Asset tagging plays a crucial role in modern businesses, providing an efficient and accurate method for managing and monitoring valuable assets. Unlike earlier methods of manual asset tracking and management that depended on barcoding, and paper sheets and logs, mired with inefficiency and inaccuracies, RFID technology offers extremely high levels of automatic identification and data collection and tagging assets with smart RFID tags has become the go-to option in retail, IT asset management, warehousing, inventory management, healthcare, supply chains and manufacturing, etc. These businesses benefit from remote asset tracking, efficient data collection through RFID labels, and seamless connectivity and data sharing between various ERP and CRM systems.
When it comes to asset tagging solutions businesses don’t have to completely rely on one particular asset management solution of technology but can combine the benefits of QR code-based asset tagging, GPS-based asset tagging and tracking as well as RFID and other IoT technologies.
Let’s explore the various technologies used in asset tagging, such as RFID tags, barcodes, and GPS tags. We will delve into the reasons why businesses need asset tagging and tracking, focusing on the importance of audit and physical asset verification.
Asset Tagging Service Provider in India
Asset tagging is required to provide a unique identifier to each and all fixed assets in an organization. It requires specialized knowledge and expertise and should always be done with asset tagging service providers that work with UHF RFID tags, barcodes, GPS, BLE, and other IoT-based technologies.
EnCstore is a prominent RFID and barcode asset tagging service provider in India offering various kinds of RFID tags, inlays, UHF RFID readers and antennas barcode ribbons, labels, and barcode scanners as well as customized asset tagging services for fixed asset tagging, physical asset verification, and auditing, as per the Companies Act, 2013.
The Need for Asset Tagging and Tracking
Asset tagging and tracking in businesses is mainly important for two purposes as mentioned below, apart from real-time asset visibility and asset security.
1. Asset tagging is necessary for Audit Purposes
Asset tagging and tracking are vital for conducting audits, as they provide an accurate record of assets. Businesses can affix RFID tags, barcodes, or GPS tags to assets and easily verify the existence, location, and condition of their assets during an audit.
2. Physical Asset Verification with Asset Tags
Asset tagging and tracking streamline the process of physically verifying assets. With the help of RFID readers, barcode scanners, or GPS tracking system based asset management services, businesses can quickly identify and locate assets, minimizing the time and effort required for physical asset verification.
Popular Asset Tagging Technologies at Present
1. RFID Tags for Asset Tagging
Radio Frequency Identification (RFID) tags are small yet smart devices that house a microchip to store large amounts of data, unique identifiers, and other information. This data can be read by RFID readers, enabling businesses to track assets in real-time accurately. Businesses can use RFID tags for fixed asset tagging, creating a digital fixed asset register. The FAR offers accurate, real-time visibility on all assets present in an organization, especially useful in auditing activities.
2. Barcodes for Asset Tagging
Barcodes have been used for asset tagging and tracking for decades and 2-D barcodes (QR Codes) have completely transformed how we see barcodes now. With large data storing capabilities, in various formats, be it text, image, PDF, URL, numbers, or Google forms, we can tag assets quite efficiently and manage assets with greater precision than before.
Barcode labels on assets can be scanned using barcode scanners as well as smartphones and tablets, allowing businesses to identify and locate assets efficiently. However, the only problem with barcodes is that they fail to offer remote, without a line of sight scanning and tracking. However, with the lowest cost of implementation, barcodes still remain a prominent asset tagging and asset management solution.
3. GPS Tags for Asset Tagging
Global Positioning System (GPS) tags use satellite navigation to determine the precise location of assets. With GPS tags, businesses can track assets remotely and monitor their movement in real time. The technology is most suitable for businesses such as logistics, fleet management, and supply chains, looking to track their assets outdoors.
When it comes to indoor asset tracking and indoor navigation, other IoT technologies like BLE and UWB offer better efficiency than GPS tags and trackers.
Benefits of Asset Tagging
1. Increased Efficiency for Businesses
Asset tagging automates asset management processes, reducing manual errors and saving time. It enhances efficiency allowing businesses to focus on core activities, leading to improved productivity and profitability. With our asset tagging system for inventory, businesses can unlock higher inventory efficiency and asset utilization.
2. Enhanced Asset Utilization and Security
Asset tagging and tracking also ensures that asset utilization is at maximum. With real-time asset visibility, businesses can commission new assets and retire the old, non-functional ones to boost productivity.
Asset tagging with RFID labels and barcodes also deters theft and ensures asset accountability. With the ability to monitor assets in real-time, businesses can quickly identify any unauthorized movement or misplaced assets, enhancing security measures.
3. Cost Savings and Efficient Resource Allocation
Asset tagging also prevents asset loss, minimizes asset replacement costs, and optimizes maintenance schedules. Businesses can thus identify underutilized assets, leading to more efficient resource allocation and cost savings.
To summarize, asset tagging and tracking technologies, such as RFID tags, barcodes, and GPS tags, have become indispensable tools for businesses seeking efficient asset management. The ability to accurately track and monitor assets provides numerous benefits, including improved audit processes, streamlined physical asset verification, increased efficiency, enhanced security, and cost savings. With RFID and QR Code asset tagging businesses can optimize their asset management practices and gain a competitive edge in the modern business landscape.
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