Effective overseeing of assets calls for tracking, monitoring, allocation, maintenance, and disposal. Each process is critical for ensuring the visibility of resources and availability when the need arises.

Traditionally, a staff member visually inspects assets and records asset information on paper or spreadsheets for tracking. Not only is it time-consuming, but it also opens up room for errors. The first step of asset management is making assets in an organization as transparent as possible. The best way to do that is with asset tags.

Asset tags are labels that discern one resource from the other. Tagging assets is far superior and more convenient than looking up items in the asset register each time managers want to identify a resource. The paper, radio frequency, barcode, and near-field-based tags are various asset labeling options.

There are numerous advantages to tagging your assets. If you’re looking to improve your asset management efficiency, labeling your resources is a must. We touch on the benefits of asset tags before diving deep into how you can tag your assets. Let’s get started.

The benefits of asset tags

The benefits of tagging your assets with dedicated labels are plenty.

• Accurate tracking – Compared to visual inspection, asset labels give you precise information on what assets are moving where, in what condition, maintenance, and each asset’s movement and repair history.

• Faster asset tracing – Manually tracking assets or relying on outdated information on paper and spreadsheets can cause discrepancies. With asset tags, the process is much quicker.

• Effective asset management – Evaluating asset information from asset labels allows you to make sound decisions that curb expenses and improve asset longevity and returns.

• Better maintenance – Tags give you up-to-date information on the maintenance history of assets, enabling you to deploy timely repairs.

• Prevent theft – Misplaced and stolen assets put a dent in finances. Tagging assets helps eliminate those occurrences.

How to tag your assets

We have put together four critical steps that enable you to tag assets. After your assets undergo tagging, you require an asset management software solution to track them. Let’s get into them one by one.

1. Classify assets

The initial process of asset classification is determining what type and category to which each asset in your organization belongs. Grouping assets in this way makes managing assets easier. Some examples of asset classification are: vents and air conditioning systems fall under HVAC, and tables and chairs fall under furniture.

2. Give assets a unique ID

The second step is to assign a unique ID number to your resources. It helps differentiate similar assets from each other. Take, for example, you have two MacBook pros. Both have similar specifications as the other. How will you discern them? The answer is a unique identification number.

3. Select tag type

After classifying assets and giving them a unique identification number, it’s time to choose the tag type. Depending on the technology you have, you can narrow down a tag. They are:

• Paper-based tags – These labels are nothing but a piece of paper containing an asset’s information clipped to the resource.

• Barcode/QR code tags – With a barcode scanner, you can scan asset tags that display a barcode/QR code.

• RFID tags – These tags leverage radio frequency to send and receive signals from receivers, enabling you to track assets in real time.

• NFC tags – Embracing Near Field Communication, NFC tags also allow you to track assets in real-time.

4. Fill in crucial asset details

Next, enter the crucial details of your assets like date of purchase, depreciation rate, net value, maintenance requirements, manufacturer, etc.

Tag your assets today

Tagging your assets is pivotal to imparting effective asset management practices. Improve the prospects of your assets, boost returns, and increase the scope of your business. The best way to embrace asset tags is with an asset-tracking system like SmartAMS. Contact us to learn more about how SmartAMS supports asset tagging. Take your business to the next level. Reach out to us today.