5 Ways Asset Tagging Can Support Business Growth
For companies that own and manage a high volume of business equipment, asset tagging is a must. Asset tagging refers to the process of placing tags on company-owned or purchased physical resources such as machinery, furniture, IT hardware, vehicles, and supplies. Each tag is recorded in the corresponding asset tracking software. This platform will then allow users to retrieve and update information about their tagged property and resources.
The right asset tagging system will allow businesses to gather, organize, and maintain information regarding all their equipment, furniture, devices, and other supplies. With easy access to data, concerned personnel can manage company resources better in terms of use, allocation, maintenance, and disposal.
Benefits of Asset Tagging Systems
Asset tagging can offer businesses several remarkable benefits, which include:
1.Real-time asset management and tracking
By using the right tagging and tracking software, you will have quick access to a picture of your business assets. Because of this, you can easily monitor supplies and other items as you receive them, or as they are moved to specific locations.
This is a benefit that you will find valuable if your business owns many assets. With a reliable system, you will efficiently manage all properties, including relevant data.
With better resource management, you will be able to accurately identify needs and eliminate the wasteful and unnecessary duplication of assets.
2.Prevention of loss
All your current property and supplies require a substantial amount of investment. You will have to purchase everything you need for your operations in the future as well. Because of this, the last thing you want to happen is to lose any of these items and fail to get the most use from them.
A tagging system will effectively reduce the chances of misplacing valuable, expensive assets. Your asset management platform will allow you to know where each item is and enable you to access them as needed.
More importantly, you will avoid making the mistake of buying new equipment or tools to replace ‘missing’ ones simply because you do not have an efficient tagging system in place.
An asset tagging and tracking system will also be extremely helpful if your devices, equipment, vehicles, and other items frequently move throughout your company premises or area of operation.
3.Increase in productivity
Conducting a manual inventory will take you hours. It also usually requires pulling out other employees from their regular work so they can help with finishing the task faster and more efficiently.
Regardless of how many times you conduct an inventory annually, you can streamline the whole process and avoid disturbing the routine of your employees if your assets are already tagged.
Additionally, an asset tracking and tagging system will help you keep track of how many different items are passing through your company. Because of this, you will have an easier time calculating each item’s lifecycle.
More importantly, since all assets are tagged, they can be scanned automatically and tracked as they move through different stages and departments of your company. This eliminates the need of having people to manually monitor and log each item’s movements, thereby allowing your employees to focus on their work and be more productive.
4.Efficient maintenance tracking
Maintaining your assets is essential to ensure the smooth operation of your business. However, many companies usually fall behind in terms of maintenance management since they use manual techniques to track their schedules.
Failing to make the necessary maintenance and repairs as scheduled can affect the productivity and efficiency of your employees and your company as a whole.
In case most of your equipment, devices, and vehicles require regular or periodic maintenance, an excellent asset tracking, and tagging system will allow you to stay on top of all these. This is because, with the right software, you can set repeat alerts for the regular maintenance of all important equipment and machines.
This, in turn, will help you prevent neglecting the proper maintenance of your key physical assets. Additionally, it will reduce the cost and inconvenience that comes with failing or delaying maintenance and repair needs.
5.Regulatory management and compliance
Lastly, if you want to ensure your company always conforms to strict industry standards to maintain an excellent reputation and sustain its growth, having an asset tagging and tracking system can help you out.
With this type of software, you will stay on top of essential regulatory requirements such as equipment testing, calibration, and maintenance.
Additionally, your system will streamline your reporting requirements. This means you won’t have to spend a lot of time compiling information and preparing reports.
With the right asset lifecycle management and maintenance software with tagging capabilities, you will keep track of all your company’s most vital goods. More importantly, you will be able to maintain and prolong their usefulness and get the most out of your investment.
AUTHOR BIO
Zak Zakaria is a Waymaker at dezigntechnic in Dubai who also previously worked as the company's Graphic Designer and Art Director. Zak is a creative with work experience in multiple multinational agencies such as JWT and Saatchi & Saatchi. Signage design is a family business, making Zak's personal experience with signage his longest professional commitment.
