Best Tracking Practices Begin With Asset Tagging Labels
Asset tagging labels are one of the building blocks of an efficient fixed asset tracking system. The automotive industry, like the vast majority of industries, relies heavily upon fixed assets to produce an end product for consumers. For automotive manufacturers, the term “fixed assets” can comprise of everything from machinery and tools to IT equipment and software, warehouse space, office furniture, and company-owned vehicles and trucks. Anything that enables these organizations to make a profit, but isn’t sold for a profit, could potentially be considered a fixed asset.
Those fixed assets are marked with asset tagging labels that give each item a unique barcode. In turn, that unique barcode allows users to track any fixed asset down to its exact location and determine its present condition, among other pertinent information. In essence, asset tagging labels are the gateway to a variety of rich data that enables business owners to make informed decisions about their needs, eliminate theft and waste, and save valuable time and money.
The Importance of a Fixed Asset Audit
The ability to conduct a fixed asset audit is one of the most valuable features of an asset tracking platform. Many organizations have no idea how many fixed assets they own, where those assets are currently located, or what sort of condition those assets are currently in. They also may be unaware of the last time those items were serviced or updated. Neglect of maintenance can put worker safety at risk, potentially compromise your security, and/or negatively affect your employees’ productivity – which, in turn, may additionally affect customer satisfaction.
A fixed asset audit gives companies a thorough picture of the assets in their inventory, tells business owners where those items are, including the identity of the employees who have them, and shares details on the current condition of those assets.
Your Gateway to the Lifecycle of Your Assets
Many fixed asset tracking platforms also allow users to catalog the complete maintenance history of any asset. The benefit of that information is that a business owner can determine if a particular maintenance issue for an asset is a recurring one. If the answer is yes, he or she can then use facts to determine if the asset should be replaced, not guesswork. Equipment refresh schedules are far easier to establish with this real-time information at hand.
From a financial standpoint, an asset audit also benefits automotive companies by helping them ensure that they have appropriate insurance coverage for their fixed assets. Without an accurate read of your fixed assets, it’s likely that a company doesn’t have enough coverage or is paying too much for what it has in its inventory.
Beyond the audit, an asset tracking platform allows users to set up customized alerts and notifications so they can stay on top of critical maintenance and keep operations running smoothly and safely. It can significantly curb or even eliminate theft of equipment and parts. They can also track fixed asset depreciation accurately and avoid costly mistakes.
Asset tagging labels are available in several different formats, including RFID, or radio frequency identification, which carries unique benefits. Blogger Brett Wilkerson names easy shipping tracking and instant restocking of supplies as two big advantages of this technology, citing the “huge increase in visibility that can be achieved in shipping and receiving.” Additionally, “automotive managers can get constant visibility into inventory levels and can configure their systems to automatically reorder supplies to prevent shortages when supplies run low.”
The Asset Panda Difference
The automotive industry is a complex one that demands an automated approach to asset management. Asset Panda’s mobile platform stores in one location the entire lifecycle of your fixed assets and syncs with the cloud, so your data is always in real-time. The more efficiency and accuracy you can build into your processes, the bigger your potential to outpace the competition. Asset Panda is the powerful, yet intuitive solution you’ve been looking for.