When an organization is equipped with lots of assets and equipment it is essential to keep track of each asset. However, keeping track of each asset is not an easy task, this is where Asset labeling comes into play.
It is extremely helpful to the organization in keeping track and you can store valuable information about each asset. in this blog, we will go through a complete overview of Asset labeling. So, without any further ado let us begin!
What Is Asset Labeling?
Asset labeling is the process of giving a unique asset identity or code to each and every asset. It is helpful in identifying each asset and provides crucial information. Asset label contains a unique random number through which asset tracking is done. This label is stickered to the asset.
This unique random number is stored in the database of the asset tracking software so whenever an asset label is scanned it fetches all the information related to that asset. When do you know asset precise location, it is helpful in operation as employees do not have to waste time by searching for required assets.
It lets the organization know whereas it is located at the right time at the right place. Therefore, we can say that the asset label assists organizations by enhancing productivity.
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What Is the Importance of Asset Labeling?
Asset label is very important especially when an organization is equipped with lots of assets. It helps in the identification of each asset easily. It makes it more efficient as they do not have to keep track of assets.
With the help of an asset handheld scanner, all they need is to just scan asset and the system fetches information automatically.
Asset labeling is also helpful in the audit process and in the physical verification process. Undoubtedly it is a time-saving process and makes you more efficient.
To run an effective and efficient asset tracking system asset label is crucial. Furthermore, it is also helpful in asset maintenance as it keeps track of assets.
What Are the Benefits of Asset Labeling?
The benefits of asset labeling are discussed below:
1. Precise Asset Location
Asset label comes in handy when assets are moved from one place to another frequently. This is where the chances of asset loss are more than usual. Employees do not have to look for or find required assets, as with this software they can easily get asset location, so no confusion occurs.
With the right type of asset tag, you can get essential information related to assets such as whereas it is located who is using it how frequently the asset is utilized. These types of information are very helpful in making business decisions.
2. Assist in Asset Maintenance
Asset label is not only helpful as providing asset location, but it provides data through which asset tracking system schedules asset maintenance easily. So, asset labeling plays a crucial role in effective asset management.
With the right asset tracking system, you can get alerts for each asset maintenance it means that one does not have to remember manually and keep track of maintenance manually.
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3. Asset Check in Check Out
Asset check-in check-out is helpful in keeping track of assets. To achieve this purpose asset tag or label plays an important role in this process.
The check-in check-out process makes employees more responsible for the assets they are using. Check-in checkout process ensures that employees do not forget to return assets if they lost headset asset then they will be penalized.
4. Avoiding Asset Theft and Misplacement
There are lots of organizations that struggle with asset theft and asset misplacement. When a theft occurs it not only leads to direct loss of assets, but the organization needs to invest again in assets by purchasing them.
Moreover, when assets are misplaced then the organization's valuable time is lost, and operation hindrance occurs. Both factors lead to unproductive.
According to Embroker, “Every year, businesses lose $50 billion as a result of employee theft”. Therefore, it is very important to save every asset and you can save assets with asset labeling assistance.
Asset tags are used to track assets, especially when they are moved from one site to another site. Asset tag helps in various aspects as well such as providing asset maintenance, history asset utilization.
It streamlines asset accounting for tax and audit objectives. Unquestionably asset tags assist the organization in delivering productive work. However, in the market, there are several types of asset labels available.
Some of them come in paper quality and others come in plastic quality so which type of asset label will be efficient for your business that you need to figure out.
Asset labeling software which is the important features of our asset management software can be very beneficial for the organization as it provides several advantages. It can enhance the efficiency of your employees and your organization as well.
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Frequently Asked Questions (FAQs)
1. Which Type of Techniques Are Used in Asset Labels?
Asset labels come in various techniques such as barcode QR code, RFID, GPS, BLE, IoT, NFC. However, each technique has its own advantages and disadvantages. Some of these techniques are cost-effective, some are more costly, some provide real-time information, and some do not.
2. Which Type of Assets Needs to Be Tagged or Labeled?
Some assets are more important than others as we know that without some assets Organization can work. However, some assets are so important which can hamper daily operations. In simple terms, some assets have more priority compared to other assets. Those assets which have a higher priority need to be tagged or labeled. These assets can be heavy equipment, vehicles, HVAC, computers, printers, medical devices, hydraulic power units, and so on.
3. Why Asset Labeling Shall Be Utilized with Asset Labeling Software or Asset Tracking Software?
Without asset tracking software asset labels will not be effective because asset labels are helpful in tracking asset information. Asset tracking software utilizes information that optimizes Asset performance and keeps track of assets which helps the organization by boosting return on investment (ROI).