Research has shown that 43% of small businesses fail to track assets and inventory effectively. This challenge becomes even more pronounced for larger organizations with extensive assets.
One strategic approach to ensure that your organization falls into the successful 57% that effectively manages assets is to establish a robust asset tagging system. Asset tagging is a highly effective tool that streamlines asset tracking, maintaining, and optimizing with greater accuracy and efficiency.
In this blog post, we will help you understand asset tagging, its key benefits and how to implement an effective asset tagging system in your organization. Let’s delve in!.
What is Meant by Asset Tagging?
Asset tagging refers to the systematic process of labeling physical assets (equipment, machinery, vehicles, IT devices, or furniture) with unique identifiers. These identifiers, mostly in the form of scannable tags or labels, facilitate the seamless tracking, monitoring, and management of these assets throughout their lifecycle.
With its advanced tracking and analytical capabilities, asset tagging software is the cornerstone of a robust asset management system. It enables organizations to maintain an accurate inventory, reduce losses, and enhance overall operational efficiency. Whether through RFID tags, barcode labels, GPS trackers, or NFC tags, asset tagging enables businesses to handle tangible assets with precision and ease.
What is an Example of an Asset Tagging System?
Consider a sprawling manufacturing facility where a multitude of machinery, equipment, and tools are in constant use. Without a comprehensive asset tagging system, chaos would ensue.
However, with asset tagging, each item receives a unique identification label. This label contains critical information such as asset type, serial number, and acquisition date.
Organizations use this information to instantly identify assets and maintain comprehensive digital documentation. In case of maintenance or audits, the asset tagging system ensures effortless asset retrieval, reducing downtime and potential compliance issues.
PRO TIP
Maximize Efficiency with Automated NFC Tagging!
Integrate The NonStop Suite’s NFC tagging feature to automate asset tracking, reduce manual data entry, and ensure accurate and up-to-date records. Not only that, but your organizations can also improve inventory management, maintenance scheduling, and overall operational optimization.
What are Different Types of Asset Tagging?
Asset tagging is crucial for effective asset management, and it comes in various forms to suit specific organizational needs and situations. These smart labels enhance accountability and resource allocation. They streamline accurate asset tracking, maintenance, and lifecycle management.
Different methods cater to diverse needs, categorized by technology, tag format, and tracking purpose, offering unique advantages and applications. With the right asset tracking software and strategy, facility managers can ensure the assets are always in the right place, at the right time, and in optimal condition.
Below, we delve into some of the most common types of asset tagging:
RFID Tags
Radio-Frequency Identification (RFID) tags are at the forefront of asset tracking technology. These small devices employ electromagnetic fields to communicate with RFID readers. What makes RFID particularly useful is its ability to track assets in real time without requiring a direct line of sight.
Moreover, RFID tags can store vast amounts of data, which makes them ideal for detailed asset profiles. From tracking valuable inventory in retail to efficiently managing complex supply chains, RFID tags offer unparalleled accuracy in every application.
Barcode and QR Code Labels
Barcode and QR code labels represent a cost-effective and user-friendly asset tagging solution. With a simple scan, these labels reveal essential asset information, including identification numbers and details.
Barcodes, with their linear representation, are suitable for straightforward applications, such as library book tracking. In contrast, QR codes accommodate more data, making them versatile for tracking complex assets in fields like healthcare or automotive manufacturing.
GPS Trackers
GPS trackers are indispensable for assets on the move, such as vehicles or high-value shipments. These devices leverage Global Positioning System (GPS) technology to provide real-time location data. Whether tracking a fleet of delivery trucks or monitoring the movement of valuable artworks, GPS trackers offer unparalleled peace of mind and security.
NFC Tags
Near-Field Communication (NFC) tags are a powerful asset tagging tool, especially in mobile-centric applications. These tags enable wireless communication when in close proximity to an NFC-enabled device, such as a smartphone. This technology is ideal for contactless asset verification, making it invaluable in access control systems and ticketing scenarios.
Custom Tags
Some organizations may require custom asset tagging solutions tailored to their specific needs. These could include a combination of barcode labels, RFID tags, or other tracking technologies customized to their asset management processes.
Custom tags are mostly used in organizations with unique asset-tracking requirements. Museums, libraries, and research facilities opt for custom tagging methods to meet their specific needs.
Why are Asset Tags Important?
Asset tags play an essential role in asset management, imparting indispensable benefits to organizations of all sizes and industries. At their core, these tags furnish a unique digital identity to each physical asset, making it easily traceable. This digital connection forms the foundation of efficient asset management.
Moreover, asset tags facilitate thorough record-keeping and documentation. They act as guardians, capturing vital information such as asset type, acquisition date, maintenance history, and location. This meticulous documentation streamlines audits and compliance efforts while enabling predictive maintenance to prevent unexpected downtime and associated costs.
The integration of asset tags with real-time tracking technologies is another noteworthy aspect. When combined with technologies like RFID, GPS, or NFC, asset tags enable organizations to monitor asset movements, enhancing security and reducing losses.
PRO TIP
Implement The NonStop Suite’s NFC tagging within your organization to enhance security and accountability. By employing these smart labels, your organizations can streamline their asset management procedures, schedule maintenance more efficiently, and enhance overall efficiency throughout the asset’s lifespan.
Asset tags play an essential role in asset management, imparting indispensable benefits to organizations of all sizes and industries. At their core, these tags furnish a unique digital identity to each physical asset, making it easily traceable. This digital connection forms the foundation of efficient asset management.
Moreover, asset tags facilitate thorough record-keeping and documentation. They act as guardians, capturing vital information such as asset type, acquisition date, maintenance history, and location. This meticulous documentation streamlines audits and compliance efforts while enabling predictive maintenance to prevent unexpected downtime and associated costs.
The integration of asset tags with real-time tracking technologies is another noteworthy aspect. When combined with technologies like RFID, GPS, or NFC, asset tags enable organizations to monitor asset movements, enhancing security and reducing losses.
PRO TIP
Implement The NonStop Suite’s NFC tagging within your organization to enhance security and accountability. By employing these smart labels, your organizations can streamline their asset management procedures, schedule maintenance more efficiently, and enhance overall efficiency throughout the asset’s lifespan.
Studies have revealed that implementing an asset tagging system reduces harmful administrative errors by a whopping 41%. However, not all assets are created equal, and understanding which assets merit the privilege of tagging is critical. Any asset with tangible, intrinsic, or monetary value that plays a role in an organization’s operations should be subject to asset tagging.
This encompasses a diverse spectrum broadly divided into these two categories:
Software Asset Tagging
Software asset tagging is a specialized aspect of asset management that primarily deals with digital assets. These software assets, including licenses, subscriptions, and applications, are the digital lifeblood of organizations. Software asset labels, essentially digital identifiers, safeguard against unauthorized usage and non-compliance.
These tags facilitate real-time tracking of software licenses, ensuring that the organization remains within the bounds of legal software usage. Additionally, they empower organizations to conduct comprehensive software audits, optimizing asset utilization and identifying potential cost savings.
Hardware Asset Tagging
In contrast to the intangible nature of software, hardware assets are the physical workhorses of your organization. Hardware asset tagging entails attaching physical tags or labels to equipment and machinery. These tags typically contain unique identification numbers, QR codes, or barcodes, making it easy to identify and track assets.
Hardware asset tagging extends its utility beyond mere identification. It facilitates preventive maintenance scheduling, helping organizations adhere to equipment servicing timelines. This efficiency not only prolongs asset life but also curtails unforeseen repair costs.
PRO TIP
Take advantage of The NonStop Suite’s NFC tagging to streamline asset maintenance and ensure timely servicing. By tagging assets with maintenance schedules and requirements, your organization can proactively address issues, extend asset lifespan, and avoid costly downtime.
What is the Tagging Process: 7 Steps to an Efficient Asset Tagging and Tracking System
Asset tagging is a meticulous process toward enhanced operational efficiency and resource management. An efficient asset tagging and tracking system empowers organizations with precision, control, and the ability to navigate the complexities of asset management.
Detailed below are the 7 key steps to forge a successful asset tagging and tracking system in your asset-intensive organization:
Step 1: Asset Identification and Categorization
The foundational step in crafting a robust asset tagging system begins with identifying and categorizing the organizational assets. Organizations must first compile a comprehensive list of all their assets, from machinery to IT equipment, furniture, and even critical documents.
Each asset should be carefully categorized based on its type, usage, and significance in the operational environment. This initial cataloging phase lays the groundwork for the subsequent asset tagging process.
Step 2: Asset Tag Selection and Design
With an exhaustive list of assets at hand, the next critical step is to select and design suitable asset tags. Asset tags come in various forms, from RFID tags to barcodes and QR codes.
The asset tag choice depends on the specific needs and nature of the tagged assets. For instance, RFID tags may be ideal for high-value assets requiring real-time tracking, while barcode labels may suffice for stationary items in an office environment.
The design of the asset tag should incorporate elements such as asset identification numbers, logos, and even color-coding to enhance visual recognition.
Step 3: Data Encoding and Attachment
Once the tags are selected and designed, the next phase entails encoding vital asset information into these tags. This data typically includes asset names, unique identification numbers, descriptions, acquisition dates, and any other relevant details.
In cases where RFID or NFC tags are employed, these tags may be programmed with additional information, enabling real-time data retrieval using appropriate readers. Subsequently, tags are securely affixed to the corresponding assets, ensuring durability and visibility.
Step 4: Digital Documentation and Asset Database Creation
Asset tagging goes beyond the physical labeling of assets; it necessitates the creation of a digital database to house comprehensive asset information. In this step, organizations should diligently document all tagged assets in a centralized database.
This digital repository becomes the nucleus of the asset tracking system, offering real-time access to critical asset data. It empowers organizations to monitor asset movements, maintenance schedules, and compliance with regulatory requirements efficiently.
Step 5: Integration with Asset Management Software
Efficiency and automation are the cornerstones of modern asset management. As such, integrating asset tagging with specialized asset management software is a pivotal step.
This software enables organizations to streamline asset tracking, automate maintenance schedules, and generate reports for audits and compliance checks. The synergy between asset tags and software elevates asset management to a new level of precision and control.
Step 6: Regular Audits and Maintenance
An efficient asset tagging and tracking system isn’t a static entity; it requires ongoing attention. Regular audits and maintenance checks should be conducted to ensure the accuracy of asset data and the functionality of the tags.
Inconsistent or damaged tags should be promptly replaced, and any changes to the asset inventory should be diligently updated in the digital database. Moreover, maintenance personnel should be proficient in using asset management software to carefully handle asset tagging systems to optimize operations and minimize costs.
Step 7: Implementation of Security Measures
Asset security is paramount in any organization. Implement security measures to safeguard tagged assets, especially those of high value or sensitivity. This may include access control measures, surveillance cameras, and alarm systems.
Additionally, ensure that the asset tracking system itself has the necessary security protocols in place to protect sensitive asset data. By doing so, the organizations can also comply with regulatory requirements. Regularly review the asset compliance reports to ensure your organization meets all legal and industry-specific standards.
NonStop Suite's NFC Tags: The Ultimate Asset Tagging and Tracking Software for Asset-intensive Organizations
Asset tagging is a strategic imperative for organizations aiming to secure long-lasting success. These systems are pivotal in augmenting asset visibility and traceability, enhancing operational efficiency, reducing maintenance costs, and ensuring compliance with strict regulations. To cater to this immense need for asset tags, The NonStop Group proudly presents The NonStop Suite.
The NonStop Suite stands out with its advanced features, allowing enterprises to take control of their high-value assets and improve their operational processes. From real-time asset location monitoring, automated data collection, and comprehensive reporting capabilities, The NonStop Suite provides several noteworthy benefits for asset-intensive organizations.
One notable feature of The NonStop Suite is its extensive NFC asset tagging capabilities. With various customizable asset tags available, organizations can easily categorize and tag assets according to their specific needs. Whether using serial numbers, barcodes, QR codes, or RFID tags, this system accommodates various tagging methods, ensuring seamless integration into existing infrastructures.
Should your organization want to simplify, streamline, and optimize its asset management and tracking efforts, consult The NonStop Group today and schedule a FREE personalized product demo..