Businesses in various sectors throughout the UK are under growing pressure to account for every asset they own or manage. While asset tracking was once regarded as something nice to have, it’s fast becoming mandatory in several key sectors.
Whether required by strict regulations, prompted by rising insurance costs, or the complexity of supply chains, the following five industries are paving the way towards mandatory asset tracking.
Pharmaceuticals
The pharmaceutical industry is one of the most tightly regulated sectors, and for good reason. The World Health Organisation estimated that one in 10 medical products in low- and middle-income countries is substandard or falsified, putting lives at risk and increasing the scrutiny of supply chain management.
Asset tracking has become essential for maintaining good distribution practice (GDP) compliance and ensuring pharmaceutical products’ integrity from production to delivery. Regulations such as the EU’s Falsified Medicines Directive (FMD) and the US Drug Supply Chain Security Act (DSCSA) require detailed tracking of serialised products across the supply chain. Without FMIS’ asset tracking system, pharmaceutical companies risk non-compliance, recalls, and reputational damage.
Construction
The UK’s construction industry is facing an all-time high in machinery theft. 2023/34 saw an 80% increase in enquiries related to stolen machinery. In addition to delaying construction projects, the increase in machinery theft costs the industry more than £800 million every year.
Asset tracking in the construction industry has become essential for project profitability and compliance with safety standards. An increasing number of insurance providers and principal contractors now require subcontractors and suppliers to tag and track their machinery, tools, and vehicles.
FMIS’ asset tracking software can help reduce theft and loss and improve operational efficiency. Construction companies are given real-time visibility over the location of important assets and their use, allowing them to re-allocate idle equipment and avoid unnecessary hires or purchases. Additionally, as more construction contracts incorporate clauses related to sustainability and equipment usage reporting, the data offered by FMIS’ asset tracking systems is becoming indispensable.
Oil and Gas
The oil and gas industry operates in some of the most challenging and remote environments in the world. Equipment failures and lost assets can delay or stop production, cause environmental damage, and put safety at risk.
As a result, regulatory bodies are tightening the rules governing asset visibility, especially for offshore platforms and pipelines. For example, the UK’s Health and Safety Executive (HSE) requires stringent maintenance and inspection records for lifting equipment, pressure systems, and valves, all of which can be tracked using asset management software from FMIS.
Beyond this, environmental and social governance (ESG) scrutiny is increasing, and major oil companies are expected to have strict control. FMIS’ asset tracking systems can help them maintain compliance, simplify audits, and support predictive maintenance for reduced downtime and prolonged asset life.
Public Sector
Public sector organisations, including central government departments, local councils, and NHS Trusts, are facing increasingly strict standards for asset accountability and audit readiness. Every asset purchased with public money must be accounted for.
There’s good reason for this scrutiny. In January 2025, a paramedic stole approximately £3,000 worth of medical equipment from the NHS, and this is only one example of the theft that continues to plague the service. Freedom of Information (FOI) requests, internal audits, and National Audit Office (NAO) reviews have put greater pressure on public institutions to replace manual spreadsheets with more sophisticated asset tracking systems, such as those from FMIS. In many cases, not doing so can result in data breaches, inefficient procurement, and wasteful expenditure.
The introduction of the Government Functional Standard for Property (GovS 004) and the NHS’ Scan4Safety initiative are clear signs that asset tracking is becoming a standard expectation in public administration. Beyond compliance, the benefits also include improved budget planning, better space utilisation, and reduced procurement duplication.
Information Technology (IT)
With remote working now common in many industries, the risks associated with unmanaged IT assets have grown exponentially. Organisations need to manage a distributed inventory of laptops, smartphones, servers, and network devices, each representing a cost and a potential data breach risk if lost or stolen.
Regulations such as the UK’s Data Protection Act 2018 (which incorporates GDPR) require organisations to maintain strict control over devices that store or access personal data. FMIS’ asset tracking software can play a vital role in enforcing these controls by allowing IT departments to monitor device location, usage, and lifecycle status.
For the finance, healthcare, legal, and other sectors where data protection is non-negotiable, IT asset tracking has become a regulatory and reputational necessity. Automated systems that can trigger alerts for missing or unreturned devices help organisations stay compliant and secure, even if they’re spread across multiple locations.
Asset Tracking is Essential
From maintaining compliance and mitigating risk to improving operational efficiency and sustainability, the case for mandatory asset tracking is clear. In the wake of tougher regulations and changing customer expectations, various industries are setting a precedent for widespread use of reliable asset tracking solutions. With scalable solutions readily available from FMIS, there has never been a better time to invest in the control, confidence, and visibility that powerful asset management solutions deliver.