QR Code

QR Code Based Fixed Asset Management

By March 19, 2021November 16th, 2021No Comments

Fixed asset management is a crucial part of any business. In an increasingly technological world, the demand for secure storage and distribution solutions is immense.

Manual fixed asset management has several pitfalls – less return on investment, unable to identify potential savings, risk data breaches, and incompetent to identify the unused assets.

However, when it comes to fixed asset management, there are two main things that businesses must ask:

  1. What technology should be used for easy automation?
  2. How can we develop a good fixed asset management plan?

Digital asset management is an excellent way to automate and streamline processes, and one such tool is QR Codes for fixed asset management. The asset management system market is projected to grow from USD 16.8 billion in 2020 to USD 27.4 billion by 2025 at a CAGR of 10.3%.

QR Codes for fixed asset management can help a business save money, keep track of both ghost and zombie assets seamlessly, and reduce the time of action.

Benefits of switching to QR Codes for fixed asset management

With many technologies such as RFID and GPS tags available, QR Codes are the best option for fixed asset management for businesses.

Most smartphones are equipped with a native QR Code reader that helps businesses and brands keep their cost down and streamline their processes since it eliminates the need to purchase equipment exclusively for scanning products.

QR Codes can also be integrated into other asset tracking software in the form of QR Code asset tags, making it easy for businesses to maintain schedules, track products, and check pieces of equipment.

QR Codes Vs. Excel based fixed asset management

Excel spreadsheets are riddled with perennial issues like version control, access control and security. Whereas QR Codes for fixed asset management allows businesses to instantly view and edit data about any product instead of waiting to open the relevant spreadsheet on the computer and manually update their details.

Data storage capacity

Although barcodes are used extensively for fixed asset management, they cannot store a high amount of data. QR Codes increase the utility of fixed asset tags since they can hold more data instead of barcodes, making it more effective as it stores more data.

Manage multiple locations

The foremost importance of switching to QR Codes for fixed asset management is that they provide flexibility of creating a fixed asset register from multiple location, while maintaining uniformity in a central location.

QR Codes for fixed asset management can help businesses monitor their fixed asset’s location, who they are handled by, financial details etc. In addition, they also help with the transparency of the condition of the assets, with regular verification.

Enhanced responsibility amongst employees

Another added advantage of leveraging QR Codes for fixed asset management and tracking is the increase in responsibility it instills in employees.

QR Codes based asset tags, can help identify and track asset allocation details, maintenance required for assets, damages and replacement costs etc., aiding businesses to deploy and maintain massive amounts of assets at a time. It is rather challenging to maintain a log for assets that have to be mass deployed – in such cases, QR Codes can help businesses revive the uniquity.

Process transparency

Manual asset management and tracking give room to human errors and complications in the process. Besides, supervising assets is increasingly difficult with manual asset tracking.

QR Codes help tackle the issue since they can be tracked in real-time.

You can store and keep track of assets in a single webpage with the help of QR Codes and improve the automation process.