Asset Infinity

Data is very important for every organization. Every organization has crucial data that is also a type of asset for them. Furthermore, there are several areas through which data is collected and that information is processed for better decision-making.

EAM helps in analyzing data and helps in improving daily operations and performance management. They assist in calculating asset life, asset value & where you need to allocate resources. But again, the main concern is data security. Identity theft, frauds, and phishing are a few of the biggest issues in developed countries and developing countries as well!

According to Statista, “In 2020, about 393,207 complaints filed with the Federal Trade Commission (FTC) were due to credit card fraud in the United States. An additional 406,375 complaints were filed with the FTC due to government documents/benefits fraud.”

Enterprise asset management can save from frauds and offer security that is why EAM becomes more important for organizations.

What Is EAM?

Enterprise asset management is the procedure of managing the asset lifecycle physically. It is done to maximize asset life, minimize expenses, improve the performance of the asset and it can also help in improving asset efficiency.

Some people refer to EAM as CMMS (Computerize maintenance management system). But both are very different from each other. CMMS is used to track maintenance, scheduling maintenance, manage spare parts and work orders. Whereas EAM mainly focused on asset life and most importantly EAM has all the features of CMMS as well.

EAM system helps in maintaining compliance as it helps in tracking maintenance and asset health as well. When assets are healthy their failure chances are decreased and they are good for employees from a health point of view.

EAM system allows you to track all work orders and each work order is assigned to whom and when it will be finished! All these types of information can be collected with enterprise asset management.

Enterprise asset management also comes with cloud technology and it helps in keeping assets secured. One of the main benefits of cloud technology is EAM security.

Also Read: Strategies That Can Grow Your Business with EAM Software

What Are the Best EAM Software Features?

Below we have mentioned the best EAM software features:

1. Data Security

Data safety is one of the best EAM software features. Cloud technology provides data security giving protection to data by adding multiple layers of security & data is kept in the encrypted method. Furthermore, whenever any cyber-attack takes place, it alerts the team. In simple words, you do not have to worry about data as this will be the responsibility of the service provider.

According to Statista, “the importance of data security to various business goals, as of March 2016. According to the survey, 43 percent of respondents reported that data security was critically important to brand reputation, while 76 percent felt that data security was very or critically important to customer support and service.”

2. Physical Asset Safety

Enterprise asset management keeps assets secured by tracking each asset. For this purpose, asset tags are used & they assist in providing the exact location of the asset. These tags send the location to the software and you can see the asset’s exact location. Asset tags keep assets safe from theft and misplacement. Asset tags provide accurate information on every asset.

3. Customized & Automated Alerts

EAM provides alerts whenever any danger or suspicious activity is spotted. Furthermore, you can use the EAM customized feature of alert for keeping track of maintenance activity so that you do not have to remember manually. This software keeps track of it and allows you to focus on other important things. Meanwhile, you can use the alert feature as per your daily operation nature where it can be adjusted for increasing the productivity of the business.

4. Authority & Authentication

Many times asset theft occurs by internal employees of the organization. That is why you must provide limited access to the employee as per their work requirement.

Every employee shall have limited access to data so that they do not have complete information, only to that information that is important for them. Authority and authentication allow you to manage access control. Only valid users have access to restricted data.

5. Password Protection

Firstly and foremost EAM software is protected login. This simple and common procedure is particularly important when accessing a cloud-based EAM system via a mobile device from any location.

By having password protection usefulness organizations business can guarantee the information is simply noticeable to the people who need it. Thus, minimizing the danger of misusing data and is effective in avoiding data breaches.

Conclusion

This software also helps the organization by avoiding human error. A lot of cyberattacks occur due to human error however organizations can protect themselves.

This software not only helps in security but also helps by increasing productivity of employees as well as organization. Furthermore, they help in effective asset management and managing asset life as well. EAM software features assist in data security purposes and maintaining assets.

EAM is also a type of asset management software that is helpful to organizations in tracking maintenance and improving enterprise asset performance. It helps in keeping accurate records and this accurate data can also help in boosting performance and finding the pitfall or in which areas resources can be added to grow business. This software helps in making future goals and an effective business decision-making process.

Also Read: 7 Factors Why Enterprise Asset Management Is Crucial for Your Company

Frequently Asked Questions (FAQs)

Every organization how valuable equipment maintenance is yet there are still lots of organizations that are not using equipment maintenance. However, now as we are rising from this pandemic asset management software has evolved and so are equipment maintenance trends!

So, what are those trends, and how this evolved software is changing work procedures in this pandemic! We will know in this blog. But first, let us know what equipment maintenance software is! So, without wasting any time let us begin!

What Is Equipment Maintenance Software?

Equipment maintenance software is used for monitoring and tracking the health of equipment and keeping equipment in the best condition. This software is useful when your organization has assets in abundance.

We know it becomes to keep track of which asset got the maintenance, and which does not. That is why this software helps in keeping track of each asset for maintenance purposes.

This software is also helpful in improving asset performance with calibration adjustments.

Also Read: A Definitive Guide About Predictive Maintenance Software

What Are the Main Trends of Equipment Maintenance?

Equipment Maintenance trends are discussed below:

1. Decreasing Downtime

Downtime decreasing and keeping minimized downtime is not a simple task. When downtime decreases it results in wastage of resources and it hinders productivity especially those industries which are asset intensive such as construction, manufacturing, oil & gas, etc.

In order to avoid downtime, it is important to understand why downtime is occurring because of sudden equipment failure which can be eliminated by ensuring schedule maintenance.

2. Accentuating on Proactive Maintenance

Proactive maintenance can help the organization in various ways from decreasing maintenance expenses to increasing asset life, from minimizing asset failure chances to increasing production work.

Proactive maintenance has been there for a long time, but a lot of organizations do not invest in it thinking that it will be a waste of resources.

On the contrary, it can be very beneficial for business. Proactive maintenance can assist you in organizing maintenance work.

3. Remote Maintenance

Remote maintenance means that software that plans, schedules, supervises, and controls maintenance from a remote location.

This can be done with the help of cloud computing technology, and it is one of the significant equipment maintenance trends that has helped a lot of organizations in this pandemic.

Thanks to the cloud-based equipment maintenance software! There is no doubt that this software has been very productive and useful to the organization that is working remotely and collaboratively.

4. Increasing Asset Life

When equipment is costly then you would like to asset run longer and break down do not occur. Otherwise, it will be not only expensive repair, but it may impact the overall productivity of the organization and also might slow the process.

Also Read: How Do Proactive Maintenance Solution Prevent Inefficiencies?

By providing maintenance on time, you would like to increase the life of an asset. Obviously, increased asset life means more production which helps organizations in maximizing return on investment (ROI).

5. Maintenance Insights

One of the evergreen equipment maintenance trends is maintenance insights. It can be very useful when you are planning for the long term.

For instance, with the previously collected data you can use it to know how much asset is utilized and how frequently it is utilized, and for how long asset work in one go and once an asset is provided with maintenance then after how many days or month asset needs maintenance again.

With this data, you can plan future goals.

Other than this equipment maintenance software provides real-time analytics that makes it simpler to react when the asset is not working as per the requirement.

6. Inventory Tracking

After scheduled maintenance and while performing maintenance if required inventory is not available in stock then it will not be considered as effective maintenance. Why? Because the whole process will be repeated. It also leads to a waste of time and resources.

That is why inventory is essential for delivering effective maintenance. Obviously, when inventory is so important it needs to be tracked so that out-of-stock issues shall be eliminated.

This equipment maintenance software can be used for keeping track of inventory in order to avoid stock issues.

Conclusion

Remote asset management is one of the most requirements including equipment maintenance trends.

According to the Reports of Markets and Markets, “In Asia Pacific (APAC), the market is projected to grow at the highest CAGR of 17.3% during the forecast period due to the demand for remote asset management solutions and services in countries, such as China, Japan, India, and Rest of APAC.”

From now on remote asset management and equipment maintenance will be in trend because lots of organizations are working remotely and working remotely is the new normal.

Nowadays equipment maintenance is not complex as this cloud-based asset management software has simplified the process. Moreover, there are several other technologies that are used for enhancing productivity.

Also Read: Asset Management Trends: You Need to Be Aware of in This Era

Frequently Asked Questions (FAQs)

Inventory Management is a technique through which stocked goods, inventories, and non-capitalized assets are primarily disciplined according to their specific shape and placement. Inventory can be any good or material that a business holds for receiving the goal of resale or repair.

At different locations of a supply network, planned course of production, and stock of materials, you will be in a need of an Inventory Management System.

About Inventory Management

Inventory Management is the technique for ordering, storing, and use of the company’s inventories. This stock management includes generating the lead on raw materials, components, and finished products, alongside warehousing, and processing of such items in your company.

The process of Inventory control is much beneficial for your company if it deals with the complex supply chains and manufacturing processes where it becomes difficult to maintain the risk of inventory surplus and paucity.

The system is helpful in the same manner for all those companies which have a complex working strategy. For effective inventory management, you need automated software.

According to Global Market Insights, “Inventory Management Software Market size crossed USD 3 billion in 2019 and is estimated to grow at a CAGR of over 5% from 2020 to 2026.”

Also Read: What Are the Objectives of the Inventory Management System?

Inventory Management Working

Available stock is counted as one of the valuable assets of the company. A core of any business is the company’s inputs starting right from its retail, manufacturing, to production, and then delivery.

Including other inventory-intensive sectors until the products get finished. It can be very deleterious if any of the products get short from source and place, where it is needed.

For the following few reasons Inventory Management is important for any business of any size:

• When to restock certain items
• What amount to purchase
• What price to pay
• When to sell
• What price to sell at
• Inventory planning and control
• Movement of stock
• Re-order level

If you have a small business then you can keep the record of its stock manually and determine the quantities using an excel sheet but if are from a large business space then specialized enterprise resource planning (ERP) can be used whereas if you have a comparatively large corporation then you should use highly customized software as a service (SaaS) application.

Inventory Management Accounting

Available stock must be physically counted before it is put on the balance sheet.

Inventory accounting is grouped into four separate categories:

• Raw Materials – The raw material is purchased by any company for its production purpose to transform it into a finished good
• Work in progress inventory – refers to the process of transformation of raw material into a finished product
• Finished goods – these are the complete goods that are now ready to be available for sale
• Maintenance, repair, operation (MRO) goods – items used for support of the production of finished goods as they will be purchased from the distributor of future resale

Inventory Management Techniques

To keep the record of inventories and manage them many inventory management techniques are used to fulfill the aspect of customer demand and profitable operation by any company.

The process is typically complex when a company needs to deal with thousands of stocks keeping units that can compass multiple warehouses.

Following are the techniques that can be majorly used for inventory control and management as a mixture to develop comprehensive strategies for your business:

Managing Supply Relationship

Keeping the communication open with your suppliers would help you make time and cost-saving deals with them. You should be precise about your order quality and delivery time and try to stick with the suppliers who keep to their word when it comes to promising deliveries.

Stock Review

A regular revision is also necessary to compare your current available stock with their future need.

Also Read: How Restaurant Inventory Management System Simplifies Tracking and Running?

ABC Analysis

ABC Analysis allows you to characterize your product according to its requirement. A few of the products require more attention than others. In this add your product to each category as per their requirement list.

• A – Category — This includes the product of high quality with a low frequency of sales.
• B – Category — This includes the product of moderate quality with a moderate frequency of sales.
• C – Category — This includes the product of low quality with a high frequency of sales.

First-in, First-out (FIFO)

It is basically a stock control method where the retailer will fulfill the order with an item that was there on the stock shelf from the longest. It can be defined as the product which was acquired first will be sold first.

Last-in, First-out (LIFO)

It works relatively opposite to that of FIFO as it confirms the most recent acquired products to be the first for selling. It determines the value of the sold stock by the most recent pricing.

Weighted Average

It is used to assign the average cost of production of the product. In this, the cost of goods available for sale is divided by the number of units that are available for sale which yields the weighted average cost per unit. The final weighted-average value is used to assign a cost to both ending goods and the cost of goods sold.

Importance of Inventory Management  

Accurate stock management will help your brand to fulfill orders on time and perfectly. Without proper management and tracking of available goods, it will be difficult for you to know what you need, when you need it, in what quantity you need it.

With a good stock management system, you can keep a track record of all your assets in detail. You can have all kinds of information and capabilities in one place that will allow you to make informed decisions regarding all the needs of your company.

Following is the list that will assure you of all the importance of inventory management as a system to work for your company:

• Goods are manufactured generally in bulk so maintaining their record can be a difficult task including its hundreds of components. To avoid the missing or halt of any raw material that can hamper the production, therefore the risk of production will be reduced at its maximum.
• When your company places a certain order for production, it incurs some expenses. The prepared order will go through a panel of approval, this will cost a little for a small company and more for a large company and to avoid this risk of cost, inventory management software will help your business a lot.  
• Inventory management will help you minimize the blockage of financial resources. It will reduce the unnecessary tying up of capital in excessive stocks.
• The advantage can be made over price fluctuation which means purchasing raw material when the prices are low and keeping stock for regular production of goods, procuring high prices, and the maximum profit of your company.

Administration of available stock can be easily done:  

• You can manage to deliver your products on time and precise without bothering your customers regarding the delay, through the record and reminder of inventory management.
• You can manage to achieve your efficiencies and economies in time with the scheduled manufacturing process. By maintaining the level of a production schedule becomes easier.
• Orders purchased in bulk through buyers will make some discount, as a result, the manufactured product will have a cost gap by which discounts can be given which can increase the profits by approving quantity discounts.
• The inventory control also helps in demand fluctuations as in keeping prepared goods in safety stock for a bulk order, which will protect your company against any variation in sales rate, production rate, and procurement time.
• With the help of an inventory management system, your company can maintain a record to protect itself against thefts, wastes, and leakages of inventories and their replenishment accordingly.

Conclusion

Proper inventory management software must be used to manage stocks. This is high time for you to streamline inventory management software. It will help you to track your inventories, optimize your warehouses and storage facilities, ultimately making your business growth loss-free.

You can record all kinds of information and capabilities in one place that will allow you to make informed decisions regarding all the needs of your company.

Also Read: How QR code will Make your Inventory Management System easy?

Frequently Asked Questions (FAQs)

Inventory management systems are essential for businesses, especially those organizations which majorly rely on inventory. An inventory management system is helpful in avoiding inventory issues. Moreover, it is helpful in providing accurate information and allows us to keep track of inventory. But an inventory management system needs several tools that increase its efficiency more! Those inventory management system tools we will be discussing below. But first, let us know what the inventory management system is!

What Is Inventory Management System?

Inventory management systems assist the organization in providing accurate location and eliminate the manual process. Inventory management helps in managing the supply chain by keeping track of inventory and stock.

The inventory management system keeps track of stock and whenever stock levels are below the defined level the system alert the responsible person and the stock refilling process begin.

An automated inventory management system avoids several types of inventory management issues such as overstocking and out-of-stock issues.

Also Read: What Are the Objectives of the Inventory Management System?

Inventory management is done so that you have the right amount of inventory in the right place in the right quantity. The purpose of inventory management is to avoid overselling or any type of issue so that the bottom line is not impacted at all.

According to Global Market Insights, “Inventory Management Software Market size crossed USD 3 billion in 2019 and is estimated to grow at a CAGR of over 5% from 2020 to 2026.”

What Are the Tools That Are Helpful to the Inventory Management System?

Below we have mentioned inventory management system tools that are helpful:

1. Inventory Tracking Techniques

Inventory tracking technology such as Barcode, QR Code (Quick Response Code), RFID (Radio-frequency identification), NFC (Near field communication). These inventory tracking technologies are helpful in providing accurate location of inventory.

When you know the exact location of inventory then you can easily avoid theft and misplacement. In huge warehouses there are lots of inventories kept so when you look for a specific inventory then you can find easily it with this software.

When you have this software, you can know the exact number available of inventory within the software. The inventory tracking technique automates the process, decreases human error, and improves accuracy as well.

2. Inventory Audit

An audit is an important aspect for organizations you can get the actual number of inventories available and their quality as well. The audit process helps in the physical verification process.

Sometimes numbers are different in software than in actual. Audit lets you know the exact number of inventories that you have in hand with availability.

3. Inventory Cycle Count

Cycle counting replaces the unwieldy and mistake-prone occasional (typically yearly) actual stock count with a normal program of counting chosen things so more significant things are counted all the more regularly than less significant ones.

The enchantment of cycle counting is that it gives a design to distinguishing and disposing of the wellspring of blunders to further develop exactness economically.

Also Read: 7 Effective Inventory Management Practices for Your Business

4. ABC Analysis

ABC Analysis tool is helpful in prioritizing inventory. You can categorize inventory as per class A, class B, class C. In category A you can keep items that are very important and costly as well.

In Class B you can keep inventory that is more in numbers and less expensive but less critical than category A. and In class C you can keep items that are less expensive and non-critical for organizations.

This categorization is done in order to set the priority of inventory.

This analysis is also known as Pareto Rule. According to which top 20 percent represent the 80 percent value. Some people also refer to it as the 80/20 rule.

What Are the Benefits of Efficient Inventory Management?

The benefits of inventory management are discussed below:

1. Better Analytics & Trends

This software provides analytics that is helpful in avoiding unnecessary overspending and out-of-stock issues as well. Furthermore, with this software, you can track trends that will give you an extra edge in business.

2. Improved Productivity

Productivity increased when employees do not have to waste their time just looking at specific inventory. Productivity increases when your data is error-free and accurate. When manual work is automated then productivity increases.

3. Accurate Records

Wrong inventory data can lead to a penalty during the audit and a decision based on wrong information would be wrong. But when you have this software, accuracy is ensured.

4. Better Decision Making

With accurate data and accurate analytics, your business decision improves because now you do not make a decision based on assumptions.

This software provides you a complete picture of where you have inventory more or less. So that you can move or draw inventory from one location to another.

Conclusion

For effective inventory management you not only need an inventory management system but you will also need inventory management tools. These tools are helpful in optimizing the efficiency of inventory management.

Inventory management tools can be integrated with this software to achieve maximum profit. These tools play an important role in providing visibility, control over inventory and they can also assist in inventory operations.

Managers know how difficult it is to manage inventory, you need proper records and everything in order that is why investing in inventory management software is essential along with inventory management tools.

For a growing business, it is one of the important software that your organization must have.

Also Read: Equipment Rental Software – Benefits & Features Explained

Frequently Asked Questions (FAQs)

Knowing inventory status is important for inventory management. In order to manage inventory efficiently, inventory tracking is important, and this is where asset tracking methods are used. Although there are several types of asset tracking methods are available such as Barcode, QR Code, NFC & BLE. But in this blog, we will be focusing on RFID inventory tracking & how RFID tags are important for inventory management & what are the advantages and disadvantages of RFID tags for inventory management! So, without wasting any time let us begin.

What Is RFID Asset & Inventory Tracking?

RFID is one of the most used asset tracking methods. RFID tags are helpful in providing the real-time location of assets. It increases the efficiency of the equipment.

It is a profoundly flexible innovation with applications all through business – from controlling assembling cycles to upkeep and review of gear, overseeing resources, and the following merchandise through to conveyance.

RFID asset tracking frameworks offer advantages for organizations, all things considered, permitting them to quickly further develop effectiveness and decrease cost via robotizing measures and further developing the use of resources and quality.

According to Markets and Markets, “The global RFID market is estimated to be USD 10.7 billion in 2021 and projected to reach USD 17.4 billion by 2026; at a CAGR of 10.2%”

Also Read: Which Industries Are Using RFID for Asset Tracking?

What Are the Advantages of RFID Technology in Inventory Management?

The advantages of RFID technology are discussed below:

1. Multiple Tag Scanning

You can scan multiple RFID tags in a single move with a scanner. It leads to fast reading. It is helpful in increasing productivity, saves time, and operation speed increases as well. You will not have scan tags again and again.

2. Track Asset and Inventory

One of the most basic advantages of RFID technology is keeping track of assets and inventory. It is essential to keep track of assets as it saves assets from pilferage, theft, or misplacement.

With RFID you can keep track of the condition of inventory as well. As the system alerts the team about when inventory will expire.

3. Automated Process

RFID speeds up the process and allows you to manage inventory efficiently. It helps in tracking the movement of an asset and eliminates the needs of the spreadsheet. It helps in saving money and time because of automation.

4. Better Accuracy

Since the process is automated & the manual data is eliminated. The data is recorded in an automated way as a result accuracy is improved and error chances are minimized.

What Are the Benefits of RFID Tags?

The benefits of RFID tags are discussed below:

1. Durability

RFID tags have long durability and are not hampered by the environment because they have long durability. It has plastic covered which saves from external factors.

Also Read: 5 Instances of Incredible Customer Experience via RFID Technology

2. Read & Write Capabilities

RFID tags can read-write data and they can be programmed for specific usage which can give your business an upper hand.

3. Data Security

RFID tags are very helpful in keeping data secured. As the data is kept in encrypted form so hackers cannot hack data.

How Do RFID Tags Help in Inventory Tracking & Management?

We have discussed below how RFID tags help in inventory management:

In huge warehouses, there are so many inventories and employees spend a lot of time finding specific inventory. It leads to unnecessary wastage of time and productivity decreases. But when you have RFID tags, they are helpful in proving accurate location of inventory, and their time is saved, and productivity increases as well.

Inventory theft is one of the most common issues. RFID helps in keeping track of inventory and keeping them secured sometimes inventory is kept here and there & that is when it gets misplaced. So, RFID tags help in finding them easily.

RFID automates the process, retrieves information easily, and eliminates the manual process. RFID tags increase accuracy by eliminating traditional inventory tracking methods.

Either you have an online business or a general store, but it is important that you know about your stock. Lots of businesses do not when their stock goes out.

RFID is helpful in avoiding RFID tags & the system can alert when inventory goes below-defined levels.

Conclusion

For organizations hoping to take on an inventory management solution, it is important to conduct a detailed examination of technologies such as barcode tag, RFID tags, QR Code tags, NFC labels intended for inventory control.

These tags are helpful in the effective management of inventory. RFID has a few drawbacks as well such as it is not cost-effective compared to the barcode. However, RFID tags can assist in accomplishing better return on investment (ROI) for your venture.

For some organizations, barcode technology can be brilliant and pragmatic decisions, but RFID technology is more advanced and can play a crucial role in inventory tracking.

RFID tags can be a game-changer for your organization when they are used with inventory management software.

Also Read: Barcode vs QR Code vs RFID vs NFC vs BLE vs GPS: Which One Is Better?

Frequently Asked Questions (FAQs)

Any organization that stores resources or stock in a stockroom need a strong framework to keep track of their goods. One of the most well-known strategies most organizations use is RFID tags that are very helpful in asset tracking. However, choosing the right type of asset tracking for your business can be a gamechanger!

After reading this blog you will be able to get a clear picture of RFID tags either they fit in your organization for your business or not So without wasting any time let us begin!

What Is RFID Technology (RFID Tags)?

RFID means Radio frequency identification. RFID technology comes in the RFID tags form they are small tags and uses radio waves for communication. This technology uses a specific radio wave which enables them to identify items and communicate. It quickly identifies asset movements and keeps track of each asset.

RFID technology mainly consists of 3 parts a tag, a reader, and an antenna.

Labels are made of a circuit and antenna. Those two sections communicate information to the reader using radio waves, which then, at that point, transforms that into data.

Also Read: Everything You Need to Know About FASTag RFID

Most labels are put away inside a chip or card to ensure them. These RFID tracking tags are extraordinarily little. In the market, several types of RFID are available & we will be discussing them below.

What Are the Various Types of RFID Tags Are Available?

Various RFID tags are as follows:

1. Low-Frequency RFID Tags

A low-frequency RFID tag allows you to cover frequencies from 30 to 300 kHz (Kilohertz). They have a slower speed of reading than high frequencies. Low-frequency RFID tags are beneficial in rainy and cold areas where moisture is found.

Advantages & Disadvantages of Low RFID Tags:

The advantage of low-frequency RFID tags is that they communicate better with the item that contains metal or water.

The disadvantage is that they have limited capability to read tags & they are not cost-effective compared to others.

2. High-Frequency RFID Tags

High-frequency RFID tags cover frequencies from 3 to 30 kHz. High frequency can be useful in moisture conditions, and they are also helpful in making payment and ticket applications. For quick data transfer, this technology can be effective.

Advantages & Disadvantages of High RFID Tags:

Advantages – Tags are cost-effective and more efficient than low frequency.

Disadvantages – difficulty in reading multiple high-frequency tags.

3. Ultra high-frequency RFID tags

Ultra high-frequency RFID tags cover from 300 kHz to 3 GHz (Gigahertz). It means it can cover up to 35 to 40 feet it also means that it can transfer data more quickly than low & high-frequency RFID tags.

Advantages & Disadvantages of Ultra-High RFID Tags:

Advantage – These tags are helpful in fast data transfer. Moreover, tags can be read from several feet.

Disadvantage – Its efficiency decreases when an item contains metal or water & these tags are expensive as well.

4. Passive RFID Tags

Passive RFID tags do not require a battery because they retrieve energy from the reader’s signal. These Passive RFID tags are made up of Antenna & integrated circuits.

Also Read: Important Tips to Remember When Implementing RFID Technology

Advantages & Disadvantages of Passive RFID Tags:

They are cost-effective because they have only 2 parts. They are not lightweight. Last but not least they can have a life of about 20 years.

But the disadvantage of the passive RFID tag is that they have a very short range and they have limited storage & they do not have a sensor.

5. Semi-Passive RFID Tags

Semi-passive RFID tags come with features such as sensors, real-time tracking, and notifications. It also has an onboard transmitter as its main attribute which makes it different from active and passive RFID tags.

Advantages & Disadvantages of Semi-Passive RFID Tags:

The semi-passive RFID tag has the medium range it means more than passive RFID tags but less than Active RFID tags. Similarly, they are cost-effective compared to active RFID tags.

Disadvantages are that they have a limited life and semi-passive RFID tags need a reader otherwise they will not work.

6. Active RFID Tags

Active RFID is helpful in providing real-time information. It broadcasts information continuously.

Advantages & Disadvantages of Active RFID Tags:

Advantages – Active RFID tags provide accurate real-time information. They have a longer range than passive RFID tags.

The disadvantages of active RFID tags are that they are costly & life expectancy is 3 to 5 years then you need to buy a new tag.

Conclusion

As you can see there are several types of RFID tags are available on the market, but you have to figure out which type of RFID tag will be best for your business. Once you figure that out, you need automated software such as asset management software that can boost the efficiency of RFID technology.

This software automates workflow and alerts the system about the product expiry so that you can avoid failure. You can set an alert feature before inventory expires so that you can return it before they expire.

RFID tags can play a crucial role in increasing the efficiency of the organization, and you can increase the productivity of the organization.

Now that you have gone through several types of RFID tags, but every business has a different requirement. When you choose RFID tags you have to remember environment of your environment as well & it is an important aspect.

Also Read: Pros & Cons of Using RFID Tracking for Inventory Management

Frequently Asked Questions (FAQs)

We have seen a lot of scenarios where utility wastage occurs, it can lead to a heavy utility bill, and it can shake your monthly plan, that is why it is important to take care of it otherwise your business will not run smoothly. Utility tracking software can be extremely helpful in these types of scenarios. What exactly is utility tracking software and how can it boost the productivity of your business? You will learn in this blog so let us begin!

What Is Utility Tracking Software?

Utility tracking software or utility management software keeps track of utility. These types of applications are helpful to organizations by saving unnecessary wastage of utility. It decreases utility bills and with detailed reports, it can forecast utility with records.

Utility costs make up one of the biggest working costs of running a structure. For quite a while, these expenses were thought to be fixed – the service bill came every month and there was no way around it.

There are several types of utility tracking & monitoring system. A few frameworks store utility-related documents, while others empower issue identification through gear level force utilization readings.

Some software enables you to set alerts and notifications so that whenever allotted units are consumed the system will alert the team so that overconsumption can be avoided.

Also Read: Features, Benefits & Impacts of Utility Management on a Business

For reasons for dealing with the service bills for an arrangement of structures, receipt stockpiling might be adequate. Notwithstanding, to further develop energy productivity, better information and investigation are required.

According to Statista, “the size of the utility software market worldwide, from 2018 to 2024. In 2019, the utility software market was valued at 4.8 billion U.S. dollars globally.”

How Can Utility Tracking Software Increase Your Business Productivity?

We have discussed below how utility tracking software can increase your business productivity:

1. Tracking Utilities of Multiple Locations

In order to increase productivity, it is important to keep track of the utility of all locations otherwise it can impact your monthly expenses bill.

Utility tracking & management software assists you identify all the utilities in all facilities. Tracking utilities also helps in controlling utilities which means you can save money.

2. Forecasting Consumption

Organizations sometimes consume a lot of utility, sometimes very little, and sometimes average so organizations are unpredictable.

However, when you are equipped with this utility management software you can easily keep track of utilities that will be helpful in controlling utilities.

Moreover, it will provide crucial data through which you can forecast utility consumption.

3. Prioritize & Schedule a Work Order

A work order can be a small task of maintenance or some other task or it can be a long, hectic time-consuming task.

Work order contains the checklist & all the tasks that need to be done are mentioned so the team can perform the task and cross-check it and update the status at the same time.

Moreover, the manager can set the priority of each work order that helps the team to deliver quality and productive work.

Also Read: Is Utility Asset Management an Expense or a Liability?

4. Alert & Notification

Now you do not have to keep track of utility manually as this software will do it for you easily. This software enables you to set alerts & warnings so that whenever the utility limit is about to finish the system will notify you.

You can save from unnecessary spending and maintain utility bills easily. This feature is immensely helpful to organizations in order to increase productivity. Once this system is enabled your utility wastage will also decrease.

5. Utility Reports

Reports can play a crucial role in increasing productivity however they need to be accurate otherwise they will be effective.

Reports offer a complete view of the expenses; it lets you know all maintenance expenses; utility expenses. These reports assist in controlling your expenses.

What Are the Benefits of Asset Infinity’s Utility Tracking Software?

Benefits of Asset Infinity’s utility tracking software are given below:

• Deliver consistent service in a cost-effective manner.
• Achieve long term sustainability of water cycle systems.
• Assist utility manager to make better decisions.
• Receive warning to avoid utility overconsumption via SMS, email & notification.
• Detailed utility consumption reports.
• Record utilities reading in real-time.

Conclusion

Utility management software is also a type of asset management software. It can be helpful in many ways. Most importantly it can play a significant role in increasing productivity for a business.

You can optimize your utility cost bills and their maintenance expenses with the help of software. Utility management software assists you in saving money. There is no doubt that this software will be helpful to your business and in the long term, your utility will be stabilized.

Utility tracking & management software comes with cloud technology. You can access it from your smartphone as well.

It means that you can access data from anywhere, all you need is good internet so that you can make changes in the work schedule on a priority basis. When you are on an inspection tour you can make changes or scheduled maintenance work orders as per the inspection.

You can manage your utilities from your smartphone & add or update details as well. You can see reports for better understanding and make crucial business decisions.

Also Read: What Do We Need to Know About the Asset Reservation System?

Frequently Asked Questions (FAQs)