Fixed Asset Tagging: A Complete Guide

Fixed asset management and tracking are certainly required in today’s business environment with a view to ensuring effective control of the operation, reducing costs, and meeting compliance matters arising every now and then. Fixed asset tagging forms part of the very core of the optimization process of the asset management process that helps businesses track and manage their valued assets. In this regard, therefore, the implementation of fixed asset tagging and tracking solutions provides full visibility over the asset base to a business. It cuts down risks while empowering generally better efficiency.

This detailed guide will explain all that you need to know about fixed asset tagging, how it works, and the benefits accompanying it. Added to that, we would explain why fixed asset tracking solutions are key and how they can change your strategy in asset management. If you’re thinking of how to track fixed assets better within your organization then do not go anywhere other than Acube Infotech, providing you with the best solutions by customizing it according to your need.

What is Fixed Asset Tagging?

Fixed asset tagging is a methodology that attaches unique identification tags to an asset’s physical view in the form of barcodes, RFID, or QR code. These tags carry ample information about the asset, such as location, value, history of maintenance, and date of purchase, which makes tracking and managing easier.

Scanning or monitoring through the asset tracking system updates the records in real-time as and when there is some movement in the asset, when maintenance becomes due, or when an asset has reached its end-of-life cycle. The information gathered goes to a central software solution.

Types of Fixed Asset Tags

1. Barcode Tags: A barcode among the available tags is the cheapest. It essentially finds its usage at almost every place as the information is contained in lines and spaces readable through a barcode scanner.

2. RFID Tags: Radio-frequency identification tags contain a small radio transponder. It is a tag that can communicate a unique serial number on command, using radio waves. These tags may enable the enterprise to scan a lot of assets simultaneously and would also be able to read when the asset is out of sight.

3. QR code tags: can carry a lot more information as compared to a normal barcode. As they use mobile devices to access information, this market is super receptive to these tags due to their flexibility.

Why Fixed Asset Tagging Matters?

Asset tagging is the backbone of any good fixed asset tracking system. It helps an organization to:

• Reduce Loss of Assets: Assets that are tagged correctly can be tracked without many difficulties; this can help in reducing the possibility of theft and misplacing the asset.
• Optimization of Asset Usage: The underutilized assets or mislaid one can be spotted out and arranged more properly.
• Compliance: Fixed asset tracking systems maintain accuracy of records which can be used to show compliance, conduct audits or produce financial reports.
• Smoothen the Maintenance Process: Tagged assets can provide vital information on when the asset will need servicing, which reduces their potential downtimes. Consolidating this information, maintenance teams will be in a position to take the necessary action in preserving their availability for work and, hence, work more efficiently.

Advantages of Using Fixed Asset Tracking Solutions

Without an adequate fixed asset tracking solution, no enterprise can have correct management over the same. The key advantages related to this are as follows:

1. Enhanced Visibility

Asset tracking systems that are capable of robust fixed asset tracking offer complete visibility into organizational assets, irrespective of the location. The asset can be stored in a warehouse, deployed in the field, or even translocated from one location to another, but you are assured by tagging the assets that you will get their status and movement at any time.

2. Enhanced Efficiency and Saving Time

Manual asset tracking can be awfully time-consuming and prone to a lot of human error. The process, through automation with technologies such as RFID fixed-asset tagging, makes audits of inventory, checks of assets, and maintenance scheduling that much easier for the business. Automation reduces the need for many manual employees, freeing your staff to manage more strategic tasks.

3. Precise Financial Reporting

Asset tracking systems ensure that the right values of assets and their respective depreciable rates are recorded correctly and may facilitate procedures related to financial reporting. It is also very valuable in annual audits and tax filings. Fixed asset tracking solutions help a company prevent over-purchasing of assets by determining which equipment is lying unused or underused.

4. Optimized Asset Maintenance

A fixed asset tracking system lets the maintenance teams see, in real time, the state of a certain asset regarding its condition and usage. This will further enable them to come up with an optimum maintenance schedule that will help prevent any failure of equipment by extending the life cycle of assets and reducing overall operational costs.

5. Regulatory Compliance and Audit Preparation

For most industries, organizations are obliged by compliance regulations to control their assets. Fixed asset tagging will give a business a clear record of their assets, thereby ensuring that they are in line with predetermined industry standards, besides regulatory requirements. In relation to this, asset tracking solutions offer full history of asset movements, depreciation, and maintenance in the case of an audit.

Best Practices for Fixed Asset Tagging

Following are some of the best practices to derive full value from fixed asset tagging and tracking solutions:

1. Choose the Right Tagging Technology

One of the biggest decisions one has to make is what kind of asset tag will work best. Companies with large equipment or machinery generally find that RFID tags suit their operations best. Those looking for an overall more cost-effective solution find either barcode or QR code tags a very workable choice.

2. Correct Placement of Tags

Place the tags in an accessible location on the asset to which they are assigned; this should be in a position that does not require major difficulty in scanning. Avoid placing the tags in places which might be subjected to wear and tear or damage, because this will make it hard to read them.

3. Asset Information: Keep Up-to-Date

The asset tracking system should be kept current. In the case of transfer, renovation, or retirement of any asset, the tracking system has to be updated immediately.

4. Conduct Periodical Audits

Even with fixed asset tracking, periodic audits must be carried out to maintain complete accuracy of data and accountability of all the assets. The periodical audits may allow a business to sort out discrepancies and thereby put an end to loss or theft.

5. Train Your Team

Your staff must be made aware of the usage of the asset tracking system through proper training. The training of the staff in scanning and updating of asset information and best practices related to asset management is quite vital.

Why Choose Acube Infotech for Fixed Asset Tagging and Tracking Solutions?

Acube Infotech provides new-generation fixed asset tagging and Fixed Asset Tracking Solutions to cater to diversified needs from businesses belonging to different industries. This is why we are the best fit for your needs related to asset management:

• Industry Experience: We have extensive experience in asset tracking and always develop solutions that meet the highest parameters set by the industry.
• Customizable: Asset tagging solutions from us are highly customizable. Be it the tags and technologies to software-a business can avail appropriate solutions which help them serve their needs.
• Full-cycle Support: From strategy to design and then to implementation, to ongoing operations, maintenance, and upgrade-support is provided.
• Leveraging Advanced Technology: Deployment of latest RFID, barcode, and QR code technologies ensures delivery of scalable yet cost-effective solutions.

Conclusion

Fixed asset tagging is a modern core component of any asset management strategy, offering greater control, visibility, and efficiency to a business. These fixed asset tracking solutions make it very possible for the businesses to minimize losses, increase operational efficiencies, and present financial records with actual facts.

Be it the high value of assets or their fragile nature, at Acube InfoTech, we design an asset management system to suit your requirements. Feel free to get in touch with us today for detailed information on how we can further assist you in the smoothing process and make things easier in fixed asset tagging.