Ensuring your company’s IT assets are fully optimized and functional can result in better ROI on IT assets and help in achieving business goals directly. According to a Gartner report, enterprises that systematically manage their IT assets lifecycle will have as much as 30% reduced cost per asset during the first year and further continue to reduce by 5-10% annually in the next five years. Businesses that have both IT hardware and software utilized ineffectively will drain their valuable resources. Why lose these potential resources when you can actually gain the most out of IT?

So here’s our take on utilizing and optimizing these IT assets through asset tagging and how to benefit from it.

What is asset tagging and why do companies need to rely on asset tags?

Asset tagging plays a crucial role in every organizations’ planning to manage large volumes of business equipment in the most efficient way, thereby reducing the disposal of IT assets. IT asset management comprises practices and strategies that oversee, manage, and optimize company-owned IT systems, hardware, processes, and data.

It all begins with an IT asset management strategy that lets the IT departments implement, track, and maintain IT assets that help them to assess the various options, such as assets for optimization, for replacement, and upgrade for the latest technology.

Once the IT asset management strategy and planning is in place, measures can be taken to cut down the administrative overheads, and this is where the asset tag comes in. Companies need to track their assets with precision and the best way to track these assets is by labeling all your tools and equipment with unique asset tags.

Asset tags identify each equipment using a unique number or barcode. These tags are generally adhesive labels that are placed on every equipment for better inventory control and easy asset identification. With the unique asset codes or serial numbers, details about the location, group, or other elements can be obtained. RFID, QR, and Barcode labels are some prominent and commonly used asset tagging methods currently used.

The basic functions of asset tags and how businesses can benefit from it

Device/equipment tracking

Finding your asset without labeling can be a tedious task. With asset tags placed on your device, one can easily locate or track where the asset is, even when it is moved out to a different location altogether. Asset tags can be used for asset check-in / check-out at various points.

Inventory control

One can perform periodic audits of the available assets and calculate the value of assets over its lifecycle. By tracking asset tag numbers, it gives organizations better control over the inventory.

Theft prevention and safety

Misplacing inventory or lost inventory list is yet another hassle faced by most companies. Leaving hardware assets untracked proves a greater risk of theft. Hardware asset tagging helps to implement high-security workflows for protecting valuable IT assets.

MRO services

Tracking of any maintenance, repair, and overhaul services needs periodic checking and execution. With the asset tags in place, the MRO service information gets done quickly. The user can easily find details and track the repair instructions or maintenance schedules.

Common Mistakes to Avoid When Asset Tagging

You need to track your resources vigilantly throughout their lifecycle, from acquisition to disposal. Here are some easy pitfalls that every business should avoid:

Inaccurate asset inventory due to human error (leading to the creation of ghost and zombie assets)
Improperly managed asset data (lack of security, lack of universal database, etc.)
Deficient asset descriptions (model number, serial number information, manufacturer, etc.)
Unrecorded asset movements for disposals, transfers, acquisitions, etc.

Choosing the Right Asset Tracking Solution

Through asset tagging, businesses have tighter control over their assets. Smart asset management software like Teqtivity can help you track your resources with ease. These tools streamline the asset management process and make resource monitoring faster and more accurate.

Every business needs to create a full asset inventory, record relevant information, use effective asset tags, and implement controls for their asset tracking system. Otherwise, the information becomes inaccurate, and all future decisions are negatively affected. By investing in modern tools, companies can use every resource to its fullest extent. Make things easier and safer. Get the right asset tracking system for your business today. Contact us.

How asset tagging can transform businesses