Asset Label Tags Play Key Role in Successful Project Management

Fixed asset tracking is a vital component of successful project management. That makes asset label tags one of the first items that should be on any project manager’s to-do list. But, what exactly is project management anyway?

The Relationship Between Project Management, Asset Tracking

Investopedia writer Olivia LaBarre defines project management as the “planning and organization of a company’s resources to move a specific task, event, or duty towards completion. It can involve a one-time project or an ongoing activity, and resources managed include personnel, finances, technology, and intellectual property.”

LaBarre adds that project management is an important part of the success of construction, engineering, and IT companies. To be considered a success, the project must follow a budget and a timeframe. Accurate asset management, including asset label tags, have a direct impact on the budget and timeframe of any project.

Lifecycle Management

Responsible fixed asset tracking and management helps ensure that assets continue to function properly throughout their useful lives. If assets aren’t properly maintained and updated as necessary, they can break down and bring productivity to a halt. Those delays require project managers to adjust their timetables. No project manager wants to have to explain a delay to a client – especially when the reason for that delay is shoddy asset management practices. When vital fixed assets break down suddenly, project owners often incur additional fees to rush-order parts and service. Time is of the essence, and project owners have to minimize disruption to the business. Unfortunately, those rush fees can be steep. Additionally, when fixed assets haven’t been properly maintained, the repairs they require can be more extensive. Any way you slice it, asset mismanagement can be expensive for project owners.

Before the Project Begins

A powerful and reliable asset tracking platform is a no-brainer for project managers. Knowing the fixed assets you own – and what kind of condition they’re in - is a must before starting any project. However a fixed asset audit, then, is a smart first step for any project manager. Asset tracking platforms can make that complex task relatively straightforward and simple.

Asset Label Tags

Asset tracking begins with the application of asset label tags, which may be ordered online in a variety of materials. Asset label tags may be constructed to withstand high temperatures and inclement weather and may be designed to be tamper-proof material, for example. The tags display numbers and barcodes that, when scanned, give users access to the data they’ve entered into the system about those assets. Ideally, the asset tracking platform should store comprehensive data that covers the complete lifecycle of every fixed asset. Users drive that decision, as well as how the data is organized and displayed.

With an asset tracking platform in place, project managers can determine the assets they have, where they’re located, and how well they’ve been maintained. If repairs are necessary, they’ll know in advance rather than being thrown a curve ball mid-project. And, if a replacement is required, they can factor that into their budgets beforehand.

Asset Panda

When time, money, and your organization’s reputation are on the line, you want every tool at your disposal to maximize your potential for success. Asset Panda offers clients asset label tags through a trusted partner, as well as the world’s most powerful mobile asset tracking platform. User-friendly and intuitive, Asset Panda requires no extensive training to master. Conduct audits, make informed decisions, and launch your project on solid ground with our free mobile app. All you need is your smartphone or tablet. To learn more or begin your free 14-day trial, visit assetpanda.com