Asset Tracking – More than just Security Labels

Modern asset tracking offers businesses several ways to overcome their challenges. These solutions provide businesses with a framework they can consult when they wish to increase efficiency and profit. However, with so many available solutions, choosing the right one can seem a difficult objective. The best way to choose the right asset tracking solution is in building a solid foundation. The use of labels is a very good start.

Understand your Tracking Needs

When you know what in your company needs to be tracked, you are in a better position to choose the right asset tracking solution. For example, if you are running a warehouse, you may wish to have magnetic security labels on your racks of products so that you know where certain inventory is at all times. However, you will also want to take your facility’s equipment users into account, as well the up and downtime of your equipment and the maintenance schedule of that equipment. All of these will speak to the overall efficiency of your operation.

Think of all Assets as Projects

Projects have a life cycle, but so do your assets. They must first be designed and built, then used and maintained effectively. They may need to be refitted later on, or the decision may be made to replace old equipment with new.

Integrated Labels with other Tracking Solutions

Once you understand how complex a project tracking the life cycle of each of your assets can be, you can have a better idea of what your requirements are for asset tracking. To start, you will need to form your list of requirements, and then decide which software is best positioned to meet those requirements. Finally, you’ll need to test your short-list of solutions to find the one that fits best before you purchase.

Tracking numbers vs. Serial Numbers

Assuming that your company is already tracking its assets in some way, shape or form, it’s important to aggregate that information. Then, it will become paramount to assign a unique tracking number to each asset and its accompanying label. Although it may seem more logical to track assets via their serial numbers, this can cause issues, especially where the serial number of two assets is identical. In this scenario, using the serial number for tracking will prevent you from knowing which asset is which, causing much unnecessary confusion.

Another problem with using serial numbers for asset tracking labels is that data integrity can become compromised, subsequently causing several inventory inaccuracies, as well as have a negative impact on customer satisfaction.

Among the many advantages to using unique tracking numbers instead of serial numbers on your labels is that should the tracking number be lost, the serial number can offer a way to find the asset and then re-label it.

Assets are not Inventory

Effective asset tracking is a process in which security labels play an absolutely critical part. It must be understood that asset tracking means tracking the location of assets, but also the location of the internal resources required for continued operation. Also, asset tracking means monitoring the depreciation of assets, as well as their warranties.

Tracking inventory involves the management of the products your company distributes and sells by tracking where the products are shipped to, stored and sold. It also entails knowing how long inventory has been sitting on the shelf, as well as tracking availability of products so that they can be reordered.

With the proper identification and security measures in place in the form of labels, employees can scan each asset’s tag. Every time this occurs, the information can be transferred directly to a database, where a history of the product can be built.