By Pravinraj Panicker
In Internet of Things

What is an Asset Tag?

Asset tags are generally some kind of label attached to an asset which helps to identify the assets and get information about the asset. Asset tags form the core of any asset management system

There are multiple types of Asset tags. Traditionally these were labels printed on polyester label strips with features like tamper-proof. These were stuck on the resources. These tags made it easier to identify each specific asset and the ownership.

These were followed by Barcodes. They made it easier to add and maintain large listings of assets. Additionally, the error in reading the id is hugely reduced.

Today’s asset tags have gone more advanced with the use of wireless technologies like RFID, BLE, etc.

What is the Importance of Asset Tags and their benefits?

The major benefit of asset tags is that it enables us to manage the asset management process as to how assets starting from acquisition to how it is used and maintained. It becomes easier to track assets, read the id, and pull out the information regarding the assets.     

Benefits Summary:

  • Help track Asset costs
  • Tracking of Maintenance and downtime
  • Reducing loss and theft of assets

On the floor, assets typically change hands and get lost. Many times these assets are shared between departments and need to be shifted, these times too these tags make it easier to ensure that there is a track of these transfers. These tags reduce the time needed and thereby ensure that people don’t skip the step because it is cumbersome to follow the process. 

Which Assets do businesses tag?

The need to track assets comes from different perspectives, some may cost other times it would be the utility and for some, it may be the need to ensure utilization. Some assets may be critical to ensure the smooth running of operations, therefore if they fail or are unavailable present risk as well as some case liabilities which may be monetary. In some cases, it might ensure they don’t get lost or stolen since it may be easy to lose their sight.

Let us look at some of the common ones:

Machines, equipment, and tools: 

There is a wide range of machines and equipment from the largest to the smallest that get tagged. Industrial machines like turbines, transformers, forklifts, power tools and many such usually get tagged. 

Office Equipment: 

Personal devices provided to employees like Laptops, desktops, printers, TVs, conference equipment, and even phones get tagged. This helps track expenses for accounting and tax purposes and calculation of Assets and their depreciation.

Vehicles:

There are various kinds of vehicles that a company might own. Some may be for office visits, others fleets of vans, trucks, and mobile cranes as critical components of their business. Tagging and tracking these items is essential for ensuring they are properly maintained and are available when needed.

This may not be an exhaustive list. Generally tracking of these kinds of assets will enable your business by helping assess usage, costs, and reduce recurring costs by optimizing the processes as well as expenses related to these assets.

Common Mistakes to Avoid

It is very easy to have oversight when going about Asset tracking. Some of the common mistakes to avoid would be:

  • Allow asset movements without logs 
  • Keep an Inaccurate inventory of assets
  • Failing to do regular physical audits

Information is the key to any asset management system. But no amount of information is useful if it turns out to be inaccurate. Thus the critical aspect of an Asset Management System or any asset tracking process is the accuracy of the data collected regarding the assets especially where the asset is currently located as that is one of the most dynamic pieces of information about the assets.  

What’s the right Asset Tag?

It may be difficult to answer as to which asset tag would be best as there are always one or the other option available which is better. The sensible question to be rather asked is which is the right tag? 

As seen before the key here is accuracy. If there is a tag which automatically can keep a track of the asset 24×7 basis would that not be the kind that would be the most logical choice. Quicsolv’s Genio asset tag works seamlessly with the Asset Tracking Software provided by Quicsolv. This solution is simple to implement and no manual intervention is needed for ensuring that the assets are tracked. 

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