You might think inventory and asset management are only for retailers or product-based businesses. But here’s the truth: every business has assets to track. Whether you’re managing expensive machinery, consumable supplies, or essential equipment, asset tracking can transform how you manage your business’s most important resources.
In episode 19 of Secret Life of Inventory, we did a complete deep dive into the world of asset tracking, breaking down everything from what qualifies as a business asset to how to track your assets with a barcode system. Watch the full episode for every little detail, or read on for a quick recap of what we talked about.
What are business assets?
Before diving into how to track your assets, let’s clarify what actually qualifies as a business asset. When you boil it down, a business asset is essentially anything that helps you generate revenue.
Your business assets will fall into two main categories.
- Intangible Assets: Anything in your business that you can’t physically see or touch would fall into this category. Think of things like your brand identity, intellectual property (IP), or business processes. While you may not be able to slap a barcode on these things, they’re still integral to how you run your business.
- Tangible Assets: These are physical items that many people might think of when they hear the term business asset. This would include items such as laptops, tools, expensive machinery, and consumables that keep your everyday operation running smoothly.
You can also break these categories down further into current assets and fixed assets. Current assets are anything you’ll use up in a year. For example, office supplies, PPE, and even prepaid rent. On the other hand, fixed assets refer to things you’ll use for years to come after purchase. This would include big-ticket items like vehicles, real estate, and specialized equipment.
Why asset tracking matters more than you think
Asset tracking isn’t just about knowing where your stuff is, though that’s certainly a big part of it. It’s about tracking the flow of items as they move through your organization, understanding who’s using what and when, and collecting data that helps you make smarter business decisions.
For instance, let’s say you run a field service business and you only invested in a single specialized tool to save some money. If you’re tracking your assets properly, you may notice that equipment is always being used by one technician, leaving some of your other employees waiting around for it to become available. Proper asset tracking will help you spot these patterns so you’ll know when it’s time to invest in additional equipment.
The real power of asset tracking lies in the data collection. You can find actionable insights on usage patterns, maintenance schedules, and consumption rates. This isn’t just about preventing theft or stockouts (though it does that too), it’s about fine-tuning your entire workflow.
Setting up barcode asset tracking: it’s easier than you think
Tracking assets effectively all comes down to the tools you use. Asset barcodes, for example, are a great way to streamline your workflow and turn every scan into actionable insights.
You may think setting up a barcode system is expensive or time-consuming, but that couldn’t be further from the truth. In fact, asset barcodes are actually simpler to deal with than product barcodes. Since you’re tracking internal assets, you don’t need expensive GS1 registered barcodes.
When setting up a barcode system, the barrier to entry is surprisingly low. You can create barcodes using free online generators, barcode fonts, or built-in features in inventory software. For printing, you can start with a regular office printer, though dedicated barcode printers offer better durability. As for scanning, your smartphone can double as a scanner, but again, professional barcode scanners offer better speed and reliability.
If you’re really determined to keep costs down, you can even generate barcodes with Excel and use it to track your assets. It’s clunky and not ideal, but it’s possible. You’d list all your assets in a spreadsheet, assign barcodes to each, then use control/command+F to search when you scan. Not elegant, but it gets the job done for small teams just starting out.
Best practices for maximum success
Once you’ve got your system in place, following a few key practices will help you get the most value from your asset tracking workflow.
- Categorize everything: Group similar items together. For example, put all your consumables in one category, and your expensive machinery in another. This helps with both tracking and physical organization in your stockroom or warehouse.
- Only track key information: Yes, you can track everything, but information overload is real. Focus on what matters: purchase date, cost, service history, who last used it, and current condition. Skip the unnecessary details like color or exact dimensions unless they’re truly relevant to how the asset is used.
- Strategic barcode placement: Put barcodes where they’re easily accessible. Don’t make someone disassemble equipment just to scan a barcode. For consumables, place barcodes on the most visible side of boxes or containers. If your workflow allows, consider putting a single barcode on the shelf for workers to scan instead of individual items.
Get started with asset tracking today
Asset tracking isn’t just for big corporations with massive budgets. Any business with physical assets can benefit from it, and modern technology makes it easier than ever. Whether you’re a small startup planning for growth or an established business looking to optimize operations, starting with a simple asset tracking system can provide immediate value and scale with your needs.
The key is to start small and build good habits early. Even if you only have a few items to track now, establishing the workflow when it’s manageable sets you up for success as you grow.
Want to get an even closer look into asset tracking strategies and hear real-world examples? Watch the full Secret Life of Inventory episode for detailed insights, and practical tips you can implement today.
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