Asset protection is the top priority for businesses that need to manage a huge volume of valuable business equipment efficiently and precisely. Asset tagging helps businesses streamline their asset management processes while ensuring easy tracking and security of valuable assets.
What is asset tagging?
A business typically acquires hundreds of assets that are essential for day-to-day tasks. Tools and equipment not only are shared between individuals and departments but also are used in offsite or client locations.
These valuable assets have a high risk of being lost, damaged, or misplaced, all of which increase the expenditure on repairs or replacement, not to mention administrative overheads.
Tracking valuable business assets is the ideal way to prevent these recurrent expenses and improve operational efficiency. Asset protection systems help businesses tag each valuable asset with unique asset tags, which then enable real-time tracking.
Asset tags are adhesive labels containing the unique serial number or barcode that are placed on each equipment to enable their easy identification. They contain specific identification numbers, asset codes, details about location, date of purchase and other relevant information. These labels are scanned using a barcode or QR code scanner to obtain all relevant dynamic information. This process enhances the security and visibility of assets across locations and makes it easy to manage them.
Types of asset tracking labels
Barcodes are comprised of alternating black and white vertical lines that are read by barcode scanning machines. They contain short asset descriptions that are machine-readable and are available in one-dimensional and two-dimensional versions. Barcodes are extensively used for asset management and inventory tracking and increase organizational efficiency. They can be used by any employee across the organization as there is no special training required.
QR Codes are used widely across industries and in marketing and are black squares in a grid on a white background. QR codes have greater storage capacity as compared to barcodes. These codes can be scanned using any smartphone and do not need specialized scanning equipment. A comprehensive asset tracking solutions provider also offers cloud storage of asset data along with QR code printer.
An RFID tag is a type of asset tracking label that has a small electronic device with an antenna and a chip. The tags are placed on various assets, and the information is transmitted through the antenna signal.
RFID tags have the advantage in that the asset manager and the asset do not have to be in the same location to function. This means employees can scan assets quickly without going to the asset’s location.
Asset tagging benefits
Asset protection labels enable businesses to supervise the entire lifecycle of assets right from their purchase to their disposal. Asset tagging for businesses are known to provide a range of benefits, including:
- A database that is easily accessible within the system
- Streamlined maintenance management
- Time-saving with no manual entry of asset details
- Cross-sharing of assets is easy across departments
- Increased compliance with industry-specific quality standards and regulations
- Readily available usage data makes asset depreciation calculation easy
- Helps meet audit requirements
Here are the five ways to protect your business valuables with asset tagging:
Deterrent for theft
Asset protection systems act as deterrents for thieves. Each year, both large and small corporations become the target for thieves, which has led to businesses making asset protection a priority.
Asset tags can be applied on to a range of both movable and fixed assets, including laptops, computers, printing equipment, heavy machinery, tools and other gadgets. This enables easy tracking and tracing of these assets. The chances of criminals stealing items that are tagged are minimal. Placing asset tags in the front of the valuable will ensure they are clearly visible at all times.
Even when someone tries to take the asset label off, the asset tag leaves a ‘Void’ mark, which will reduce its value to potential buyers.
Streamlined inventory management
Smart asset tagging solutions provide unique barcode or serial number, which can then be scanned into the company’s inventory management system. Businesses find it easy to track and manage their inventory in a streamlined way with efficient stocktaking. For instance, knowing what assets are being used in the workshop or shop floor and which assets are in the storeroom helps prevent duplicate ordering or under-ordering, thereby saving cost.
Prevent excess expenditure
Many times, employees may forget to return valuable assets after using them in offsite locations. Cutting-edge asset protection systems with cloud-based storage of data prevent this from occurring. Scanning all the barcodes and serial numbers into the computer can help keep track of which employee is in charge of a specific asset. Asset tagging solutions will also help ensure office equipment is not taken out of the workplace regularly for personal reasons.
Untagged assets become a liability, as there is no accountability. These assets can get stolen, misplaced, lost, or damaged, which can mean expensive repairs and replacement that can cause a huge dent in the profits. Tagging valuable business assets help trim preventable cost and redundant expenditure.
Track and locate lost items
Optimized asset tagging for business facilitates easy management of assets that are lost or misplaced. With real-time information about the asset’s location enabled by GPS-enabled asset tracking systems, retrieving lost or misplaced valuable assets is made easy.
Precise maintenance management
Many businesses depend on the performance of their physical assets. Regular maintenance and timely repairs help ensure their optimal performance. With smart asset tagging solutions, businesses can automate maintenance management processes while keeping accurate records of replacement scheduling, repairs and standard calibration and maintenance.