As a Plant Controller, you are responsible for accurately reporting business cost performance, risks, and opportunities. In addition, you must ensure sound financial controls are maintained. Fortunately, RFID Asset Inventory Trackinghas emerged as a powerful tool that can help you do just that.
RFID asset inventory tracking technology can:
- Monitor asset movement in real time
- Streamline and speed up asset audits
- Automate the documentation and tracking of fixed assets
- Ensure asset accounting records match physical inventory
- Improve financial reporting
With RFID Fixed Asset Inventory Tracking, you can ensure accurate and updated asset accounting records, reduce the risk of theft or misplacement, and reduce time spent on inventory counts.
Keep reading to learn more about how RFID can help you audit fixed assets quickly and efficiently.
How RFID Can Track and Control Asset Movement
RFID technology can provide plant controllers with the ability to quickly and effectively track and control asset movement. RFID tags can be placed on assets to provide an automated and accurate record of the movement of these assets.
This technology can also monitor the movement of assets in real-time and restrict access to certain assets, allowing for better control over their use and location. With RFID tracking, plant controllers can also reduce the risk of theft or misplacement of assets and the time spent on inventory counts.
Monitor Asset Movement in Real-Time
Many organizations struggle with tracking and managing their fixed assets. Without the proper visibility and control, assets can become lost, misplaced, or stolen. But with the right technology, asset movement can be monitored in real-time, ensuring that your business has the visibility and control it needs.
Each RFID reader uses radio waves to determine the location of each item, making it easier to locate missing assets or track assets as they move through your facility. By using RFID, you can track asset movement in real time, so you’ll know exactly where an asset is at any given time.
RFID tags can be attached to any asset and tracked from a central online platform. This makes it easier to monitor asset movement, as you’ll know when an asset is moved from one area to another. You’ll also be able to track the asset’s path, so you’ll know who moved it and where it went.
Speeding Up Asset Audits
Radiofrequency identification (RFID) technology is a powerful tool for plant controllers looking to quickly and accurately audit their fixed assets. RFID tags and readers use radio waves to identify and track items, making it easier to locate missing assets and reduce the time spent on inventory counts.
The main advantage of using RFID technology is that it eliminates the need to scan barcodes, making asset audits much faster and more accurate manually. With RFID Asset Inventory Tracking, plant controllers can simply walk around the facility, and the reader will detect any tagged items in its range. This makes it much easier to keep an updated accounting of all fixed assets and track their movement in real time.
Another benefit of RFID tracking is that it allows controllers to quickly identify any discrepancies between the physical inventory and the accounting records. This can help reduce the risk of theft or misplacement and help controllers ensure that their financial reports are accurate and up-to-date.
Using RFID technology, you can dramatically improve the accuracy and speed of your asset audits. With RFID tags and readers, you can easily track the movement of your fixed assets and ensure that your financial reports are accurate and up-to-date.
This can help reduce risk and save time, allowing you to focus on other business areas.
Automate Documentation and Tracking of Fixed Assets
As a plant controller, you know that accurate financial reporting is essential to make sound business decisions. However, inadequate asset descriptions and poor documentation of asset movement can lead to inaccurate financial reporting. Fortunately, radio frequency identification (RFID) technology can help you automate documentation and tracking of fixed assets, helping to ensure correspondence to physical inventory.
With RFID, you can quickly and accurately document and track fixed assets, eliminating the need for manual tracking. You can ensure accurate and updated asset accounting records by automating documentation and tracking of fixed assets. This helps to reduce the risk of theft or misplacement, as well as reduce the time spent on inventory counts.
Reduce the Risk of Theft or Misplacement
RFID tracking can help reduce the risk of theft or misplacement of valuable assets. RFID tags allow for easy tracking of assets, identifying an asset’s location and movement in real time. This helps to limit the opportunities for assets to be stolen or misplaced, as any suspicious activity can be quickly identified.
Additionally, RFID tags can be configured to enable restricted access to specific areas, further limiting the risk of theft or misplacement.
With RFID tracking, plant controllers can have greater control and visibility over their assets, which can help reduce the risk of theft or misplacement and improve overall financial reporting accuracy.
Reduce Time Spent on Inventory Counts
One of the major benefits of using RFID tracking for fixed assets is reducing the time spent on inventory counts. RFID systems make counting and tracking assets easier, saving time and resources.
With RFID, physical inventories can be conducted in a fraction of the time it would take to count each asset individually. This makes auditing assets easier and ensures that financial records correspond to physical ones.
Additionally, RFID tags can be programmed to provide a range of asset information, such as the item’s serial number, purchase date, and location. This makes it easier to identify assets and reduces the amount of time needed to conduct an audit.
Accurate and Updated Asset Accounting Records
Accurate and updated asset accounting records are essential for the Plant Controller to ensure that the business cost performance, risks, and opportunities are accurately reported.
With the adoption of RFID Asset Inventory Tracking, asset movement and status can be monitored in real-time to ensure that the asset register is cleansed and fortified. This can be achieved by affixing or embedding a RFID Tag to multiple assets, which can then be scanned simultaneously using a Handheld RFID reader with Mobile RFID software. This will allow you to update real-time information associated with an asset record into a central tracking system and platform that configurable reports can be generated and accessed from any web browser.
In addition, integration with other systems, such as SAP, Oracle, IBM Maximo, Sage, etc., can help reduce double entry and human error risks. By tracking assets accurately and efficiently with RFID, you can ensure that the asset accounting records are accurate and up-to-date.
How RFID Tracking Can Ensure Correspondence to Physical Inventory
RFID asset inventory tracking is a tracking system that uses radio waves to identify and track items in a warehouse or other asset inventory. This technology is becoming increasingly popular for businesses because it can accurately and efficiently track assets in real-time.
RFID asset inventory tracking can be used to ensure that asset accounting records match physical inventory and provide businesses with increased visibility and control over their inventory.
The RFID asset tracking system utilizes radio frequency tags that are attached to each item in the inventory. These tags contain information about the item, such as its serial number, description, and location. When the RFID reader scans an item, the reader sends a signal to the tag, which in turn sends information back to the reader. This information is then stored in a centralized database and can be used to track the item accurately.
Businesses can use RFID asset tracking to ensure that their asset accounting records match physical inventory. The RFID reader can be used to scan items as they enter and leave the warehouse, allowing businesses to keep track of the exact quantity of items in their inventory. This ensures that the records of the items in the inventory match the actual number of items present in the warehouse.
Improve Financial Reporting with CPCON RFID Asset Tracking
Are you looking for a way to improve your financial reporting accuracy? CPCON is an industry leader in fixed asset management and provides businesses with the services and software solutions they need to ensure accurate financial reporting and risk management.
With 25+ years of experience and a global network of professionals, CPCON has the expertise and resources to provide interactive solutions tailored to your individual needs. CPCON utilizes Radiofrequency Identification (RFID) technology to automatize fixed asset management using RFID Tags, Readers and Software systems. This allows automatic data collection and real-time visibility of items, which leads to accurate reporting, reduced inventory period, and streamlined regulatory compliance.
By using CPCON’s RFID technology, businesses can track and control asset movement and ensure correspondence to physical inventory. CPCON is the go-to for reliable and efficient fixed asset management from manufacturers to healthcare systems and governments.
With CPCON, you can easily track and monitor the movement of fixed assets within and between facilities, ensure that all assets are properly accounted for, and monitor depreciation. CPCON also helps to reduce data entry errors and streamline the audit process with its intuitive user interface.
Contact CPCON today and take advantage of our comprehensive RFID asset tracking solutions. With our intuitive user interface and industry-leading expertise, you can take control of your fixed asset management and streamline your regulatory compliance. Let us help you take your financial reporting to the next level.