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Find it hard to keep track of your company’s assets? Without the right system, it's hard to know if your organization’s valuable equipment is in use in the field, checked out by employees, or needs maintenance. That’s why you need an asset tagging system.
Modern asset tagging systems help you not just know where your assets are but when they need maintenance and replacement, and they can even make it easier to file your tax returns. A unique label for each asset also lets you easily identify redundancies and avoid losses.
In this blog post, you’ll learn what an effective asset management and tagging system is and why businesses use it. Then, we’ll walk you through how to set up an effective and beneficial asset tracking and asset tagging system for your company (and get your team to use it).
Main Takeaways from This Article:
- By assigning unique labels to assets, businesses can track their location, status, and maintenance needs, reducing loss and improving accountability.
- Implementing a structured tracking system streamlines audits, regulatory compliance, and inventory management, ultimately cutting down operational costs.
- Businesses can choose barcode, RFID, or QR code labels to match their needs while integrating asset management software with existing ERP and accounting systems.
- A modern asset tagging system should accommodate business growth, offer automated reporting, and support mobile tracking for real-time asset management.
What Is Asset Tagging?
Asset tagging, or labeling, is when an organization uses asset labels (also called asset tags) to identify and track its fixed assets. An organization's physical assets are the tangible pieces of property that allow an organization to function and create value. They’re equipment a business has used for over a year.
For example, a supermarket’s fixed assets include the shelving units where products are displayed, the meat slicer at the deli, and the shopping carts customers use. The supermarket invests in these assets and uses them to create value for customers over several years. Asset tracking enables the business to keep records of its property, its condition, and how much it is worth. And asset labels are a key part of asset tracking.
Asset labels are the tags or stickers you apply to assets, giving them a unique identifier, like a serial number, barcode, or RFID tag. You can then use data capture devices and asset tagging systems to keep up-to-date records.
The barcode or other tag is linked to a record in the asset management system, where important details like product model and date of purchase are stored.
5 Benefits of Asset Tagging for Your Business
Asset tagging helps you maximize the value of your investments by improving asset visibility, reducing loss, and streamlining inventory management. Tracking heavy equipment, employee-issued laptops, or office supplies with an effective asset tagging system simplifies oversight and prevents costly inefficiencies.
1. Asset Tags Are Cost-Effective
The primary purpose of fixed asset tags is to identify fixed assets as they move around your organization or into inventory (if fixed assets are not already inventoried). For fixed assets that are often moved, such valuable equipment such as construction equipment or vehicles, these types of asset tags and labels make it much easier for staff to keep track of them.
Asset labels are relatively inexpensive, especially if you use barcode labels. You can get custom metalized tags for less than a dollar each. It’s a small investment that visually identifies your property and asset audits.
2. Asset Tags Help Avoid Regulatory Headaches
Asset tags streamline asset tracking, reducing the time spent locating equipment and conducting inventories. They also help businesses maintain real-time records for tax filings, regulatory compliance, and maintenance schedules.
With asset tagging, industries like construction can better manage long-term investments, while corporations, schools, and government agencies can efficiently oversee technology and equipment.
3. Asset Tags Are Customizable to Fit Your Needs
You can put as little or as much information on the fixed asset tag as you like.
Asset tags can be tailored to include essential details like company name, serial number, and a barcode ID with a unique ID number for seamless tracking. Barcode, RFID, or Bluetooth beacon technology enables quick data collection and capture, improving efficiency in environments like server rooms, tool cribs, and warehouses. Choosing the right tagging method ensures better asset visibility and simplified record-keeping.
4. Asset Labels Are Easy to Print at Scale
Businesses can print asset tags in-house using affordable barcode printers or purchase pre-made tags online. Ordering in bulk from specialized providers can reduce costs while ensuring durability. If budgets are tight, standard printers can create temporary barcode tags or labels, though they may wear out faster over time.
5. Reduce Theft and Loss of Assets
Limited asset control increases the risk of loss or theft, especially in industries reliant on high-value equipment. Asset tags, combined with a cloud-based tracking system, help businesses track location data, monitor equipment checkouts, and hold employees accountable. A clear asset management system also prevents redundant purchases and extends asset lifespan through proactive maintenance tracking.
How to Implement an Asset Tagging System: A Step-by-Step Guide
Next, let's take a look at the process for tagging your organization's assets with this step-by-step guide for implementation.
1. Identify All Assets
Determine which assets need tracking based on their value, mobility, and importance to operations. Common assets include office equipment, machinery, IT hardware, and vehicles. Prioritizing assets that are frequently moved, expensive, or require maintenance ensures better control and oversight.
2. Assign a Unique Identification Number
Each asset must have a distinct identification number to prevent duplication and ensure accurate tracking. This number is linked to the specific asset record in the management system, providing key details for audits and maintenance management. A standardized numbering system simplifies data entry and retrieval across departments.
3. Choose a Type of Label
Select labels based on the asset’s environment, durability needs, and tracking method. Options include barcode labels for standard office use, metal plates for industrial equipment, and RFID tags for automated tracking. The right label ensures long-term readability and seamless integration with your tracking system.
4. Enter All Data in the Asset Tracking System
Log essential information and details into your asset management software, including:
- Asset identification number
- Date of acquisition
- Asset value
- Location
- Maintenance history
A comprehensive database of asset information enables accurate reporting and efficient asset lifecycle management. Keeping records updated ensures compliance with financial regulations and helps you make better decisions.
5. Tag the Asset
Securely attach the asset tag using adhesive, screws, or other appropriate methods based on the asset type. Ensure the label is placed in a visible and accessible location for easy scanning.
Proper attachment prevents wear and tear, ensuring longevity and readability.
6. Verify Data Accuracy
Regular audits prevent discrepancies, improve accuracy, and maintain system reliability. You should regularly conduct a data verification audit to ensure that all assets are correctly tagged and recorded in the tracking system. Verify that physical assets match the digital records and test the scanning functionality of individual assets for seamless tracking.
What to Look for In an Asset Tagging System
Choosing the right asset tagging system ensures efficient tracking, scalability, and long-term value. The ideal system should offer the features you need to align with your business needs and streamline asset management.
Scalability
Your asset register system should accommodate business growth by allowing you to track an increasing number of assets without performance issues. A scalable solution ensures your asset management remains efficient as your inventory expands or you add additional high-value assets.
Tag Compatibility
A flexible system should support various tag types, including barcodes, RFID, and QR codes, to meet different tracking requirements. This versatility allows you to use the technology that works best for you.
Real-Time Asset Tracking
Real-time asset tracking capabilities reduce downtime and prevent loss by providing instantaneous location data. A system with live tracking ensures employees can quickly locate and retrieve equipment whenever it’s needed and know its current status.
Cloud-Based Access
A cloud-based system allows remote access, so users can track and manage assets from any location. This feature is essential for businesses with multiple sites or mobile teams.
Customizable Tagging Options
The ability to create custom tags with unique identifiers, branding, or encoded data produces better (and easier) asset categorization. Customization also enhances your security and improves record accuracy.
Automated Auditing and Reporting
Your asset tracking system should have built-in reporting and auditing tools to simplify compliance and improve operational efficiency. Automated reports help businesses track asset usage, depreciation, and maintenance schedules.
Integration with Existing Systems
Seamless compatibility with ERP, accounting, and inventory management software keeps your data in sync and up-to-date. A well-integrated system eliminates duplicate data entry and enhances workflow efficiency.
Mobile-Friendly Interface
Support for mobile apps and barcode scanners allows employees to update asset records in the field. A mobile-friendly system improves accuracy and speeds up inventory tracking.
User Role Management
Security is critical to maintaining the integrity of your data. Role-based access control restricts system permissions, ensuring only authorized users can modify asset data. This enhances security and prevents unauthorized changes.
Maintenance and Lifecycle Tracking
The best asset tagging systems should track asset conditions, monitor lifecycle stages, and schedule maintenance. Proactive tracking of environmental conditions and asset maintenance helps you extend asset lifespan and reduce unexpected breakdowns.
Experience the Asset Tagging System of The Future with RedBeam
Asset tags, when combined with asset management software, provide full visibility into your fixed assets—tracking their location, usage, purchase details, and costs. This simplifies accounting, tax reporting, and maintenance planning while ensuring assets are properly documented for inventory control and insurance purposes.
RedBeam seamlessly integrates with industry-leading hardware, including advanced devices from Zebra Technologies. With Zebra’s durable and high-performance products, businesses can enhance the speed and accuracy of their asset-tracking operations. Our expertise in Zebra’s technology allows us to recommend the best hardware solutions tailored to your specific needs and budget.
Ready to streamline your asset management process? RedBeam helps businesses track valuable assets throughout their lifecycle with ease. See the benefits for yourself. Try RedBeam for free for 30 days.
Frequently Asked Questions — FAQs About Asset Tagging
What Are the Standards for Asset Tagging?
Asset tagging standards vary by industry but typically involve assigning a unique identification number to each asset, using barcodes, QR codes, or RFID labels. Best practices include placing durable tags in easily accessible locations and maintaining detailed records in an asset management system.
How Do I Tag an Asset?
Tagging an asset involves selecting the label type, assigning a unique identification number, and affixing the tag securely to the asset. The asset’s details should then be recorded in an asset tracking system for accurate monitoring.
What Are Movable Assets?
Moveable assets are physical items that can be relocated within or between facilities, such as laptops, tools, office furniture, and vehicles. Unlike fixed assets, these items require tracking to prevent loss, ensure accountability, and streamline inventory management.
How Does Asset Tagging Improve Inventory Management?
Asset tagging enhances inventory management by providing real-time visibility, reducing manual data entry, and minimizing asset loss or misplacement. With a structured asset tagging process and system, you can efficiently track asset locations, usage, and maintenance needs.
