There are many types of asset tracking systems in existence. The first is the bar code and scanner system. With this type of system, each product is assigned a unique barcode. A scanner is then used to scan the code when the product leaves the factory or warehouse. At the storage area or retail shop, the product is again scanned and the item is added to the inventory tracking software. When the product is sold, the bar code is scanned and the system gets updated.
Another type of asset tracking system is the RFID chip and sensor system. With this system, each asset or product has an RFID chip installed. As it is moved around, the sensors can pick up the radio signal that indicate the location of the asset. This is the most common type of tracking technology nowadays, but it’s a little bit more costly than using bar codes.