Keeping track of physical assets used to be a headache — manual, spreadsheet-based methods compounded errors and slowed down daily operations.
Modern asset tracking technology is revolutionizing how many industries manage their valuable resources. Today’s tools offer smarter, more efficient ways to monitor assets in real time, reduce losses, and optimize operations.
Here’s a guide to some common tools and methods for real-time asset tracking. Or, jump to the bottom to learn how Fishbowl helps you implement the right asset tracking solutions for your business.
9 asset tracking technologies
There are plenty of asset tracking systems to choose from, but they aren’t created equal. Here’s an overview of the most popular ways to manage assets and track their locations.
1. Bluetooth Low Energy
Bluetooth Low Energy (BLE) transmits low-power radio signals between small battery-powered tags and nearby receivers. These tags broadcast their unique IDs at intervals, and the receivers pick up these signals to determine the tag’s location inside the facility.
Pros:
- Energy-efficient tags last longer, reducing maintenance
- Easily integrates with mobile devices and most inventory management systems
- More affordable than indoor tracking alternatives like UWB
Cons:
- Signal range is typically limited to 100 meters or less, making it less effective for large or open facilities
- Interference is common in environments with heavy machinery, metal shelving, or concrete walls
- Requires a dense network of receivers throughout the area for accuracy
2. Wi-Fi
To track assets with Wi-Fi, you equip them with Wi-Fi-enabled tags or devices. These tags connect to your facility’s existing Wi-Fi access points. The system estimates the asset’s live location by measuring the signal strength from access points.
Pros:
- Easy and inexpensive to implement since it leverages existing Wi-Fi systems
- Provides frequent location updates for real-time visibility
- Compatible with many mobile devices and inventory software
Cons:
- Less energy-efficient than alternatives like BLE, increasing costs
- Presents potential security risks if the network isn’t properly secured
- Accuracy depends on network stability and coverage
3. Barcodes
Barcodes encode asset information into a pattern of black and white lines or squares. Workers scan these into the system to log each asset’s location. Once assets have been scanned, you can easily look up their details and locations in your inventory database.
Pros:
- Low-cost and straightforward implementation
- No power needed for tags
- Scannable with handheld readers or smartphones
Cons:
- Requires manual scanning, so there’s no real-time tracking
- Labels can degrade or become unreadable over time
- Human errors during scanning or data entry can compound, leading to inaccurate inventory records
4. Radio-frequency identification
Radio-frequency identification (RFID) uses radio waves to communicate between a tag and a reader. There are two kinds of RFID tags: active tags, which use their own battery to broadcast signals, and passive tags, which rely on the reader’s signal to power them.
Readers pick up signals from these tags to identify and locate assets, even when they’re not in direct sight. For example, a reader placed in a doorway can detect assets moving in or out without manual scanning.
Pros:
- Automatic bulk scanning enables high-volume inventory tracking
- Easily scalable across large facilities or multiple locations
- Speeds up inventory processes and reduces human error
Cons:
- Higher initial cost compared to barcode systems
- Location data is often vague — RFID identifies when a tag is within range of a reader but can’t precisely pinpoint its exact location
- Performance can be disrupted by metals or liquids through electromagnetic interference
5. Long Range Wide Area Network
Long Range Wide Area Network (LoRaWAN) tags send small data packets of low-frequency radio waves over long distances to LoRa gateways. This allows you to track assets spread over large outdoor areas or remote sites with limited cellular coverage.
Pros:
- Covers large geographic areas with fewer gateways, which is useful for industries that manage field equipment or remote assets, like agriculture and construction
- Lower infrastructure costs compared to cellular tracking alternatives
- Reliably transmits data in crowded environments — LoRa data can cut through signal noise and physical obstructions better than high-frequency systems
Cons:
- Low bandwidth means LoRa updates only happen periodically, which can make asset location tracking imprecise
- Inadequate for live monitoring — data transfers slowly, so real-time visibility is limited
- Interference becomes more likely as more industries adopt this technology
6. Global Positioning System
Global Positioning System (GPS) devices receive satellite signals to calculate an asset’s precise latitude-longitude coordinates. Then they transmit location data via cellular or satellite networks, allowing for real-time tracking over wide areas.
Pros:
- Well-suited for tracking industrial assets over vast outdoor distances, and essential for fleet management and logistics
- Widely used and understood, so your team is less likely to face a steep learning curve
- Real-time, accurate updates simplify location tracking
Cons:
- Requires high visibility — satellites can’t penetrate solid structures, so performance drops in tunnels, dense forests, and underground and indoor environments
- Satellite disruptions may occur and can’t be corrected by end users
- GPS devices can drain batteries quickly, increasing maintenance needs
7. Ultra-wideband
Ultra-wideband (UWB) transmits short, high-frequency pulses over a broad spectrum. By measuring the time it takes for these pulses to travel between tags and sensors, UWB can triangulate the precise position of an asset.
Pros:
- Extremely accurate indoor tracking, within inches or even centimeters
- Resistant to interference from solid objects and overlapping radio signals
- Fast, secure data transmission
Cons:
- Higher initial costs, including infrastructure setup
- Shorter range than other options, making it less effective for large facilities
- Requires a dense sensor network to maintain accuracy
8. Near-field communication
Near-field communication (NFC) uses short-range radio waves to help tags and readers communicate when they’re just a few centimeters apart. Tags are typically embedded in labels or devices, and users trigger a scan by tapping a reader or smartphone against them.
Pros:
- Inexpensive and easy to deploy
- No power needed for NFC tags because they’re passive
- Secure, short-range data exchange
Cons:
- Due to NFC’s limited range, scans require close physical interactions
- Not suitable for bulk scanning due to one-at-a-time tag reading
- Tags can wear out or become damaged with frequent handling
9. Cellular tracking
Cellular tracking devices use built-in cellular radios to send data over mobile networks. These devices may use GPS to determine their location and status, then upload that data in real time via 3G, 4G, or 5G networks to an inventory management platform.
Pros:
- Ideal for tracking mobile assets over large geographic areas
- Real-time updates are available anywhere with cellular coverage
- No need for local infrastructure like readers or gateways
Cons:
- Ongoing cellular data fees add up quickly
- Battery life can be short due to constant data transmission
- Coverage gaps may occur in remote or obstructed areas
The importance of asset tracking
Efficient asset tracking gives you more than just visibility — it offers the control you need to optimize operations and protect your bottom line. Here’s how:
- Reduced loss and theft: With real-time monitoring, you always know where your assets are. This visibility deters theft and helps you recover missing items faster. Enjoy tighter security across your operations and account for fewer write-offs.
- Improved operational efficiency: When you track assets accurately, your team spends less time searching for the items they need and more time getting the job done. Automated tracking also reduces manual data entry, freeing up staff and reducing costly errors that slow down workflows.
- Better maintenance and asset lifespan: Tracking helps you stay on top of preventive maintenance for fixed assets like machinery. You can set usage-based alerts or service schedules to avoid equipment failure and downtime. Over time, this leads to longer asset lifespans and lower replacement costs.
Asset tracking use cases
Here’s how different industries put asset tracking technology to work:
- Manufacturing: Manufacturers track assets like tools, machinery, and raw components to improve inventory management and optimize production cycles.
- Construction: Construction companies monitor equipment inventory across multiple sites. This reduces theft and loss, improves equipment utilization, and keeps projects on schedule.
- Retail: Retailers track inventory assets from warehouses to store shelves to ensure they have enough stock on hand to meet customer demand. Asset tracking also supports efficient returns management.
- Logistics: Tracking shipments, containers, and delivery vehicles provides end-to-end visibility. This allows logistics providers to optimize routes and enhance customer service by offering more accurate delivery times.
How Fishbowl helps with asset tracking
Fishbowl’s powerful inventory management software provides real-time updates on asset locations, usage, and availability. It’s compatible with barcode scanning technology, which simplifies tracking for manufacturers, retailers, and other industries. And with broader, more accurate asset visibility, Fishbowl helps you improve accountability across your operations.
Fishbowl also supports customizable reporting and integration with accounting tools like QuickBooks. These features deliver detailed insights into asset performance and costs, helping you make smarter decisions that boost efficiency.
Discover how Fishbowl can transform your asset tracking strategy
If you’re looking for better inventory control, improved traceability, and easier asset accounting, Fishbowl has your back. With real-time data and seamless integrations, Fishbowl empowers your team to track inventory assets more efficiently and manage costs confidently.
Book a demo to learn how Fishbowl can support your operations from the factory floor to the balance sheet.
