Keeping up with technology is important. If your business doesn’t keep up with the technology then it will fall behind. In today’s world asset tracking is very important for keeping asset safe.
Let us discuss what is asset tagging and why it is important for an organization?
When an organization has thousands of assets then keeping track of them is very important.It enables employees know where are assets located and what is their present condition! Assets tags provide assistance in identifying, tracking, monitoring and controlling assets.
Assets are used frequently as a result they are repaired and sold eventually. They constantly moved from one place to another making them vulnerable to theft or misplacement. Asset tags allows you to know asset information all the time, adding more security to assets.
Tags are also helpful in tracking asset life. From procurement to disposal and in between stages, complete asset history can be seen with asset tag assistance.
Tracking assets and gathering their information utilizing an asset label has demonstrated to be quicker, affordable and more precise compared to manual information collection processes. With sturdy asset labels that stay readable in the hardest situations, you can deal with your physical assets without the stress that your name tag or label will fade or unreadable.
You can use customize asset tag as per the environment condition. For example, if your asset equipment work is near water bodies then polyester tags may work. As per your requirement, logos and design can be made.
Why asset tagging is done?
The main purpose of asset tagging is to know whereabouts of assets, in simple words asset tracking. When an asset tagged then it provides asset information for a lifetime (as long as the tag is labelled to asset). Moreover, it can also provide real time asset information that too precisely. Asset tagging is also done to avoid theft. Asset are very costly and precious therefore tags keep asset secured.
Another objective is keeping an asset in top condition. When you have all the details, you will know when it needs maintenance and you can schedule maintenance accordingly! Last but not least is asset information, asset labels have asset information which helps management in the business decision making process.
What different types of Asset tagging techniques are available?
There are several types of asset tagging techniques are available such as Barcode & QR code labels, RFID tags, NFC chips, GPS tags etc. Now let us discuss them all in detail.
Barcode/QR Code –
For asset tagging, the barcode is one of the old, best & simple technology. Whereas QR Code can be said as an advance version of the barcode. The biggest advantage of a barcode is they are economical when they are bought in bulk. If you have multiple assets which are smaller in size and they are not much valuable then you can use barcode sticker. These tags are quickly scanned via a handheld scanner or mobile scanner. Barcode labels are available in laminated form.
Barcode technology is growing continuously and they are mostly used in the food industry because this technology is simple to use and effective as well.
As per the Statista, “the revenue generated by the food traceability barcode systems and technology worldwide in 2016 and provides a forecast for 2022. The barcode systems and technology segment of the food traceability market generated global revenue of about 4.19 billion U.S. dollars in 2016.”
Radio frequency identification is the full form of RFID. RFID tags are advance and costly compared to barcodes. They are not useful for small size organizations. However, small size organizations can use RFID tags on those assets which are costly &valuable to them.
According to Statista, “the global market size of RFID technology is projected to be sized at around 24.5 billion U.S. dollars. Retail applications are expected to account for the largest share of the market.”
The military departments use an asset tracking system to track their assets throughout their life. The data of each asset belonging to an organization enables companies to make better, data-driven decisions, which are more effective.
GPS – GPS full form is global positioning system.Secor such as automobile, manufacturing or construction sends their asset from one location to another location frequently. GPS tag send location regularly through which you are always aware of asset location. It tracks assets in real time and monitors them effectively. However, these GPS tags are much more expensive compare to RFID & barcode. Furthermore, they also need lots of energy for tracking.
NFC stands for near field communication! This is a contactless based technology. Mostly there used in making a contactless payment. For asset tracking, you can use this technology via mobile phone but the problem is that it has only a few inches of range. It means that one needs to be standing really close to the product for scanning otherwise NFC won’t work. Your smartphone must be enabled with NFC technology. But it can read multiple tags at one time. For example, one can walk in the stockroom holding smartphone near to the package. Then these tags will be scanned, read & processed on the go. Therefore, they are faster than barcode & RFID.
As we know asset tracking is must to keep asset secured. In order to achieve this objective asset tags and labels are used. What are the current trending asset tagging techniques are used we told above. Every organization has a different requirement and budget as well. Considering what exactly your organization needs are? Which technology will be the best fit in your business? After looking at all pros and cons of each technology will be helpful in making a decision. “One size fits all” philosophy does not work in asset tagging.
After looking at all pros and cons of each technology will be helpful in making a decision. “One size fits all” philosophy does not work in asset tagging.
Choosing asset tagging will only beneficial when you have a complete & advanced asset management software that will provide all the details and analytics. Complete details about assets assists the organization in better decision making.