There’s a number of reasons that motivate companies to invest in an asset tracking solution. These motivations can be anything from saving money to complying with laws and regulations. Compliance regulations exist in every industry but may differ in severity. By having an asset tracking system in place, you can stay in compliance and avoid negligence.

 

Traditional Methods for Compliance Assurance

Before RTLS existed, companies had to keep track of their equipment using pen and paper-based systems. These methods get the job done, but they leave room for human error. Sometimes companies unintentionally miss one piece of information and suffer the consequences of not meeting compliance requirements. Lack of meeting those requirements leads to lost money and a bruised company image. Now that RTLS technology has become prevalent, companies are beginning to leave paper reporting in the past. 

Asset Tracking’s Role in Compliance

Regulatory Compliance Reporting

Asset tracking tags can give your company peace of mind by providing a detailed report with location patterns for high-value or regulated equipment. You don’t have to rely on word of mouth or risk forgetfulness. You can trust that the recorded locations are accurate for reporting purposes. Inaccurate reports lead to uninformed risk decisions and financial penalties.

Condition-Based Monitoring

Asset tracking provides information about the conditions of your assets and their surrounding environment. Some companies have sensitive assets like food that need to remain at a specific temperature. Asset tags with integrated sensors ensure that environmentally sensitive items stay safe and in good condition.

Process Consistency

An asset tracking system uses the same process every time while gathering information. As years go by, protocols and methods change. Even large companies with multiple people in the same role might have several processes for the same task. Old reporting methods can be confusing and difficult to understand. An asset tracking system keeps processes consistent and easy to replicate while growing with a company’s new needs.

Can You Benefit from Compliance Management?

Following compliance regulations is a part of every business and industry. Link Labs has created a solution to simplify meeting regulatory requirements. To learn about how our AirFinder solution can help your company meet compliance requirements, book a demo with us today!

Jennifer Halstead

Written by Jennifer Halstead

Jennifer Halstead, MBA, CPA brings more than 20 years financial industry experience to Link Labs. She began her career in finance within the pharmaceutical industry and has continued in both public accounting and private companies. She passed the CPA exam with the 3rd highest score in the state and completed her MBA with an accounting concentration (summa cum laude). Jennifer has worked with several software companies and has led multiple venture financing, merger and acquisitions deals. She has helped companies expand internationally and has managed the finance department of a startup to 33 consecutive quarters of growth prior to acquisition. After the acquisition, she served as the Controller of Dell Software Group’s Data Protection Division where she managed a portfolio of multiple hardware and software products to scale and achieve over triple-digit growth worldwide in 18 months. Jennifer brings a depth of finance experience to the Link Labs team.

Related Blogs

Asset Tracking, BLE Asset Management Asset Tracking, RTLS Solution, asset tracking solution, manufacturing, RTLS system, sustainability, Waste Prevention, waste management plan, minimize waste, waste reduction, waste management, reduce waste, environmentally conscious, waste prevention strategy, production error

How to Construct a Waste Prevention Plan

Asset Tracking, BLE Asset Management loss prevention, battery life, cold chain monitoring, sustainability, Inventory Management, Monitoring Waste, Rechargeable SuperTag, Environment, Emissions Reduction, Returnable Crates and Pallets, Waste Prevention

How Link Labs Promotes Sustainability

Asset Tracking, BLE Asset Management M2M, RTLS, RFID, iot, remote assets, Active RFID, ai, technology, asset tracking technology, gps tracker, Passive RFID, Cloud Native Applications, Industry 4.0, IoT Hub, IoT Edge, Hyperautomation, Geolocation, IT tools, GPS tracking device, RTLS Technology, Security Risks, Aerospace Manufacturing, nurse burnout, cloud, critical medical devices

Recap: How it Works? The Background Behind the Technology

Subscribe to Link Labs' blog weekly update!

Subscribe

Subscribe to Link Labs' blog weekly update!