Irrespective of a company's size, keeping track of company assets should be a central concern to every business. Assets are usually defined as those "permanent" objects that a business uses internally, including (though not strictly limited to) computers, tools, software, and office equipment. Although employees regularly utilize these tools as part of their job, the asset is legally owned by the company and must be returned after use; without an efficient and accurate system of tracking assets, it would be easy for a company to lose track of them.



Those companies that tend to be most profoundly affected by lost assets are, of course, small businesses, as keeping costs low is the key to the success of small businesses. Making certain that assets are fully accounted for is a way to keep control of a company's costs, through the elimination of the expenses involved in replacement.

With the many advancements in technology, asset tracking software is now available that will help any size business track valuable assets such as equipment and supplies. According to a study issued in December, 2005 by the ARC Advisory Group, the worldwide market for Enterprise Asset Management (EAM) was then at an estimated $2.2 billion and was expected to grow at about 5.0 percent per year reaching $2.8 billion in 2010.

Asset tracking software allows companies to track what assets it owns, where each is located, who has it, when it was checked out, when it is due for return, when it is scheduled for maintenance, and the cost and depreciation of each asset.

Most asset-tracking solutions have a built-in reporting option with pre-built reports such as assets by category and department, asset check-in/check-out, net book value of assets, past-due assets, audit history, and transaction details.

This information is all collected by one program, which can be accessed from mobile devices as well as personal computers. Companies can thus reduce their losses, maintain their equipment better, and cut overall expenses. This also allows businesses to make fewer purchases of equipment and streamline their depreciation schedules, which makes tax computation easier.

Most common tracked assets include office supplies, educational supplies, training materials, office equipment, production equipment, tools, software, software licences, videos, DVDs, books, medical equipment, important records, motor vehicles, and many other things used in the normal day to day operation of the company.

Government, educational agencies, and the healthcare industry have started using asset tracking products to reduce costs and improve efficiency. Many computer and office retailers have begun to carry asset tracking products both in-store and online.

Different varieties of asset tracking software have been designed for several types of scanning environments. Heavy Scanning capability is for businesses with asset quantities up to 100,000. Moderate scanning capability is commonly used in offices and warehouses. And standard scanning capability is used in light duty or small offices.

Selecting the appropriate asset tracking system is an important component in the successful operation of any business, large or small.