The food & beverage industry has well-known brands such as KFC, Zomato, MacDonald, and so on. Each brand has several outlets and managing them can be overly complicated. Because Each outlet has several assets, and all these assets need to be tracked and they need to be maintained as well. In this blog, we will know how asset tracking labels and tags are helpful & in perfect asset management. So, let us begin!
What Is an Asset Tracking Tags /Labels?
Asset tracking tag is useful to those organizations which are asset-intensive. Specifically, those organizations rely on assets and types of equipment in order to generate revenue. For these organizations, asset tracking is particularly important.
This is where asset tracking tags are helpful in keeping accurate information of each asset such as where it is located, who is using it and when it will be returned, or when its maintenance is due!
Asset tracking labels or tag is attached to assets that help in identifying each asset individually. A tag enables you to let you know the real-time location & data collected in this process helps in asset maintenance & making crucial business decisions.
A tag is mostly attached to assets that are moved frequently from location to location. However, asset tracking tag is also attached to assets that are immovable such as HVAC (Heating Ventilation Air Conditioning), generators, and so on.
Now, what is the need to attach a tag to immovable assets? Because tags and labels are helpful in providing maintenance to assets regularly. Businesses are now understanding the potential of asset tracking labels.
When the market for asset tracking software is growing.
According to Markets & Markets, “The fixed asset management software market size is expected to grow from USD 3.0 billion in 2019 to USD 5.2 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 11.8% during the forecast period.”
Overall, asset tracking labels & tags help in gathering valuable data for organizations such as real-time information, maintenance history, maintenance schedule & frequency, depreciation value, etc.
What Are the Benefits of Asset Tracking Tags and Labels?
The benefits of asset tracking tags are as follows:
1. Asset Tags Help to Avoid Theft & Misplacement
Asset tracking tags provide the real-time location of an asset. When you have a real-time location it eliminates the possibility of asset theft or asset misplacement.
This feature quickly identifies assets for instance in a warehouse finding assets or inventory is time-consuming & time is crucial in the food & beverage industry. Because if the customer does not get food in specific time & customer can get away & business loss can occur.
So, asset tracking labels & tags provide accurate location of assets & inventory.
2. Asset Tagging Helps Asset Auditing
Asset auditing is one of the most important activities that all organizations do. It helps evaluate the actual value of assets. Auditing helps in identifying assets physically.
When you prepare for an audit, asset tracking tags let you know all the locations and you can bring it back to the location so that the asset can be conducted successfully.
3. Asset Tagging Helps in Asset Maintenance
Asset tagging helps in maintenance scheduling. It helps not only with maintenance but also with maintenance-related expenses. Several advantages are achieved with tags assistance such as tracking maintenance and decreasing downtime.
4. Asset Tagging Helps in Providing Information
Information is crucial in any business when you want to make a major decision when you want to improve your productivity when you want to go big! Information is the key to improvisation.
Data can be valuable in terms of making informed decisions. As tags are helpful in equipment movement tracking and maintenance.
What Is the Process of Asset Tagging?
The process of asset tagging is simple. First, you must give a unique identification number to each asset, then you must choose which type of asset tracking technology will suit your business as per the budget.
As there are several asset tracking technologies are available such as Barcode, QR (Quick Response) Code, RFID (Radio-frequency identification), NFC (Near field communication), GPS (Global positioning system), BLE (Bluetooth low energy), IoT (Internet of Things), etc.
Then you create put each asset information into the system and link it with an asset tag. That is, it!
These asset tracking labels are immensely helpful to all types of businesses. Therefore, they are essential especially when you want to optimize your business and save an organization from unnecessary expenses.
However, for best results, your organization can optimize more when asset tags are utilized with asset management software.
It can be a game-changer for your business. As it has a lot of potential in order to improve maintenance work, asset management, daily work optimization. Better service levels are achieved with this software.
You can see all the maintenance activities that are going with their status. Similarly, you can schedule assets and check as well. In each maintenance task, a checklist is there so that work can be done without figuring it out.
The manual helpdesk is converted into the automated helpdesk. If you want to take your business to another level, then asset tagging and this software are essential.
Frequently Asked Questions (FAQs)
There are several things to remember while selecting the correct asset tracking technique tags for your business. For example, the environment is a crucial factor. RFID signals do not work efficiently near the metal. NFC has a small sighted as a scanner. Some technologies are cost-effective, and some are expensive.
Tags belong to various categories & types such as polyester tags, aluminum tags, tamper-evident tags, waterproof tags.
Which type of asset is tagged?
Assets that are essential for running smooth daily operations, costly assets. For example:
Machines, Equipment Tools – Transformers, generators, HVAC, Chillers,
Office Equipment – Laptop, computer, hard drives, Pen drive, mouse, printer, etc.
Transport Vehicle – The organization owns several vehicles such as cars, trucks, cranes, evacuators, etc.