing work to the new era. They do bureau services for their clients who wish to incorporate barcodes in their packaging design and do printing of barcodes on different label materials at our end.
