March 10, 2020
For Automakers, Tagging Assets Keeps Operations Running Smoothly
Tagging assets is about much more than just knowing where your fixed assets are located. Platforms that make the task of tagging assets easier and more efficient also enable organizations to track the entire lifecycle of their assets. For the automotive industry, the ability to store comprehensive asset data in one location saves manufacturers the innumerable headaches that come from loss, theft, scattered recordkeeping and general mismanagement.
Auto Sales Expected to Remain Stagnant
This is a time when the auto industry may be particularly cost-conscious. In its analysis of the automotive industry’s top trends of 2020, the S&P Global forecasts that global auto sales will remain stagnant throughout 2020 and 2021. “Global economic growth is likely to continue to moderate during the next one to two years, as weak manufacturing activity and geopolitical tensions hurt consumer confidence, holding back purchases of big-ticket items. We have therefore lowered our assumption for light vehicle sales in the major markets and we expect virtually no growth in global light vehicle sales over the next two years.”
How Tagging Assets Improves Efficiency Across the Board
Among the additional functions that a formal tagging assets system provides auto manufacturers is the ability to create and track work orders. Auto manufacturers rely on equipment and tools and occasionally require repair. With a mobile system for tagging and tracking assets, users may create a work order from the floor of the manufacturing plant and can check on its status at any time. The platform also enables managers to examine the complete maintenance history of any item, including its usage history, and determine whether it may be time to replace it.
Equipment, tools, parts and other fixed assets are frequent targets for theft. It’s an unfortunate occurrence that affects nearly every business entity at some point, and automotive manufacturers are no exception. Tagging assets with a unique barcode enables companies to track those items down to their exact location. Organizations that employ such technology create a culture of accountability, as these tracking systems may also display the name of the individual who currently has the asset, along with its expected return date.
Preventive equipment maintenance is imperative not just to maintain productivity, but far important to protect the safety of workers. Automotive manufacturers must adhere to safety regulations, and without a system that reminds them of key maintenance timeframes, it’s very easy for those checks to fall through the cracks and put worker safety in jeopardy.
Tagging assets in conjunction with a formal tracking system gives managers insight into where particular items are most needed and where they may be sitting idle. They can get the necessary tools and equipment to the proper locations and avoid making unnecessary purchases.
Auto manufacturers, like any business, have to track the depreciation of their fixed assets for accounting and compliance purposes. Attempting to perform this function manually leaves the door open for miscalculations and, potentially, fines and penalties later. Asset tracking platforms automate this function and give companies the peace of mind that comes from knowing their calculations are accurate.
Another benefit of tagging assets is the ability to track parts inventory at any time and determine if they’re running low on any particular item. They can also set up customized alerts and/or reorders that are triggered if inventory dips below a set level.
Asset Panda: Track Your Assets Any Way You Want
Asset Panda’s system for tagging assets takes an intuitive, streamlined approach, placing the entire lifecycle of your vital fixed assets in the palm of your hand. With our free mobile app, you can create and track work orders, pinpoint the location of items, calculate depreciation, generate custom reports, set up reminders of key maintenance, and so much more.