What’s the Use of an Asset Tracking Label?

By November 21, 2016Asset Tracking, Blog

What’s the Use of an Asset Tracking Label?

If there is something you can count on seeing every day, it’s a label. On cereal boxes. On electronic equipment. On cars. On furniture. On library books. On a pack of gum. The list of where labels appear is endless. Because labels are so common, they are often overlooked. However these seemingly minute components hold some of the most valuable information to help a company run, especially when it comes to asset tracking. The asset tracking label has the ability to tell the entire lifecycle about a tool or piece of equipment and have proven themselves to be a key component that every company should have in order to identify, track and maintain their assets in the successful operation of a business.

The benefits to asset tracking are many — better asset management, tracking of asset locations, maximizes employee and equipment efficiency, enhances security of assets, cost savings on employee time and potential replacement of assets. Used with a dependable asset tracking system, asset tracking labels identify equipment using a unique serial number, or barcode, which helps to speed data entry, reduce field entry errors, enable easier check-in/check-out of equipment, track costs and maintenance records. In today’s asset tracking systems, the use of a barcode scanner, that can be used right from a user’s own smartphone or tablet, is proving how invaluable asset tracking tools can be for everyday operations.

When it comes to what should (or shouldn’t) have an asset tracking label, a good rule of thumb to follow is — any asset that requires any type of monitoring, whether it be for maintenance, location, utilization planning, etc, should be tagged. Now not every single asset always requires a tag, but because there are so many uses for asset tags with modern tracking systems, companies are realizing that asset tracking tags and their complementary asset tracking systems are a cost-saving investment.

Three key areas in which asset tracking labels are especially invaluable are:

Inventory Control. When it comes down to audit time, many companies find themselves asking the question, “what assets do we own?” Having the ability to scan an item and instantly have it recorded among your list of assets saves valuable time around audit or budget season. Detailed reports can pull up the entire lifecycle of an asset and stakeholders can see how an item was used, by who, where it went and how it’s maintained. All important factors when considering if an item should be in rotation, replaced or discontinued.

Loss/Theft prevention. Many times assets are lost, or unfortunately stolen. By scanning an asset tracking label, companies can keep up with items much easier and know if a certain piece of equipment was checked in/out or where it might be if one thinks it is lost or stolen. It could be as simple as an asset being in the wrong department, and because it contained an asset tracking label, it was scanned at check out (but never returned) and it can then be tracked to the last person who had possession and potentially retrieved.

 Maintenance Records. Scanning an asset tracking label can quickly bring the user to a database of repair instructions or maintenance schedules for each individual asset. Viewing the records over time can help determine if an item is still in good working condition for a job or if it has run its course and is outdated or no longer viable for use within a company.

By using a barcode scanner in tandem with asset tracking labels right when an item is added to inventory, companies avoid some very costly and potentially damaging errors. Scanning the labels greatly reduces human handwritten errors while saving valuable employee time, and instantly transfers data seamlessly to the asset tracking software. Data is then ready for the user to pull in real-time from anywhere, at anytime, which can be shared across the company.

Asset tracking can be complicated and costly if not handled correctly. But thanks to Asset Panda, companies now have quick and easy access to information they need, enabling everyone in the organization to work smarter. Asset Panda’s flexible tracking and management platform, used online or through our free Mobile App, makes it easy to work from anywhere, on devices you’re already using. That means everyone in your organization has quick and easy on-demand access to everything they need to know about your assets. There’s no need to purchase costly scanners when you can use your smartphone or tablet to track and manage your assets. With unlimited fields and configurability, Asset Panda goes beyond basic check in/check out, changing as your needs change so that it’s always the perfect platform to meet goals or solve problems—about any number of assets and for any sized company, in any industry.

In today’s do more with less workplace, companies are trying to manage too many assets with too few resources. The simple act of using asset tracking labels with a flexible and scalable tool like Asset Panda will be an eye-opening discovery and you’ll wonder how you ever tracked your assets without it! Try Asset Panda FREE with a 14-day trial. Visit assetpanda.com for more information and to get started.

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