Both asset management and asset tracking can be lumped in the same category. For instance, asset tracking tools are often included in most Asset Management Software. The two systems go hand-in-hand when it comes to recording data. But, when compared, there are various differences between the two.
Asset Tracking Software can be purchased as a stand-alone solution. It is utilised for inventory, equipment, and fleet management. Focusing on real-time tracking and recording of assets. This enables businesses to collect data to build an accurate asset register.
Asset tagging tools enable users to view an asset's current state in real-time. Including location and users. This is possible with the use of Barcodes, RFID tags, and GPS trackers. Real-time data is useful for locating lost or stolen assets. As well as reducing ghost assets and cutting purchasing costs.
Asset Management Software, on the other hand, offers a more complete package. It provides features to manage assets in a way that maximises usability and ROI. A key function of Asset Management Software is ensuring life cycle management. This helps forecast the acquisition of future assets. As well as allowing asset managers to assess and conduct the disposal of ageing assets.
AMS tools also allow businesses to manage planning and budgeting. As well as maintenance management and service management.