Why Should Your Business Use Asset Labels? Here are 7 reasons.
If you’re running a small business and looking for a guaranteed way to enhance the efficiency of the company, then look no further! If your business is not already using asset labels or asset tags to help track your assets and inventory, then you could be missing a trick.
We know what you might be thinking, with the limited amount of inventory your business owns, the limited time you have and the tight budgets you have to stick to, asset labels, asset tags and asset stickers are the last thing on your priority list.
Here’s where you could be missing out.
Asset labels work to save you time and organise your inventory effectively at the same time. If you have the right asset management software in place and use durable asset labels, you’ll have lots of time to spare that you usually waste while doing inventories and asset stock takes.
Not sure how that could help your business? Don’t worry. In this article, we’ll map out the reasons why you need to introduce asset labels in your small business. But first, let’s start with the basics.
What Are Asset Labels?
Asset labels also referred to as asset stickers or asset tags, are discrete stickers or tags that you attach to equipment and tools as well as plant and machinery in order to keep track of these assets. Asset tags come in a myriad of shapes and sizes. There are also many options when it comes to the material of the tags, allowing you to pick the right material for your assets to ensure longevity.
These labels are then used with any good asset management system to monitor and track your physical assets in a faster, more manageable way.
How Do Asset Labels Help to Track Tools, Equipment and Assets?
Whereas barcode labels are usually only able to identify the type of asset, QR code and RFID asset tags provide each of your assets with a unique identifier. This makes it simple to pick out amidst a plethora of products and equipment an exact asset.
Asset labels act as the critical link between the physical world (your assets) and the digital world (your asset records). Difficulties arise when assets cannot be matched up against information relating to them. For example, if you have a power drill that requires inspection once a year, how do you know which power drill needs inspecting and when? By creating a link between a unique, physical asset and digital information relating to it, via an asset tag, it becomes far easier to monitor and track assets.
If you use an asset tracking system that comes with an app and is cloud-based, then you’ll be able to scan asset tags to view the asset’s digital profile. This means you won’t need to conduct manual documentation or data entry, and you’ll reduce the risk of human error.
Now that we’ve covered the basics of asset tags and asset labels, here are the top 7 reasons why you need to use asset labels within your business.
7 Reasons why you need to use asset labels within your business
1. Speed up Employee Training
When a company uses manual inventory databases, it can be challenging to teach a new employee to navigate the entire database. With asset labels, all your new employees need to learn is how to scan assets and everything else is a breeze.
2. Requires No Substantial Investment
Asset tags are mostly very low cost. Some of the more advanced technologies, such as RFID tagging options are more expensive. However, many businesses can get started straight away using low cost asset labels. Asset management software can vary hugely in price, but most systems offer a subscription based pricing model which can often make the software more affordable.
3. Eliminate Asset Register Errors
If your job involves helping your business to keep track of its assets then you will know how common it is to find errors in asset records. Human error is, unfortunately, inevitable if your asset tracking process involves manual updating. This may include incorrect data being added, incomplete records or out of date records. While most of the time these errors are harmless, they can bring about disastrous consequences if they occur frequently or if the error pertains to a regulatory or compliance asset.
Asset labels make it easy to track every asset and increase transparency in your business.
4. Your Whole Team Can Access Asset Records
With the advanced technology of the 21st century, you don’t need to invest in dedicated barcode scanners, and you don’t need to continue updating an old Excel spreadsheet. Any good asset management software is compatible with Android and iOS smartphones. This means you can integrate the software with your employee’s phones and conduct all the management at your fingertips.
The best part is, you can access the information anytime you want to and from anywhere!
5. Know Where Your Assets Are and Who Has Them
If you choose the right asset tracking system, every time one of your asset labels is scanned, the location of that asset will be automatically updated. The software should also record which of your team has the asset and the time and date of the scan. This means that at any point in time, you can see where an asset was last seen, without needing expensive real-time GPS tracking.
6. Asset Tags Provide Room For Additional Information
Your asset labels are not only the link between the physical and digital world, but they also allow you to include other useful information for your team. Add a serial number or ownership details to the label itself, or, you can even include a phone number to call should the asset be found. When it comes to extra information, you’re able to store unlimited amounts of data, photos, user manuals and reminders in the cloud storage your asset tracking system will provide, which means you can easily refer to it whenever you need it.
7. Deliver A Better Service To Your Customers
Naturally, now that your small business is working more efficiently thanks to its asset management system, the time you save can be spent focusing on what’s really important to you and the business – making your customers happy!
Summing it all up, asset labels could be the one thing that’s keeping your small business from hitting the big time. Now that you know all the benefits of asset tags, get your hands on some of the best right here!
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