What is an Asset Tag?
First things first: what is an asset tag? An asset tag is a label with a barcode and ID number. Usually, a company name and logo accompany this information. Asset tags are not all made equal, and fall into two categories depending on the asset they are signposting:
- Fixed assets: These include road signs, bridges, tunnels, dams and other infrastructure. Fixed asset tags are also used on machinery and equipment.
- Moveable assets: These refer to physical items, usually property. Under this umbrella includes furniture and equipment which are not part of a building, business items, computers, printers, electrical devices, and more.
Asset tags can be found anywhere, including healthcare, education, telecommunications, military defence, manufacturing, and everything in between. These small tags are the method by which the world organises products through a process known as asset management.
It involves giving each asset its own unique method of identification; typically a number.
What is Asset Tag Management?
Asset tag management refers to the process by which an asset and its information is organised.
Asset tag management all but eliminates the scope of human error as it doesn’t need manual tracking or insertion of data. The process raises business efficiency by cutting down on time spent locating items, checking the status of equipment and security, thereby reducing costs and overheads.
Asset tag management isn’t a miracle, though; businesses need to follow best practice to prevent common asset tag pitfalls.
Asset Tag Materials and Types
Primarily, asset tags consist of three key materials and types:
- Foil – Perhaps the most flexible and durable of the bunch, foil asset tags are suitable for all surfaces. Their aluminium base makes them well suited to laptops and electrical machinery.
- Polyester – These asset tags are typically used on furniture, home fixtures, non-electrical equipment and computers.
- Tamper-Evident – These are used for security purposes, signifying if goods have been handled or tampered with.
What Are the Benefits of Using an Asset Tag?
The main asset tag benefits are to do with item organisation, allowing businesses and individuals to keep track of products and inventory.
Asset tagging systems are used to organise and track large amounts of equipment and stock, allowing businesses to log information about products efficiently, simplify cost and product tracking, as well as provide a layer of protection against theft.
What Assets Should Be Tagged?
Best practice asset tagging involves tagging anything that a business needs to keep track of. Usually, this includes:
- High value items
- Easily movable items
- Furniture
- Tools, equipment, and materials
- Office equipment
Anything that you feel you want or need to keep track of should be tagged with an asset tag, ass this makes it so much easier to immediately identify whether all your assets are accounted for.
Asset Tagging Best Practices
To ensure asset tag management goes smoothly, businesses must avoid the following mistakes:
- Inaccurate recording of inventory of assets
- Production of asset tags and descriptions that lack key information such as manufacturer, model and a serial number
- Not recording when assets have been moved, acquired or disposed of
While asset tagging maintains the information, businesses must still ensure said information is inputted correctly at the start, as well as ensuring company guidelines and notifications are followed when assets are handled. If information is inaccurate, then asset tagging loses its accuracy and reliability.
Labels and tags aren’t solely safety-related; they can provide tangible benefits in efficiency for your business. Label Source has stocked a comprehensive array of asset tags to help businesses streamline stock and start asset tag management.
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