The challenge of keeping track of assets can be drastically reduced with the introduction of asset security labels. These labels can be used in several departments of a business, making them an incredibly effective method of fixed asset management.
The fact that asset labels are so easily attached, and then can be quickly and easily recorded onto a computer via software is but one benefit of the asset label. These labels also prevent theft, not in one, but several ways.
They Tell You When You Need To Purchase More Assets
Although any department in a company can submit a requisition when they need more equipment or other items, an asset label can instantly communicate to the business owner whether or not the need for additional purchases actually exists. While an employee requisition does not automatically mean that they intend to steal these items from a company, the ordering of additional items when they are not actually needed can drain precious working capital from a business. If an asset label’s information doesn’t show an item is needed, it may be able to be located in another department that is not currently using it, and repurposed.
They Allow for Easier Reporting and Spot Checks
In cases where a company must participate in regulatory audits, the asset tag can be invaluable. With asset tags in place, it becomes that much easier to generate asset reports. It also makes the job of the auditor far easier, as they can know exactly where an asset is located, and then make their determination right away instead of having to go looking for the asset.
They Support Responsibility in all Departments
When a company employs asset labels to help with inventory management, the responsibility of maintaining and securing those assets shifts to the departments in which those assets exist. Not only does this assist executive personnel and management to know exactly how much money is being spent on equipment, but the tags also show who handles the asset and how the asset is being stored.
They Help Identify Existing Assets
Growing companies can easily lose sight of their assets, and may not have a way to measure how much money exists in their fixed assets. The use of asset labels allows companies to meet their responsibility of monitoring and tracking assets so that they can be appropriately repaired and used. Asset labels can also tell companies when assets are depreciating, and at what rate. With asset labels in place, the risk of employees or vendors absconding with assets becomes extremely remote.
They Make Inventory Effortless
Traditionally, inventory is a wince-worthy process. But that need not be the case with asset labels. When they are in place, all that needs be done is for the person managing the assets to use a handheld device to scan those assets in their department. Following this, reports can be generated easily from the information received through scanning.
Really, there is no match for asset labels. In large corporations where the tracking of fixed assets can be challenging at best, asset tags can be the eyes and ears of management. Equipment that may be soon due for repairs or maintenance, or the depreciation schedule of assets along with other vital information can be communicated to management almost instantly. This only increases the efficiency of the company overall, as they are now able to more effectively direct their capital to where it needs to go, as opposed to simply throwing it where it’s assumed the capital is needed or will be used.