Many businesses are still using manual processes to keep track of their assets, whether that be handwritten paper documents or a lengthy spreadsheet log.

Since around 63% of businesses say a lack of technology and inefficient processes are impacting their operations, it’s clear that these outdated approaches are no longer sufficient.

Introducing digital processes is not only better for being able to quickly locate assets, but also for saving hours of time on admin tasks that are eating into the day.

The Challenges of Manual Asset Tracking

Many businesses have long relied on traditional asset tracking methods, but in today’s fast-paced world, they bring additional challenges. Let’s discuss some of the main issues that come alongside a manual approach.

• Time-consuming. This one comes as no shock, but many businesses are having to spend hours of time carrying out repetitive admin work. The process of manually updating records and chasing assets can really take over a day and drive attention away from other duties.
• Higher risk of human error. Manual data entry always risks poorer accuracy, especially when there are a lot of records to update and time is of the essence. Although mistakes aren’t always noticeable at first, they can cause problems later down the line when the incorrect information is passed on.
• Lost assets. When using manual processes, it can be hard to keep track of assets. When there are a lot of pieces of equipment and machinery in use at one given time, it can be easy to lose track of where a lot of them are. This can cause downtime or losses.
• Outdated data. Depending on how closely a team tracks their assets, it can be easy to let records fall behind. If the documents are not updated as soon as an item is in use or returned, people will be basing their information on records that are no longer correct.

What is OCR?

Standing for optical character recognition, OCR is a technology that extracts data from written documents and turns it into information that is machine-readable.

This means that instead of manually typing data into a spreadsheet, OCR can do the same thing in as few as a couple of clicks. It is able to identify the characters from an image or document and turn them into editable text.

Many OCR systems also incorporate AI (artificial intelligence) technology which is able to make use of the data and use it to carry out further actions. Once set up, this can reduce the need for admin time even further.

When it comes to OCR in field service, there are various benefits it can offer. Some of the most common uses are to record serial numbers or product codes of equipment through a simple scan. Since these are typically quite lengthy and are easily susceptible to human error when typed out, it saves a large amount of time when dealing with a large quantity of assets.

How to Use OCR for Faster Asset Tracking

When it comes to field service, businesses can make a noticeable difference to their everyday operations by introducing OCR technology.

By replacing handwritten paper documents or poorly maintained spreadsheets, the need for daily admin is significantly reduced and accuracy is instantly improved.

Many businesses are initially hesitant to change a process that has been in place for so long, so let’s run through some examples of ways OCR can be seamlessly integrated.

Assign unique IDs

A lot of businesses use inconsistent labeling techniques that derive from handwritten stickers or new equipment being added to an existing collection. This makes it increasingly difficult to keep on top of an asset inventory.

It can be as simple as assigning every piece of machinery or equipment a unique identification number. These can then be instantly picked up by OCR tools and recorded in an online system that contains all of the necessary information about that item.

Keep on top of servicing

To maintain a reliable record of each asset's service history, maintenance schedule, and past repairs, OCR can be used to keep a digital footprint that is accessible by simply scanning an item’s label.

This makes it much easier to book in the necessary maintenance work ahead of time and avoid downtime through unexpected service requirements.

Locate assets

Since all assets are identifiable through a scannable label, it makes it much easier to keep track of their whereabouts.

Once OCR is used to scan a label, a record is instantly added to the online system to ensure that its latest location is visible to anyone who is looking. When more records are available, the likelihood of misplaced assets is significantly reduced.

The Future of Asset Tracking

OCR is becoming a go-to approach in field services as it helps make the asset tracking process quicker, easier, and more reliable.

Many businesses have been using the same processes for years and years, but as the industry becomes more fast-paced and technology advances, it is hard to remain competitive without adapting to the times.

As businesses grow and they add more machinery and equipment to their portfolios, they are now able to easily manage their collection and keep on top of allocation when a project begins.