Everything you need to know about Asset tagging

Asset tagging doesn’t require any special introduction, as it has become a common term in business and is being embraced by all companies, irrespective of size and sector. If you happen to be a part of a small company that has fewer assets, then tagging may not be that important. But this is not the case with a multinational company that has innumerable assets. Physically counting all the assets once in a month or year is not a feasible option. The very thought of doing so is tiring.

Tags are as important as your assets as it gives you complete information about all the assets within your organization, its condition and movements. Once tagged, your work becomes easier and more organized. But, tagging itself is a lengthy process, that involves quite a few steps. The process involves:

Determining the type of asset and category

Some of the common types of assets are  current, non-current, physical, intangible, operating, and non-operating. Assets can be grouped based on factors that include the department, cost, use, or any number of other variables. Classifying assets is extremely important  when it comes to the functioning of an enterprise.

 A unique identification number

Accurate tracking of assets is not possible without a unique identification number. It eases the process of reordering, maintenance, and accounting as the number will include coding that carries details about the type of asset and department.

Deciding the type of tag

Asset tags come in various forms, sizes, materials and colours. You need to select the one that best suits your business as the properties of these tags vary from one to another. Some of them are durable harsh weather tags that can be used indoor as well as outdoor, while some others are meant for just indoor purpose.

Updating asset tracking system

Asset data that includes details such as number, date of acquisition, location, value, information about the manufactures, etc should be entered in the asset tracking system.

This is followed by affixing the asset tag to the item, which can be done with the help of pressure-sensitive adhesive or mechanical attachments.

Asset tagging and tracking systems are an integral part of asset management. It helps in maximizing asset control efficiency and minimizing equipment loss. It just takes few clicks of a mouse to gather information about any asset, wherever they are located. Hence, do not hesitate to invest in asset tagging, it can help you save time and money in the long run.