What are Asset Tags?
Asset Tags are the labels that are targeted to monitor and track the organization’s physical assets. These asset tags are not used alone rather used as a combination with asset tracking software program to fulfil its proper use.
Asset tags also act as the foundation for a smooth process of repairing, maintenance and inventory control of equipment for enterprises.
The code affixed on an asset tag hold details of the asset. The details include item’s manufacturing date, company’s name from which item was purchased, cost price, shelf life, name of the person to whom it is allotted or assigned, and other important information regarding the item.
Asset tags or asset labels are commonly made of anodized aluminum or laminated polyester. The common designs of an asset tag include the company’s logo with a border for the pattern.
Most of the asset tags nowadays use barcodes to speed up their data entry and decrease field entry errors.
There are two types of assets:
1. Movable Assets:
As known by the name itself, the assets which have the ability to move are known as movable assets. These assets include furniture and equipment that are not part of the infrastructure. More examples of movable assets are laptop systems, vehicles, etc.
2. Fixed Assets:
These assets are the type of physical assets that are remained fixed at their location throughout their lifespan. These assets are also known to be infrastructure assets or the assets that are counted as physical properties of the enterprise and are controlled by them. The examples of fixed assets are bridges, tunnels, buildings, machines and equipment attached to the building.
Why Assets need Tagging?
Asset tagging or asset labeling helps you to manage the physical capital and make it easy to make informed decisions in respect of your physical inventory and asset, whether it be repair or replacement of an asset.
Further, asset tags and asset labels are helpful for tracking and preventing theft of physical assets. Some of the featured points of the asset management system are:
- Maximum efficiency of equipment and employees
- Reduction in downtime by better planning
- Theft prevention with increased security of assets
- Completion of required compliance
Which Assets require tagging?
Asset tags are required to fulfill the need of keeping record validation. These asset labels encourage and ensure the insurance carrier and the police department in tracking the stolen assets.
They are helpful in calculating the worth value of equipment or asset at business year-end.
They are of more use, as follows:
- Retrieve stolen or lost equipment.
- Keep proper asset records.
- Keep a visual record for lease contracts and other arrangements.
- Required by the insurance carrier for record and validation.
- Required by police to track stolen or misplaced assets.
What is the necessity of Barcode on Asset Tags?
Barcodes are very valuable and necessary in businesses that have large and diversified inventories and assets (physical properties) that should be monitored, maintained and tracked.
As barcodes provide error-free, machine-readable recording through their scanners, reduce manual transcription errors (human error), they are a spot-on requirement for asset tags and labels.
The barcode readers/scanners moreover decode the details and information present in the barcode and check it thoroughly in the database for tracking and maintenance purposes.
The barcode asset tags or asset labels provide more secure access to records and information for the essential team members.
Why Asset Tags are important?
It is important for any organization to know about the condition of their physical assets regarding its operating power to its location at which it is located.
It is easy and efficient with asset tags to monitor, identify, track, and control the assets of an organization for its reputation and bottom line.
All the physical assets are generally out in the field for their purpose and use, there only they undergo repairs and updates to their selling and being removed or stolen, by chance.
Apart from this, all the information regarding the purchase of an assets’ disposal, is also traced from the history and easily reviewed with the use of asset management systems, and asset tags or asset labels that come affixed along.
Asset tags, asset management, asset inventory, inventory control, maintenance management, assets’ purchase, and requisition are all the parts and control of asset tracking and management system.
How Asset Tags are used in companies?
The asset labels can now serve more small, mobile, and valuable assets. This makes the production of asset labels to be smaller, tamper-resistant, and to be more integrated with asset management software.
Main functions of asset tags in business involve:
1. Equipment Tracking:
Asset labels are used to track an asset wherever they move from manufacturing or construction site to dock or lab to further distribution. In all the check-ins and check-outs.
Asset tags and asset labels must remain with assets only that too for the lifetime.
2. Inventory Control:
Asset labels can help perform periodic audits of the assets involved in the business and calculate the value of the asset over its lifecycle.
3. Theft Prevention:
The return of valuable assets is important. With asset labels, it is easy to return any valuable instrument to its owner and preventing accidental misplacements of the assets (internally in a department or another department).
4. MRO Information:
Scanning of an asset label (with barcode specifically) can help you to know about the repair instructions and maintenance schedules, from the database.
The use of asset labels in the collection of data of assets and their tracking simultaneously has proven to be faster, cheaper, and more accurate than all the older methods in use (manual data entry).
Durable asset labels are more readable in the toughest of the environment, therefore you can manage the physical assets without any headache of degradation of asset tag or label.
You can even customize your asset tags for you use of specific application including its material, design, and various elements.