Disclosed is a system for detecting information of assets stored in communication tags and communicating assets information over a communication network. The system includes a bi-directional communication reader and a server. The bi-directional communication reader has at least one antenna with associated signal strength and antenna number. The bi-directional communication reader processes the received assets information from the communication tags. The server includes a database for storing asset information and further the server communicates with the bi-directional communication reader. The server stores asset information using a software application. The software application includes a front end application module for configuration, an event module, a back end application module and a communication module. The front end application module configured to receive at least one operational mode from a user. The operational mode relates to setting of operation of the bi-directional communication reader. The event module reads the asset information from the database and alerts the user if a certain event occurs. The event module sets a specific rule that triggers an event. Further the back end application module configures the bi-directional communication reader as per the selected operational mode to process the required information from the communication tags read by the bi-directional communication reader. The communication module receives processed assets information from the communication tags via the bi-directional communication reader from the specific antenna. Further, the communication module communicates the processed assets information over the communication network via a proprietary protocol.