How to Track Company Assets Adequately

Overview

• Many organizations still rely on manual asset tracking, risking inefficiencies and delays.
• Adequate tracking involves centralizing data, maintaining a master register, monitoring key details, using cloud access, and implementing asset identification technologies.
• Clear policies, custodianship, audits, and lifecycle management improve accountability, accuracy, visibility, and long-term control through structured, technology-supported processes.

In many production environments, asset tracking still relies on logbooks, spreadsheets, or manual checklists. While once manageable, these methods can gradually lead to downtime, inefficiencies, and costly delays that often go unnoticed until problems escalate.

Understanding how to track company assets adequately does not require an immediate overhaul of existing operations. It starts with identifying current gaps, recognizing the limitations of traditional tracking methods, and implementing practical, structured steps that improve visibility, accountability, and overall asset control.

Centralize Data with Asset Management Software

Centralizing asset data through an asset management system helps bring all information into one accessible channel. This allows various teams to view, update, and monitor resources consistently, which improves operations’ visibility and coordination without relying on fragmented records.

Establish a Master Register

Instead of maintaining multiple versions of asset lists, the master register serves as the primary source of truth. It’s an organized list that contains key information about every resource, like its name, category, location, assigned department, condition, and common usage details.

This is where ELID comes in. We offer an asset tracking technology that helps organizations handle their master register in a more structured and precise way. As resources are utilized, transferred, or maintained, updates can be recorded in real time, helping minimize errors, improve traceability, and maintain data integrity. This allows facility and IT teams to depend on asset data with greater confidence and long-term control.

Monitor Key Details

Effective asset tracking requires clear visibility into key details, including location, status, assigned custodian, maintenance history, and availability. Monitoring this information helps teams quickly determine whether an asset is ready for use, due for service, or already allocated—supporting faster decisions and smoother operations.

Cloud-Based Access

Cloud-based access allows asset records to be stored securely online, making them available anytime and anywhere. This ensures that facility managers, IT personnel, and operational staff can view, update, or confirm asset data in real time without depending on paper logs or isolated spreadsheets.

By centralizing information in the cloud, companies can optimize collaboration, reduce errors, and maintain accurate records.

Implement Asset Identification Technology

Once organizations have a concise inventory and centralized records, the next step is making each asset conveniently identifiable. Reliable identification software helps minimize errors, prevents asset misplacement, and streamlines routine procedures like audits, transfers, and maintenance inspections.

Tag Assets

It’s the process of physically labeling each item with a unique identifier, such as a barcode, QR code, or RFID tag. This identifier links the physical asset to its record in your centralized channel, making it easy to track its location, usage, and condition.

ELID offers reliable solutions for tagging assets, helping organizations implement a consistent and accurate tracking process. By sourcing tags from us, businesses benefit from durable and easy-to-use identifiers designed for everyday operations.

Here’s our comprehensive offerings:

Establish Clear Policies and Procedures

Having a well-documented system for asset management is only part of the equation. Teams also need precise policies and methodologies to guide how assets are used, tracked, and maintained.

Through this, brands ensure that employees know their responsibilities, how to report asset movement, and the steps to adhere to for upkeep or audits.

Define Custodianship

This means assigning responsibility for each asset to a certain person, team, or department, ensuring someone is accountable for the asset’s correct use, maintenance, and on-time reporting of any concerns. Clear custodianship helps prevent loss, misuse, and operational delays while improving overall accountability across the organization.

Check-In and Check-Out System

It tracks when assets are borrowed, returned, or transferred between departments, creating an accurate record of usage. Formalizing this process reduces misplacement, ensures accountability, and maintains a precise view of asset availability at all times.

Conduct Regular Audits

Continuous audits are crucial for ensuring that asset information remains correct and up to date. Periodically assessing asset locations, usage, and condition may determine discrepancies, prevent losses, and verify that regulations are being followed.

Physical Inventory Checks

These include traditionally verifying the presence, state, and location of investments against the master register. Conducting these inspections constantly, companies can identify missing, damaged, or misplaced products before they affect workflows, helping maintain accurate records, accountability, and ensuring that assets are available and ready when necessary.

Remove “Ghost” Assets

“Ghost” assets are items that remain listed in records but no longer exist, are unusable, or have been retired. Distinguishing and removing these resources from your system ensures that records remain correct and trustworthy, which prevents confusion, unnecessary audits, and helps teams make better-informed decisions.

Manage the Asset Lifecycle and Upkeep

It oversees every resource from acquisition to disposal, ensuring efficient utilization and proper maintenance throughout its lifecycle. Regular and timely maintenance helps prevent unforeseen breakdowns, extend asset lifespan, and sustain operational efficiency.

Active lifecycle management enables organizations to optimize asset usage, reduce costs, and maintain effective operations.

Key Takeaway

Learning how to track company assets adequately begins with a clear foundation: centralized data, proper asset identification, defined accountability, and consistent audits.

For organizations aiming to improve asset management, ELID provides comprehensive solutions that support accurate records, asset tagging, centralized monitoring, and usage tracking—helping strengthen control and accountability. Connect with ELID to learn how its systems enable more effective asset management.