Asset tagging provides a structured approach to monitor, track, and optimize the utilization of valuable assets and resources. Whether IT equipment, machinery, assets, or inventory, asset tags streamline the asset management process to the top.
The widespread applications across diverse industries predict a surge in the asset management market, which is projected to reach 27 billion USD by 2025. This surge is not just a numerical coincidence but a testament to its ability to enhance efficiency across various sectors.
However, the key to unlocking these benefits lies in the proper implementation of asset labels. It’s not merely about having the asset tagging systems in place; it’s about deploying it in the right way.
In this guide, we enlist the 10 best practices for asset tagging that establish a robust asset management system within any asset-intensive organization. Let’s dive in!
What is Asset Tagging and Why is it Important?
Asset tagging is a foundational practice in contemporary asset management strategies. Whether tangible items like equipment and machinery or intangible entities like digital files, all assets are assigned distinctive labels or tags. These tags typically carry encoded information, facilitating swift and accurate identification. The core objective is to establish a comprehensive system that allows organizations to monitor, manage, and maintain a record of their assets throughout their lifecycle.
Detailed below are some of the distinctive advantages that asset tagging brings to the table for asset-intensive organizations:
- Enhanced Asset Visibility: Asset tagging gives organizations real-time visibility into their assets’ location and status. This heightened visibility reduces the risk of misplaced or lost assets, thereby minimizing disruptions to operations.
- Streamlined Inventory Management: By implementing asset tagging, organizations can significantly streamline their inventory management processes. Accurate and up-to-date records enable efficient inventory tracking, minimizing the likelihood of overstocking or stockouts.
- Improved Maintenance and Compliance:Asset tagging allows organizations to track the maintenance history of each asset. This proactive approach to maintenance not only prolongs asset lifespan but also ensures compliance with industry regulations and safety standards.
- Optimized Security Measures: Tagging assets with unique identifiers contributes to heightened security measures. In the event of asset theft or unauthorized access, the tagged assets can be easily traced and recovered, acting as a deterrent to potential perpetrators.
PRO TIP
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How To Do Asset Tagging?
Before delving into best practices, it’s essential to comprehend the fundamental methodology of asset tagging. The asset tagging procedure starts with creating a comprehensive inventory of all company assets, including equipment, devices, and furniture. Organizations need to choose a standardized naming or coding system that aligns with your organization’s needs and objectives. This could involve using unique identification numbers, QR codes, RFID, or NFC tags. By attaching these identifiers securely to each asset, facility managers can ensure visibility and durability in a CMMS for easier asset maintenance and management.
PRO TIP
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What is the Best Practice for Asset Tagging?
Asset tagging is a critical component of efficient asset management. It provides organizations with the means to track and organize their valuable resources. With efficient asset tagging, organizations can elevate their operational efficiency and accountability.
To further optimize this process, implementing best practices for asset tagging is essential. Detailed below are the 10 key asset tagging best practices that every organization needs for a robust asset-tracking system:
Choose the Right Type of Asset Tag
Not all assets are created equal, and neither are tagging systems. Choosing the right tagging system is a pivotal decision in the asset management process; It all comes down to choosing asset tags that ensures enhanced efficiency and minimized errors.
Here are three prominent types of asset tags, each with its own advantages and drawbacks, to help your organization make an informed choice based on its unique needs:
- NFC Tags: NFC (Near Field Communication) tags offer seamless, contactless communication. With the ability to transfer data over short distances, NFC tags streamline asset tracking in dynamic environments. Their user-friendly nature and compatibility with mobile devices make them a robust choice for manufacturing, technology, and transportation sectors.
- Barcode Tags: Barcode tags are a cost-effective and widely-used option. They offer simplicity in implementation and readability, enabling swift data entry. Barcode scanning reduces human errors and accelerates inventory processes.
- RFID Tags:RFID tags provide real-time tracking and enhanced data accuracy. With wireless communication capabilities, RFID tags excel in managing large volumes of assets. They are particularly beneficial in scenarios where quick and automated data retrieval is essential.
- QR Code Tags: QR code tags offer a balance of simplicity and versatility. They are easily readable with smartphones and can store more information than traditional barcodes. QR codes are an excellent choice for organizations seeking a cost-efficient solution with added data capacity.
Create a Consistent Naming Convention
Adopting a uniform approach to naming assets ensures clarity and simplifies identification. Utilize a combination of logical descriptors such as location, department, or asset category, allowing for swift recognition. Consistency in naming facilitates seamless tracking and minimizes the risk of confusion, enhancing overall operational efficiency.
Facility managers need to elevate the utility of their asset tags by incorporating pertinent details within the name. Information such as purchase date, warranty status, or unique identifiers provide a comprehensive snapshot of each asset. This practice aids not only in swift retrieval high value assets but also in strategic decision-making regarding maintenance, upgrades, or replacements.
Use Durable and Tamper-Evident Asset Tags
The foundation of any robust asset tagging system lies in the materials used to apply asset tags. Employing durable asset tag materials not only enhances the longevity of the tags but also safeguards against environmental factors. Weather-resistant materials ensure that tags remain intact in varying conditions, preserving crucial information for extended periods.
Organizations can also opt for tamper-evident features as they add a layer of protection by revealing any unauthorized attempts to remove or alter the tag. This not only deters potential theft or tampering but also clearly indicates when an asset’s integrity has been compromised.
Centralized Asset Database
A centralized asset database improves asset visibility, streamlining the overall asset management process. Selecting the appropriate infrastructure is paramount. Deliberate the merits of cloud-based and on-premises solutions to align with your organization’s unique needs. Cloud-based systems offer flexibility, scalability, and accessibility, while on-premises solutions provide a heightened sense of control over data.
However, a centralized asset database is only as good as its data currency. Establish a routine for updating and maintaining the database to ensure accuracy and relevance. Regular audits, automated updates, and vigilant oversight are pivotal to preventing data obsolescence, fostering reliability, and sustaining peak performance.
Implement a Check-In/Check-Out System
A Check-In/Check-Out system provides a structured approach to asset movement. It enables organizations to streamline tracking processes effectively. By assigning unique asset labels and systematically logging check-in and check-out transactions, businesses can maintain real-time visibility of the location, maintenance history, and status of each asset. This practice not only minimizes the risk of loss but also accelerates the retrieval process when assets are needed.
Moreover, implementing a Check-In/Check-Out system fosters a culture of accountability among facility technicians. With clearly defined processes, they become more conscious of their responsibilities regarding asset handling. This heightened accountability reduces instances of misplaced or mishandled assets. They are ultimately contributing to overall organizational efficiency and cost-effectiveness.
Implement Mobile Asset Tagging Solutions
Implementing mobile asset tagging solutions is a crucial step toward achieving seamless control. These handheld devices offer rapid and precise data capture, promoting efficiency and minimizing downtime. By incorporating these mobile asset tagging solutions, organizations can elevate their asset management practices, improving accuracy, efficiency, and overall operational excellence.
Mobile asset management software like The NonStop Suite empowers facility managers to tag and update asset information on the go. Its intuitive interface simplifies the process, ensuring accuracy and reducing the risk of errors. Moreover, the suite’s compatibility with various devices enhances accessibility, fostering a collaborative and streamlined approach to asset tracking.
Train Employees on Asset Tagging Procedures
One key element in optimizing asset tagging is to train facility managers and technicians on asset tagging procedures. Organizations need to implement comprehensive training sessions to familiarize staff with the importance of asset tagging, the specific processes involved, and the benefits for the organization. Offer hands-on experience and practical insights to enhance their understanding and application of tagging protocols.
Moreover, organizations must support ongoing learning by providing employees with well-crafted reference materials. This may include manuals, guides, or online resources that serve as quick references to essential information for asset tagging program. These materials should be easily accessible, ensuring facility staff can refresh their knowledge whenever needed. Ultimately contributing to the overall efficiency and accuracy of the asset tagging process.
Conduct Regular Audits of Your Asset Tracking System
Asset tagging is a crucial component of effective asset management, but its efficacy relies on regular audits. Here are two asset tagging audits that an organization needs to conduct for an error-free asset management system:
- Scheduled Audits:Scheduled audits are indispensable to maintaining an accurate inventory. Establish a routine audit calendar to review and update asset information systematically. This proactive approach ensures that asset data remains current, reducing the risk of errors and improving overall operational efficiency.
- Random Spot Checks: Complementing scheduled audits, random spot checks add an extra layer of scrutiny. Periodically selecting assets for unplanned inspections helps identify discrepancies that may go unnoticed during routine audits. This method promotes accountability and ensures a more thorough and dynamic asset management process.
Integrate Asset Tagging with Maintenance Schedules
Integrating asset tagging with maintenance schedules enables visibility into an asset’s lifecycle. By linking asset tags to maintenance records, organizations can track an asset’s location and service history. This interconnected approach facilitates quicker issue resolution.
Additionally, asset tagging opens the door to predictive maintenance by enabling asset health monitoring through tagged data. Analyzing historical maintenance records linked to asset tags allows organizations to identify patterns in asset utilization and predict potential issues. This foresight minimizes unplanned downtime, extends asset lifespan, and optimizes maintenance resource utilization.
Regularly Update and Retire Asset Tags
Periodic tag updates and retirements are indispensable components of a proper asset tagging strategy. As technologies evolve, tagging systems must keep pace to ensure accurate tracking and categorization. This not only enhances operational efficiency but also safeguards against potential security risks associated with outdated asset tagging technology.
Another vital practice is the removal of tags for retired assets. Maintaining an up-to-date inventory is essential for effective resource allocation and financial planning. Eliminating tags for decommissioned assets streamlines data accuracy and prevents confusion.
PRO TIP
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Conclusion: Implement The NonStop Suite to Optimize Asset Tagging System
Asset tagging plays a pivotal role in augmenting the visibility and traceability of physical assets, thereby contributing to enhanced operational efficiency. Addressing this critical need for robust asset tagging solutions, The NonStop Group takes pride in presenting The NonStop Suite.
Distinguished by its advanced features, The NonStop Suite empowers enterprises to assert control over their high-value mobile or fixed assets and elevate their operational processes. Through features such as Smart NFC Tags, Dynamic eForms, and a centralized EAM database, The NonStop Suite offers significant advantages for organizations with asset-intensive operations. Moreover, real-time asset location monitoring, automated data collection, and comprehensive reporting capabilities take the asset tracking procedures up a notch.
The NonStop Suite not only augments the precision of asset tagging but also introduces a level of automation that significantly reduces manual intervention. This, in turn, mitigates the likelihood of errors, ensuring a higher degree of reliability in our asset management processes. The comprehensive nature of the suite further empowers our organization to leverage real-time data and analytics, facilitating informed decision-making and strategic planning.
Should your organization want to optimize its asset tagging, tracking, and management, consult with The NonStop Group today and schedule a FREE personalized product tour.