Everyone must have seen tags on their personal stuff when they are purchased like clothing, groceries, luxury goods, etc. These are tags which are thrown away after the products are at your home, they are of no use.
But they have significant use for the manufacturer, dealer, retailer, or we can say until the product reaches the customer’s home.
These tags are known as asset tags. They carry information such as the product’s manufacturing date, company from which item was purchased, its cost price, shelf life, or name of the person to whom it is allotted or assigned, and other related information regarding the item.
Asset tags are the labels that use to identify equipment and asset with a unique serial number. This asset tag can be a Barcode, QR code, or the higher technology tags i.e., RFID, NFC, BLE, IoT, GPS.
These asset tags make the processes of data entry quick and also reduces the chances of errors. The tags are very compatible being small in size and made of a material that is tamper-resistant.
Assets that need to be Tagged:
Assets for any organization is the item of high value, this makes it important to be cared for. So, keeping records of high-value assets is important for an organization to get a better return on investments.
Asset tagging is required to keep record validation as they ensure accurate data and information.
Assets that need to be tracked can be of high value that is depreciated at the end after their useful life and most assets are tracked when their movement history is frequent i.e., assets and equipment that move a lot.
Few examples of assets that need to be tagged and tracked are:
- Tables and Chairs
- Mobile Phone
These all examples are from different departments such as IT hardware, audio-visual, furnishing, etc. these may vary from industry to industry.
The importance of assets is totally dependent on the industry in which business is growing.
The Requirement of Asset Tagging:
Asset tagging requires to manage the physical capital to make the informed decision easy with respect to physical inventory and assets.
These asset labels are helpful in fulfilling the purpose of asset tracking and preventing them from theft.
Following are the points, how asset tagging is helpful:
- Keep accurate asset records
- Track assets inside/outside the premises
- Reduce downtime
- Increase the security of assets
- Increase the efficiency of equipment and employees
Problems when there is no Asset Tagging System:
With no proper asset record it is there will be no track to data such as asset’s value, its shelf life, etc. Less visibility is a huge problem when it comes to small equipment and consumables as they tend to move from place to place very often or get consumed (over), respectively.
Therefore, it is difficult to take any smart decision in this kind of situation.
Less information exchange:
Asset tagging is an important part of asset management strategy but in its absence, it is never possible to build an effective data profile for assets and equipment.
To make informed and smart decisions there is a need for accurate information without any loop or mismatch.
Improper Maintenance Decisions:
There is always a need (from time to time) for maintenance to an asset and equipment. With no asset tagging system around, it might get difficult to manage the maintenance, repairs, and replacements.
One wrong decision can bring you many difficulties and losses. There is a need for accurate asset details and information for its maintenance and repairs whether it be scheduled or unscheduled or if its shelf life is over then it needs a replacement.
For work order to operate properly, it will need accurate information about assets and equipment such as which asset is urgently required but currently in which state it is (working/under-maintenance).
Wrong decisions not only bring problems and financial losses but they consume time as well which is very precious. Afterall Time is Money.
Benefits of Asset Tags:
- To know information about physical assets in detail from their manufacturing to shelf life and depreciation amount.
- To know assets operational condition, it’s time to time maintenance or repairs and replacements, if any.
- Its efficiency to track, monitor, identify and control the movement of assets without permission.
- Prevent theft and track misplacement of assets, finely.
- Allows business to track costs.
- Reduce headaches of tracking and re-ordering of inventory or consumable items.
Asset tags are necessary for asset tracking and management of assets for any business. It is an elementary part of the businesses these days. The tagging system and asset management software helps you get a better vision for your assets and equipment so that to make better and informed decisions.