6 Uses for Asset Tags You May Not Know

Asset tags are useful for many purposes. By maximizing your use of asset tags, you can reap benefits like enhancing your team’s productivity, boosting efficiency, streamlining operations, simplifying documentation and much more. Here are a few uses for asset tags you may not be aware of.
Quick, Easy Asset Identification
You don’t want to spend hours – or even precious minutes – tracking down an asset you need to complete a task. Every minute wasted on the clock detracts from your company’s bottom line. With multiple employees spending valuable minutes every day trying to track down assets, you’re losing a significant amount of productivity. Asset tags let you quickly pinpoint the location of any asset in seconds, not minutes.
Simplify Inventory Management
Inventory management is one of the most time-consuming and frustrating tasks any product-oriented business faces. Asset tags take all the guesswork out of inventory control. When used in conjunction with an asset management software application, the possibilities are endless. With your inventory data in a central database, manipulating data for analysis and making predictions is simple.
Maintain Compliance with Regulatory Agencies
No matter what industry you’re in, it’s regulated by someone, somewhere. Whether your company is directly or indirectly accountable, asset tags provide a comprehensive data set that helps you maintain compliance, quickly identify issues, and develop resolutions when needed to maintain certifications.
Streamline Usable Life Calculations and Depreciation for Tax Purposes
Tax reporting is yet another headache faced by companies across every industry. Expensive equipment must be depreciated, and calculating the usable life of all those assets is no easy task. Asset tags help you gather the essential data needed to make all those calculations – and when you use asset management software, the process is even simpler.
Deter Theft and Unauthorized Transfer
Increasing security isn’t always something that comes to mind as a plausible use for asset tags, but it’s one of the biggest benefits. When high-value items, such as laptops, are clearly labeled with a durable bar code label or asset tag, thieves are less likely to swipe these items simply because they’re more likely to get caught. There are also asset tags specifically designed to provide evidence of tampering.
Coordinate Joint Use Across Multiple Departments
Assets that aren’t used daily are often shared across multiple departments. The education setting is a perfect example, as A/V equipment is frequently moved from room to room and shared among dozens of educators. Coordinating the use across multiple departments can get complicated, with overlaps and double-scheduling creating havoc in even the most organized settings. Asset tags allow you to streamline scheduling, ensuring that no asset is ever double-booked and making it possible to use a single asset more efficiently across an organization.
While you may have been aware of some of these uses, it’s always interesting to take a closer look at the various ways asset tags can be used within an organization. If you’re using asset tags and aren’t taking advantage of some of these uses, implementation is easy. And if you were on the fence about incorporating an asset tracking system, consider the multiple ways a single investment will continue to benefit your company over many years.