Best Practices for Asset Tagging

TL;DR:

Asset tagging is essential for efficient asset management, improving visibility, reducing theft, and streamlining operations. Best practices include categorizing assets, using durable tags, adding critical information like unique ID, maintenance schedule, and location, integrating with asset management software, training employees, and conducting regular audits. Proper asset tagging leads to better tracking, theft prevention, easier audits, and cost savings. When creating printed tags for asset tracking, it's the best practice to include 2 or 3 of the following fields along with a QR code:

Field Name	Description
Unique ID Number	A distinct identifier for each asset
Asset Description	Brief description of the asset
Purchase Date	Date when the asset was acquired
Maintenance Schedule	Dates or intervals for required maintenance
Owner/User	Name of the person responsible for the asset
Location	Current physical location of the asset

Asset tagging is a crucial process for organizations to efficiently track and manage their physical assets. By adopting the best practices for asset tagging, businesses can improve asset visibility, reduce losses due to theft, and optimize their operational workflows. In this post we have listed some of the top recommendations for implementing a successful asset tagging system.

Identify Asset Types and Categories

Establishing a clear classification system is vital for effective asset management. Assets can be categorized based on their type, usage, or the department they belong to. This categorization makes it easier to track assets and ensures consistency across all departments.

Use Durable Tags

It's essential to choose tags that can withstand the conditions in which the assets will be used. Different types of tags, such as RFID, barcodes, QR codes, and NFC tags, offer various benefits depending on the asset's characteristics and usage environment.

Include Essential Information

Every asset tag should contain key details that enable easy identification and tracking. The following information should be included on the tags:

Unique identification number
Asset description
Purchase date
Maintenance schedule
Owner or user information
Location

Integrate with Asset Management Software

An asset tracking software solution can automate data collection and improve the overall tracking efficiency. Integrating asset tags with management software allows for real-time updates and ensures the availability of up-to-date asset information.

Train Employees

Comprehensive employee training on asset tagging and its importance will ensure accuracy and accountability in managing assets. Employees should also be trained on how to use any asset tracking tools effectively.

Conduct Regular Audits

Regularly auditing tagged assets is essential to maintaining an accurate inventory. This ensures that all items are accounted for, and any discrepancies in the system are addressed promptly.

Benefits of Asset Tagging

Implementing a proper asset tagging system provides several advantages:

Improved Asset Visibility: With proper tags, organizations can quickly locate assets, reducing the time wasted searching for equipment.
Reduced Theft and Loss: Tamper-evident tags can deter theft, and properly tagged assets are less likely to go missing.
Enhanced Maintenance Tracking: Tags can help keep track of maintenance schedules, ensuring timely service for each asset.
Streamlined Auditing Processes: Tagged assets make audits quicker and more accurate.
Cost Savings: Preventing theft and reducing loss results in cost savings by avoiding the need to replace missing items.

Examples of Items to Capture in Asset Tracking

Asset tracking is applicable to various types of assets. Here are some examples of items you should consider tagging:

High-Value Equipment: Machinery, computers, and specialized tools.
Inventory Items: Items stored in warehouses or retail environments.
Medical Equipment: Devices used in healthcare that require precise tracking.
Office Supplies: Electronics, furniture, and other office-related items.

By following these best practices and ensuring that your asset tags include essential information, your organization can enhance asset management processes, minimize loss, and boost overall efficiency.

AssetRun is an online software that allows organizations to track, monitor & maintain assets anytime, anywhere. Get in touch today to schedule a FREE demo.

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