6 Problems That Can Be Prevented with Asset Tagging and Labeling
Asset tagging and labeling are the perfect solutions for companies looking to monitor and track their fixed assets. Attaching an asset tag to each of your assets enables you to keep track of them throughout their entire lifecycle – from acquisition to disposal. Not only does it allow you to know where your assets are at any given time, but it also helps you ensure that they are operating in peak condition.
There are many great reasons to tag your organization’s property. Unfortunately, businesses of all sizes often overlook the importance of asset tagging and labeling and find themselves facing a number of issues as a result. In this blog post, we’ll discuss the six most common problems that can be prevented with asset tagging, as well as how RedBeam software can help.
But First, What Is Asset Tagging?
Asset tagging refers to the practice of tracking your assets throughout your organization. Although it can be difficult, it is possible to manually track your assets using spreadsheets and reports. However, a far better way to achieve this efficiently is to rely on technology. RFID tags and barcodes make it easy for your employees to scan assets as they move throughout your facilities, thereby automatically updating your asset management system. Whenever you want to find a particular asset, you can simply log into the system and look it up. This can be a powerful tool for managing and maintaining your fixed assets.
6 Problems that Can Be Prevented With Asset Tagging & Labeling
1. Poor Asset Visibility
Without proper asset tagging and labeling, organizations often find themselves unable to locate their assets. This can result in more downtime and decreased productivity between tasks as your teams are left searching for missing equipment. Over a longer period of time, this poor asset visibility can also create security risks. Unfortunately, employee theft of assets is something that organizations in a variety of industries face. These issues stemming from the problem of poor asset visibility can add up to major costs and wasted time. However, with a comprehensive asset tagging system, you can know exactly where your assets are at all times.
2. Difficulty Complying With Government Standards and Regulations
Some organizations that work closely with the government or are members of municipalities fall under special regulations that require them to maintain accurate and reliable records of the assets in their possession. However, when you are dealing with thousands of different assets in a large number of physical locations, this can be a difficult obligation to meet. Falling foul of government regulations can result in fines, investigations, and a damaged reputation. Fortunately, there is a solution. A user-friendly asset-tracking system can give you the ability to tag and label all of your assets. This system will then provide you with up-to-date data regarding all of your assets, enabling you to stay compliant with all of the latest laws and regulations.
3. Inefficient Asset Maintenance
Do you know the exact make and model of all your assets? Do you know when they were purchased and what condition they are currently in? For many organizations, answering these questions about each and every single asset would require hours of diving into paperwork and written reports. Even then, you likely won’t find comprehensive or reliable data. This makes it challenging for your organization to keep up with maintenance and repairs on your assets. However, asset tagging can resolve this problem as well. The best tagging systems enable you to easily record this data on all the assets on your books. The platform can then automatically update the data and even notify the appropriate employees when maintenance activities need to be completed.
4. Poor Asset Utilization
One of the goals of any organization that owns fixed assets is to utilize them efficiently and effectively. However, this can be challenging to achieve. Unfortunately, many businesses and municipalities suffer from poor asset utilization. The same asset is used over and over again, while others that could perform the same task lie unused. Projects are delayed waiting for one asset to become available even though a different asset is ready to go. This kind of issue can result in significant losses to your organization. However, asset tracking through an automated asset tagging system can solve this problem. When you know exactly what assets are available at any given time, you can build strategies to utilize all of them in the most efficient way possible. This can reduce downtime and save your organization money.
5. Chronic Over-Budget Expenditures
If your organization does not have the ability to track the location and status of your assets, planning and budgeting are going to be significantly more difficult. Because teams are often required to make plans without all the information, actual projects frequently run over budget, and plans can quickly fall apart. Asset tagging enables you to make more accurate plans and budget estimates by providing you with the data you need when you need it. Plus, the best asset-tracking systems enable you to identify trends in terms of asset usage and performance that provide even more insights that you can use as you create your strategies and budgets for your projects.
6. High Inventory Shrinkage
Shrinkage is a problem that plagues organizations in a number of different industries. Shrinkage occurs when you have more assets listed on your inventory than you do in reality. This can often occur due to clerical errors or asset theft. Either way, asset tagging enables you to automate the asset-tracking process. This eliminates the risk of documentation errors (an employee recording the wrong number in a report) as well as reduces the risk of theft (all assets are tracked in real-time). If your organization is experiencing inventory shrinkage, asset tagging can be one of the best ways to resolve the issue.
Redbeam software is designed to enable you to easily tag and track your assets. Whether you are in government, education, construction, or any other industry, our platform is designed to meet your needs. With our solution, you can always ensure that you have full asset visibility and are maintaining compliance with all relevant laws. Instead of wasting time trying to locate your assets or gather information on them, you can focus on what matters most to your organization. To learn more about how Redbeam can help you, schedule a free demo of our platform today.