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What Are the Different Types of Asset Tracking Software?

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  • Written By: Troy Holmes
  • Edited By: W. Everett
  • Last Modified Date: 15 March 2014
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In business, asset tracking software refers to an automated inventory management software that is important for tracking a company's assets. There are many types of inventory tracking software available. These are generally divided into two categories — fully automated systems or partially manual systems.

These inventory management software programs typically can manage inventory by tracking the number of items, their cost, and their descriptions. Most inventory systems have special interfaces that connect to accounting programs. This helps streamline accounting processes.

Tracking the inventory of a company without asset tracking software is a tedious undertaking. It requires manually counting each item on the shelf. After the items are counted, their amounts are totaled and entered into a spread sheet, where they are tracked.

Using inventory management software saves valuable time and money. This software can help a business determine customer purchase trends, which can increase the profits of a company. It can also track anomalies in inventory supplies that might indicate theft.

Large retail companies use real-time asset management software to track the sale of products in the store. This software is linked with supply vendors, which can streamline the re-ordering process. The supply vendor is notified of inventory counts as each item is purchased through the check-out register.

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There are several free versions of asset tracking software available on the Internet. This software provides some basic inventory management for a small business. Using free software has the drawback of reduced maintenance support, which makes it less appealing for large companies.

Car rental companies use asset management software to track the available automobiles in inventory. This software is connected to reservation systems, which helps the rental company determine how many cars can be rented on a specific day. Rental agencies can also use this software to check automobiles that are out of service for maintenance and repairs.

Most law enforcement agencies use asset tracking software to track assets that are seized during an arrest. These seizures include guns, cash, drugs, and automobiles. This special inventory management software must track each seizure so the iformation can be used during court proceedings.

Many retail stores use bar code readers to track the products they sell. These bar codes provide identification numbers that are used to identify and track specific items in the store. This bar code technology is available in most advanced asset tracking software programs.

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