Is Asset Tagging Worth The Cost?

For many businesses, keeping track of their electronic equipment can be a huge and difficult task. These valuable assets are often the lifelines of a company. Computer equipment holds vital, and many times, extremely sensitive information regarding customers, clients, employees, patients and even important trade secrets. It’s imperative that you hold onto this information tightly and that you know it will be safe for the lifespan of your equipment. Medical equipment is also a valuable physical asset, and one that medical practices need to monitor closely.

As I’ve visited my doctor’s office over the years I’ve noticed that his practice has taken on a more streamlined, technical approach to keeping track of his patients. Each exam room now has a computer securely attached and locked to a small desk. My doctor can easily review my medical history, as well as add to it, while we talk. I’ve also noticed that each of these computers has a small label attached to it with a bar code and the name of my doctor’s practice. Although it looks fairly insignificant, this little asset tag, or property label, is a valuable tool used by my doctor to keep track of his physical assets; and these tags are not just for labeling computers.

Common Uses For Asset Tagging

There are many industries that can benefit from tagging their assets, including, but not limited to:

• The Government
• Healthcare
• Manufacturing
• Education
• Telecommunications and Cable

Government

Government branches use asset tagging for keeping track of all kinds of things, including maintaining an inventory of office equipment and keeping tabs on everything from street lights to parking meters.

Healthcare

As I mentioned earlier, the healthcare industry is a common place to find asset tags. There are literally thousands of pieces of equipment that need to be tracked in the medical field. Healthcare workers can track equipment and supplies, as well as monitor patients’ medication history and schedule.

Manufacturing

The manufacturing industry needs to keep close track of all of its equipment. Asset tags can help companies know exactly which machines need what maintenance, and when they need it. These tags can streamline the process of servicing their equipment, which can save time and money. The telecom and cable industries are much like the manufacturing industry when it comes to the use of asset tags. With so much equipment all over our communities, these companies have to be able to track the use and maintenance of these items. Asset tagging helps them to make sure their equipment and systems are working properly and track outages or other problems that arise.

Education

There are many valuable uses for asset tagging in the education field. Universities and institutions use asset tagging for all of their audio and video equipment, as well as their books and films and any other items that need to be checked out. The books that my children check out from their school library all have a property label attached to the back cover. This not only helps keep track of when a book was checked out and when it’s due back; but it also helps the school know who may be responsible if a book is lost or damaged.

How Do Asset Tags Work?

Asset tags are fairly simple to use. There are many styles and templates to choose from, but typically each tag is labeled with a “property of” sticker followed by a “name” field for your business. Each tag includes a bar code and a number. Most asset tagging systems use a sequential numbering system in order to make tracking your property as simple as possible. With special adhesives these little labels will stick to almost any clean, dry surface; and once they’re attached they tend to stay attached. This is true even in some of the most adverse conditions. Asset tagging systems require a scanner in order to easily monitor your property. Then, after you’ve labeled your assets you’re ready to track them.

Why Tagging Your Assets Is Worth The Money

The overall purpose of asset tagging is for their users to have a systematic method of tracking their valuable property. You might wonder, "Are these little labels really worth the cost?" The answer is yes. Asset tags, or property labels, are relatively inexpensive and serve many vital purposes. Asset tags and their inherent tracking systems are a great resource for keeping track of all of your physical assets. They can actually help you reduce your costs in many ways. With asset tags the task of physical record keeping is made much easier as it eliminates the number of hours someone has to track things by hand. It also helps reduce the risk of human error, which usually improves the consistency and accuracy of your records. There are plenty of reasons to use asset tags, all of which make them well worth the cost.

• Asset tags can help protect against theft
• Asset tags can help in the recovery of stolen property, and in the prosecution process
• Asset tags make your property easier to trace
• Asset tags provide records of service schedules
• Asset tags improve and simplify inventories and audits
• Asset tags give a current status of all fixed assets
• Asset tags help with compliance of accounting standards
• Asset tags can be a good tool for increasing brand awareness
• Asset tags are very small and therefore won’t detract from the look of your property

There are many uses for asset tags and just as many reasons to use them. These small and relatively simple labels provide a safe and secure method for companies to protect and monitor all of their physical, valuable assets. The amount of money you will spend on these labels is relatively small when you consider the many benefits you will get in return. With quality asset tags and an effective tracking system that comes with it, you can easily follow and track your property and spend more of your time putting your assets to work for you, instead of working on your assets.

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