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.
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.
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.
Increase Your ROI by Investing in AirFinder Everywhere
- Loss Prevention. Reduce the amount of loss that occurs during the supply chain process
- Location Coverage. AirFinder Everywhere uses a combination of GPS, Cellular, and WiFi to determine location everywhere
- Security Alerts. Know when a delay in shipment has occurred so the problem can be addressed immediately.
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!
