Asset tags are attached to fixed and movable assets they contain a bar-code number which is printed to labels. This is used to identify assets and enable efficient tracking. Asset tags are used with asset management software which speeds up data entry and reduces complexity. Auditors find it easier to inspect assets which have been tagged as they are easier to identify. Here are some benefits of asset tagging.
Simplified asset tracking
Spending time on tracking your assets manually can be a very tedious process. Tagging your assets is a best solution for this issue. Modern tags are designed with an embedded GPRS chip which helps you pin point the exact location of your assets accurately. This helps increase productivity and strengthens the bond between industrial owners and customers.
Simplified inventory management
Tagging your assets helps you organise your resources accordingly. It helps you keep a record of your assets. The asset management software program helps you organise all your valuable resources and stores them in a central database. The database can be accessed by authorised personnel. This software manipulates data efficiently and predicts results beforehand.
Maintain compliance with regulatory agencies
Most industries are regulated by a higher authority which monitors inefficiency and fraudulent activity. Asset tags provide a complete transparent database which identify issues and develop solutions accordingly. This makes the auditing process transparent and smooth. Some agencies make it mandatory to label assets.
It enables your business to track costs
The database contains information about the date of purchase, cost of asset, annual maintenance charge, warranty period, tax to be paid, cost of insurance etc. This helps industrial owners keep track of their costs, pay their debts on time and cut down unwanted expenses. It also helps you calculate depreciation for tax as asset tags gather sufficient data required making the process simpler.
Lower rate of insurance premium
Tagging you property verifies the presence of your physical assets. The database helps you determine the true value of your assets on a yearly basis. In this manner the company will provide the exact value of assets to insurance providers. This helps reduce the risk of paying a higher insurance premium.
Eliminate the risk of theft or unauthorised access
Tagging high value assets such as laptops ensure utmost security thieves are less likely to steal products as the database reveal missing assets. Assets which are tagged with bar-code labels are not prone to theft.
They coordinate the joint use of assets across multiple departments
Unused assets are shared across multiple departments, coordinating the use of assets across different departments is a complicated process. Asset tagging promotes streamlined scheduling which ensures that no assets are not double checked. This promotes efficient use of assets within an organisation without complication.