Asset Tags are an essential tool for businesses and organizations that need to manage their assets efficiently. These small tags, which are typically attached to equipment, provide an easy way to track and manage the location, status, and maintenance of assets. Asset Tags can be used in a wide range of industries, including manufacturing, healthcare, retail, and education, among others.

One of the main benefits of Asset Tags is that they provide real-time data on the location and status of assets, which can help organizations streamline their operations and reduce costs. With Asset Tags, organizations can easily locate and track their assets, which can help prevent loss or theft. Additionally, Asset Tags can be used to monitor the condition of equipment, which can help organizations identify maintenance needs before a problem occurs. In this blog, we will explore the benefits of Asset Tags in more detail, as well as what organizations should look for when choosing Asset Tags to install in their organization.

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What is an Asset Tag?

An asset tag is a label or sticker that identifies equipment or asset using a unique serial number (or barcode). An asset tag is generally made of a material like anodized aluminum or laminated polyester. Asset tags may carry the company's logo and information on the equipment it is affixed upon.

Barcodes are used on asset tags to make the process of data entry quick and to reduce field entry errors. The function of asset tags is to fit in size to every small, mobile, and valuable asset. Asset tags are thus made smaller, more tamper-resistant, and are integrated with asset tracking software as well.

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What Are the Major Functions of an Asset Tag?

Assets are the core of any business. They are prone to risks and represent a definite cost and will make a material difference if damage, lost or theft occurs. They therefore need to be tracked.

Below are some areas that are recognized as major functionalities of an asset tag:

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• Track Equipment

Where are the assets?

Asset Tags are used to track assets even as they move from site to site, from a loading location to an eventual or designated destination. The asset tag must stay attached with the asset for its lifetime. The tags are used for check-in and check-out actions to define the movement of the asset.

• Inventory Control

What assets are owned?

Asset tags are the critical link to perform periodic audits of the asset list. They determine the value of the assets over their lifecycle. Therefore, it is important to know exactly what the assets and what their worth is.

• Prevent Theft

Is asset return possible?

It should be easy for the staff to return assets such as laptops as they valuable and ensure business continuity. This system will prevent accidental misappropriation of assets by any individual or department.

• MRO Information

What and when maintenance need to be done?

Scanning of a barcode (asset tag) can quickly bring the user to a database where all information regarding repair instructions and maintenance schedules can be viewed.

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What Are the Benefits of Asset Tags?

All asset data is extremely important when it comes to audits and compliance. Asset tags help in gathering information about all the important or not-so-important assets.

It may also be possible that assets considered unimportant may actually turn out to be important and can be used or in another scenario. However, if an asset is not needed, it should be replaced in time.

Here are some benefits of asset tracking with asset tags that will help you gain operational efficacy:

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• Real-time Management

Asset management software comprises asset tracking. It is a web-based system for recording asset movements and providing up-to-date data. Asset tagging makes it simplified for defined information and eliminates duplication in the system.

• Opportunities to Upgrade

A cloud-based system enables upgrading the database as a business expands. A robust asset tracking system will identify demand and disposal criteria and prepare the organization for future growth.

• Low Administrative Costs

An automated technique for asset tracking decreases the amount of time spent on locating equipment. This increases both the organizational efficiency as well as staff productivity.

An efficient asset tracking also helps attain economies of scale and reduce financial losses by detecting malpractices and solving all asset tracking problems. Asset management is the best way to deal with loopholes and put in place ways to overcome them.

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What Are the Best Practices for Asset Tagging?

Best practices for asset tagging are discussed below:

1. Ensuring Critical Assets Are Tagged

All essential assets must be tagged so that they can add value to the organization by providing crucial information about assets. Assets are expensive & & & they are vulnerable to loss or theft that is why tagging critical assets are the most basic and important asset tagging best practice.

You also must ensure while tagging assets that what is the purpose! Tags are helpful in the check-in & check-out process, and they are helpful in keeping trackin

g of assets in the same way and so on.

2. Store Essential Asset Information

Due to limited information storage, it is incredibly significant that you choose only to put information that will be helpful in the future. You can put information such as asset identification number, department, asset maintenance, location, etc.

Some organization puts organization name some does not as you can customize tags & put organization name as in watermark style. You can store some other information in the tag.

3. Choose Asset Tag Type Carefully

There are several types of assets tags available and as per the environment, you must choose asset tag type carefully. For instance, in rainy areas, you cannot use paper-based tags which will be torn up easily.

The best option will be waterproof plastic-type tags. There are several other types of tags that are helpful in different weather such as polyester tags, aluminum tags, tamper-evident tags.

In simple words, they should be usable for the long term because substandard quality tags will be no good for your business. It is one of the important assets tagging practices.

4. Choose Suitable Asset Tagging Technology

For effective asset tracking, there are a lot of asset tracking techniques available such as:

Barcode - Barcode is a simple technology and cost-effective as well. This is a major advantage of barcodes. The disadvantage is that it needs to be scanned in a straight line otherwise it will not be scanned.

QR Code - QR (Quick Response) Code technology was first used in the automobile industry then it became quite famous and now it is one of the main asset tracking technologies.

RFID - RFID (Radio-frequency identification) has a small electronic device consisting of a chip and antenna which is why RFID tags are expensive.

These are the most used technologies. However, other technologies are expensive such as NFC (Near field communication) tags, GPS (Global positioning system), BLE (Bluetooth low energy), IoT (Internet of Things). But you must choose as per the budget and requirement.

5. Asset Tagging Must Be Done with Software

The most important asset tagging best practice is to do it with asset management software. When you use software with asset tagging the work becomes quite simple and the complexity level decreases.

Moreover, you get lots of valuable information that helps you manage your assets more efficiently and makes assets more productive.

Furthermore, this data also gives you analytics to boost asset performance and take informative decisions and just make decisions on assumptions.

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Choosing the Right Asset Tag for Your Organization

For organizations that rely on a large number of assets to conduct their operations, tracking those assets is essential. Asset tagging is a popular and effective method of tracking assets, and it involves attaching a unique identifier to each asset for easy identification and monitoring. However, not all asset tags are created equal, and choosing the right asset tag for your organization is critical to ensure efficient and effective asset tracking. In this article, we will discuss the importance of selecting the right asset tag for your organization and provide pointers to consider when choosing an asset tag for tracking assets in your organization. 

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Here are some important pointers to consider when selecting asset tags for tracking your organization's assets:

• Durability: Asset tags should be durable and able to withstand harsh environmental conditions, such as extreme temperatures, moisture, and exposure to chemicals. Choose tags made of high-quality materials that will last as long as the assets they are attached to.
• Size and Shape: Choose asset tags that are appropriately sized for the asset being tracked. The tag should be large enough to be easily seen and scanned, but not so large that it becomes intrusive. The shape of the tag should also be considered, as certain shapes may work better for specific types of assets.
• Barcode vs. RFID: Decide whether to use barcode or RFID (radio frequency identification) technology for your asset tags. Barcode tags are cheaper and easier to implement, but require line-of-sight scanning and can be easily damaged or worn off. RFID tags are more expensive, but provide greater flexibility in tracking assets, allowing for non-line-of-sight scanning and longer read ranges.
• Tracking Software: Consider the software needed to track your assets. Make sure your asset tags are compatible with your tracking software, and that the software is user-friendly and can generate the reports and data you need.
• Tamper-proofing: Choose asset tags that are tamper-proof, meaning they cannot be easily removed or replaced without leaving evidence of tampering. This helps prevent theft or unauthorized transfer of assets.
• Customization: Consider whether you need to customize your asset tags with additional information such as a company logo or specific asset information. Customization can help with branding and make it easier to identify assets.
• Budget: Finally, consider the budget for your asset tagging system. While it may be tempting to go for the cheapest option, investing in high-quality asset tags and tracking software will save you money in the long run by preventing loss, theft, or misplacement of assets.

By considering these factors, you can choose the right asset tags for your organization that will help you efficiently track and manage your assets.

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Asset Management Challenges Faced in the Absence of Asset Tagging

There can be situations where assets are not tagged properly within or outside the organization premises. For instance, if you want to get the maintenance details of a certain asset, what can you do if no asset tag was placed on it?

You reach for the asset register to get all its details. Had all the assets been tagged, you would just need to scan the tag to get the required information. It offers a wider view in a digitalized way and also saves precious time.

Business operations are too dynamic to be managed with pen and paper. Asset tagging has become an important aspect of the business process today. It helps in getting handy information, saving time and money.

Let us have a look at to some of the scenarios of not implementing an asset tagging system.

1.    Less Visibility

With less visibility to your assets, there is no assured way to determine the inventory or assets' location. When there is no accurate record of assets and relevant information, there is no way to track data e.g. asset serial or model number for any support or service-related activity.

Less visibility becomes a big problem with smaller assets like small appliances and tools which are tend to be moved to different locations for operational reasons.

Therefore, it becomes difficult to make smart asset-related decisions without actually knowing about assets, their presence, location, etc.

2.    Warranty Status

Without asset tagging and accurate tracking of assets, it can be risky not to know about their warranty status or availability. This can cost the business money in the form of unnecessary repairs and maintenance.

Some research shows that companies can lose up to 35% of potential warranty saving by paying repair on under warranty equipment.

3.    Lack of Information Sharing

Asset tagging is an essential part of data management strategy. Without such a process, it becomes difficult to create an effective data profile of critical assets for their life cycle histories.

This forces users to depend on contractors for unplanned repair and maintenance, which can potentially cause loss of money as well as business reputation.

4.    Tough Repair/Replace Decisions

Does an asset need to be replaced or repaired? This can be a difficult decision to make when you lack information about the assets and equipment. One wrong decision can cost the business dear by spending more than required or suffer the consequences of equipment downtime.

Analyzing or taking decisions for asset repair and replacement without accurate data can result in counter-productive actions.

5.    Asset Servicing Errors

When there is no asset tagging to give easy and accurate information on a particular asset or equipment, there is no certainty of selecting that asset for any work order.

In emergencies such as on-demand services, wrong decisions can spell higher costs for the services provided (repair or replacement).

This can make the best maintenance plan fail and put to risk the routine services and maintenance tasks e.g. by selecting wrong assets or assets that do not require service.

6.    Time Consuming

Any decision related to operations or maintenance demands a lot of time as it needs to take into account the complexities involved. The absence of an asset tagging system compounds the situation for business by not managing assets effectively or managing them on higher costs.

7.    Complex Decision Making

Expenditure on assets and equipment constitutes a huge portion of the business budget impacting an organization's bottom line. For investment in any required capital, there is a paramount need for accurate asset data from across all the locations so that the decisions can be implemented strategically.

For strategic decision-making, it is therefore very important to know about inventory, assets, services, cost per asset over the life cycle, etc. Data has to drive decisions and decisions have to drive business.

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Conclusion:

In conclusion, Asset Tags are an effective and efficient way for organizations to track and manage their assets. By providing real-time data on the location and status of assets, Asset Tags can help businesses streamline their operations, prevent loss or theft, and identify maintenance needs before they become major issues.

When choosing Asset Tags for their organization, businesses should consider factors such as durability, readability, and compatibility with their existing asset management systems. In addition to Asset Tags, Asset Management Software can also be an invaluable tool for businesses looking to track their assets more effectively.

One such software is Asset Infinity, which provides a range of features to help organizations manage their assets efficiently. With Asset Infinity's software, businesses can track asset location, monitor maintenance needs, generate reports, and more. Asset Infinity's software can help businesses save time and reduce costs, making it a valuable investment for any organization looking to streamline their asset management processes.

Overall, whether through Asset Tags or Asset Management Software, businesses can benefit greatly from having a comprehensive asset tracking system in place. With the right tools and strategies, organizations can optimize their asset management processes and improve their bottom line.

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FAQ’s (Frequently Asked Questions)

1. When are Bar Codes necessary for Asset Tags?

Answer: Barcodes provide error-free, machine-readable recording through bar code scanners, which eliminates manual transcription errors by humans. Bar codes are often valuable and necessary to businesses or educational institutions which have large inventories of physical property to monitor, track or maintain. 

2. Which Assets require tagging?

Answer: Items that require any type of monitoring, reporting, labeling, maintenance or ownership verification in organizations such as large commercial enterprises, government, educational institutions can benefit from asset tags either with or without bar codes. UID labeling is required by military, aerospace, airline, or Department of Defense (DoD) applications. Vendors and suppliers maybe required to tag asset items sold for use by those organizations.

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3. What is the Standard Size of an Asset Tag?

Answer: 1.5″ wide x 0.75″high – Preferable for movable assets such as cell phones, PDA’s, laptop computers, tools, and other high value portable and removable items. This is not only due to the smaller spaces available for label placement, but because the smaller tags are less prominent overall.

2.0″ wide x 0.75″ high –This size is a great option when adding logos to the tags or when more than 24 characters are needed for the asset captions or headlines.

2″ wide x 1″ high – Ideal for fixed assets or immobile equipment. Larger tags are easier to read from as lightly greater distance and allow immediate identification of logos and  easier scanning when barcode readers are used.

Custom asset tags sizes are available on request. Create, view, and order your own standard sized asset tags online through our asset label store page of Asset Infinity.

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