From expensive machinery to valuable IT equipment, organizations rely on a wide range of assets to carry out their day-to-day operations. To effectively track and manage these assets, businesses often turn to modern solutions such as asset tracking software. A key component of asset tracking software is asset tags, which play a pivotal role in simplifying asset management processes. In this blog, we will explore what asset tags are and why they are vital for businesses seeking to optimize their asset management practices.
What are Asset Tags?
Asset tags are physical labels or stickers affixed to tangible assets within an organization. These tags typically contain crucial information about the asset, such as a unique identification number, description, and any other relevant details. The identification number on the asset tag serves as a link to the corresponding digital record in the asset tracking software’s database, providing a seamless connection between physical assets and their digital profiles.
The Importance of Asset Tags for a Business
Asset tags offer several benefits that significantly impact how businesses manage their assets efficiently. Let’s delve into why asset tags are essential for a business:
a) Streamlined Asset Identification:
Asset tags provide a quick and easy way to identify assets, especially in large and diverse inventories. By simply scanning or reading the unique identification number on the asset tag, employees can access essential information about the asset, such as its location, maintenance history, and warranty details.
b) Accurate Asset Tracking:
Digital asset management Singapore relies on asset tags to maintain real-time visibility of assets throughout their lifecycle. As assets move within the organization or change hands, regular scans of asset tags update the system, ensuring accurate tracking and minimizing the risk of asset loss or misplacement.
c) Enhanced Inventory Management:
With asset tags and tracking software, businesses can optimize inventory management processes. Automated updates and real-time data enable accurate inventory counts, preventing overstocking or stockouts, and reducing operational costs.
d) Efficient Maintenance and Repairs:
Asset tags play a pivotal role in streamlining maintenance and repair processes. When an asset requires servicing, the asset tag facilitates the identification of the asset and its maintenance history, expediting the resolution of issues and reducing downtime.
e) Improved Asset Utilization:
By utilizing asset tracking software with asset tags, businesses can identify underutilized assets. This information helps organizations make data-driven decisions regarding asset allocation and disposal, leading to improved resource utilization and cost savings.
f) Regulatory Compliance and Auditing:
For businesses operating in regulated industries, asset tags and tracking software are invaluable for maintaining compliance and facilitating audits. Accurate asset records ensure that assets meet safety standards and are accounted for during auditing processes.
Read More – Medical equipment asset management
Types of Asset Tags
Asset tags come in various forms, each designed to cater to specific asset types and environmental conditions. Some common types of asset tags include:
a) Barcode Tags:
These tags feature a unique barcode that can be scanned with a barcode reader or a smartphone. Barcode tags are cost-effective and suitable for tracking a large number of assets.
b) RFID Tags:
Radio-Frequency Identification (RFID) tags use radio waves to transmit asset information to RFID readers. RFID tags offer a non-contact scanning method and are ideal for assets in high-volume environments.
c) QR Code Tags:
QR code tags are similar to barcode tags but can store more information, including URLs and multimedia content. Scanning QR code tags with a smartphone allows for easy access to detailed asset information.
d) GPS Tags:
For assets that frequently move off-site, GPS tags provide real-time location tracking, enhancing security and enabling swift recovery in case of theft or loss.
Implementing Asset Tags and Tracking Software
To fully leverage the benefits of asset tags, businesses need to implement asset tracking software that seamlessly integrates with their asset management workflows. This software should provide robust features, including asset data capture, real-time tracking, customizable reports, and integration with mobile devices for on-the-go asset management.
Read More – Marine asset management
The implementation process typically involves:
a) Asset Tagging:
Affixing asset tags to each physical asset within the organization and associating them with the corresponding digital records in the asset tracking software.
b) Database Population:
Populating the asset tracking software’s database with accurate asset information, including asset details, maintenance schedules, warranty information, and more.
c) Staff Training:
Ensuring that relevant employees are trained on how to use the asset tracking software and interact with asset tags.
d) Regular Maintenance:
Conducting periodic checks on asset tags to ensure they remain intact and legible. Replacing damaged or illegible tags is crucial to maintaining accurate asset data.
Conclusion:
Asset tags are a fundamental component of modern asset management practices. By providing a tangible link between physical assets and their digital profiles, asset tags enable businesses to streamline asset identification, tracking, and management. With accurate and real-time asset data at their fingertips, organizations can enhance inventory management, improve asset utilization, and ensure compliance with regulatory standards. When coupled with a robust asset tracking software solution, asset tags become indispensable tools for businesses seeking to optimize their asset management practices and drive operational efficiency.
Read more – IT hardware asset management
FAQ’s
1. When do Asset Tags require Bar Codes?
Barcodes eliminate human transcription errors by enabling error-free, machine-readable recording through bar code scanners. For corporations or educational institutions with substantial inventories of physical goods to monitor, track, or maintain, bar codes are frequently beneficial and essential.
2. Which Assets need to be tagged?
Asset tags, whether they have bar codes or not, are beneficial for items that need any kind of monitoring, reporting, labelling, maintenance, or ownership verification in organisations like large commercial firms, the government, and educational institutions. Applications for the Department of Defence (DoD), the military, aerospace, or airlines all require UID labelling. It may be necessary for vendors and suppliers to tag assets that are sold for usage by those organisations.
3. What Is the Standard Asset Tag Size?
The preferred size for movable assets including mobile phones, PDAs, laptop computers, tools, and other highly valued portable and removable objects is 1.5′′ wide by 0.75′′ high. This is caused by both the smaller label placement spaces and the smaller tags’ overall diminished prominence.
When adding logos to the tags or when more than 24 characters are required for the asset captions or headings, 2.0′′ wide by 0.75′′ high is a perfect size option.
Ideal for immobile or stationary items, this item measures 2″ wide by 1″ high. Larger tags enable for immediate logo identification and easier scanning when barcode readers are employed. They are also easier to read from a somewhat wider distance.
