Keeping track of your business’s assets can feel like juggling ten balls at once—one slip, and you could lose sight of something important.
That’s where an effective asset tagging system steps in to save the day. Whether you’re managing equipment, tools, or even furniture, having a solid asset tracking system helps you know exactly what you own, where it is, and how it’s being used.
In this blog, we’ll walk you through six key steps to build an asset tagging system that makes tracking your assets simple and foolproof.
Step 1: Identify Assets That Need Tracking
Why asset identification is crucial
The first step in any asset tracking process is knowing what you’re tracking in the first place. Asset identification is crucial because it lays the foundation for a successful tracking system. Without clearly identifying what needs to be tracked, it’s impossible to create an organized system.
Every business has different assets to manage—anything from laptops to heavy machinery to office furniture can be tagged. Knowing what’s in your inventory helps you prevent losses, optimize asset usage, and ensure timely maintenance.
Types of assets typically tracked
Common assets that benefit from tagging include:
- IT equipment (laptops, printers, servers)
- Office furniture (desks, chairs)
- Vehicles (company cars, trucks)
- Machinery and tools (construction equipment, manufacturing tools)
- Consumables (items that are used over time, like ink cartridges or cleaning supplies)
Essentially, anything that holds value or is used regularly in your business operations should be considered for tracking.
Prioritizing assets for tagging
Not all assets require tagging immediately. Start by identifying the most critical assets—those that are expensive, frequently used, or prone to theft or misplacement. Prioritizing these ensures that your asset tracking system starts off focused on what matters most.
Step 2: Choose the Right Asset Tags
Common materials for asset tags (e.g., polyester, foil, tamper-evident)
Once you’ve identified the assets to be tracked, it’s time to select the right type of asset tags. The material of the tag plays an important role in its durability and performance. Some common materials include:
- Polyester: Highly durable and weather-resistant, making it perfect for both indoor and outdoor use.
- Aluminum foil: These tags are highly durable and can withstand harsh environments like heat, chemicals, or abrasion.
- Tamper-Evident: These tags are designed to show if they’ve been tampered with, making them ideal for sensitive or high-security assets.
Customizing asset tags for your needs
Customization is key when choosing asset tags. Depending on your business needs, you can add logos, serial numbers, and specific data. This ensures that each tag is unique to your company and serves your tracking purposes. For instance, if you need more security, tamper-evident tags with your company’s logo can act as both identification and protection against theft.
Barcode and QR code options
When it comes to data storage, asset tags typically include barcodes or QR codes.
- Barcodes are simple and widely used for easy scanning and identification.
- QR codes offer more data storage and allow users to access information through smartphones.
Step 3: Implement an Asset Tracking Software
How software enhances tracking efficiency
No asset tagging system is complete without asset tracking software. Software automates the process of tracking your assets and gives you real-time information about their location, condition, and usage. This reduces human error and allows for more efficient management of resources.
Features to look for in asset tracking systems
When choosing asset tracking software, look for features like:
- Real-time tracking: Keep up with where your assets are at all times.
- Reporting tools: Track asset depreciation, usage statistics, and inventory counts.
- Alerts and reminders: Get notifications when maintenance is due or when assets are nearing the end of their lifecycle.
Integration with existing business processes
Make sure the software integrates seamlessly with your existing business systems. Whether it’s accounting software, inventory management, or your ERP system, having these tools work together makes asset tracking much smoother.
Step 4: Develop a Label Placement Strategy
Where to place asset tags for maximum visibility
Placement is key to effective asset tracking. Tags should be placed in visible, easily accessible spots on each asset. You don’t want employees hunting around for the tag—place it where it can be easily scanned without interfering with the asset’s function.
Ensuring durability and longevity of asset tags
Think about where the asset will be used. For example, if it’s an outdoor asset, place the tag in a location protected from harsh elements like rain or extreme heat. Consider using materials that are resistant to these conditions. Also, keep in mind areas that might experience heavy wear and tear; avoid placing tags where they could easily be scratched or damaged.
Avoiding common placement mistakes
Avoid placing tags in areas where they might be easily obscured or covered. For example, don’t put tags on the bottom of equipment or in hard-to-reach areas. The goal is to ensure your team can scan the tags quickly without hassle.
Step 5: Conduct Regular Audits and Updates
The importance of routine asset audits
Once your system is up and running, regular audits are essential. Audits ensure that your asset records are up to date, assets are in their correct locations, and nothing is missing. These audits help prevent discrepancies that could lead to lost or misplaced items.
How to update asset information efficiently
When conducting audits, it’s crucial to update your records efficiently. Asset tracking software should allow for quick updates so you can keep accurate records without having to manually enter data.
Managing lost or retired assets
Inevitably, some assets will be retired, sold, or lost. Having a system in place to manage these situations is important. You should be able to quickly mark items as retired or lost in your system to ensure your records are always accurate and up-to-date.
Step 6: Train Your Team on Proper Tagging and Tracking
Training for accurate data entry and use of asset tags
Even the best asset tagging system is useless without proper training. Your team needs to understand how to accurately tag items, scan them, and enter data into the system. Training is essential to ensuring data integrity and avoiding common tracking mistakes.
How to resolve common asset tracking challenges
Asset tracking challenges, such as missing tags or inaccurate data entries, can slow down operations. Training your team to identify and solve these issues quickly will save time and reduce frustration. Whether it’s knowing how to replace damaged tags or how to correctly scan assets, preparation is key.
Building a team-wide understanding of asset security
Lastly, educating your team on the importance of asset tracking and security is crucial. This ensures that everyone understands the value of the system and how it protects the company’s resources from loss or theft.
Before You Go…
Creating an effective asset tagging system doesn’t have to be complicated. With the right tags, software, and processes in place, you’ll be able to track your assets easily and efficiently.
If you’re ready to get started, Maverick Label offers a variety of customizable asset tags to meet your specific needs. Visit our Asset Tracking page to explore your options and start building a system that works for you.
FAQs
What are the benefits of using asset tags?
Asset tags help businesses track the location, condition, and usage of their assets. This prevents loss or theft, allows for better resource management, and ensures that assets are properly maintained.
Can I customize asset tags for my specific needs?
Yes, asset tags can be customized to fit your business’s needs. You can add your company’s logo, choose the right material for your environment, and include security features like barcodes or QR codes.
How do asset tags help with security and theft prevention?
Asset tags can include tamper-evident features, serial numbers, or barcodes, which allow businesses to easily identify and track stolen or misplaced items. They also serve as a deterrent to theft by marking property as owned and tracked.
