The Basics of Asset Labeling

If you’re consistently overlooking asset management, you could find your business in a bit of hot water. Without asset labeling, it becomes incredibly difficult to determine whether or not your company’s property is being correctly tracked and that all items are accounted for. Asset labels come in many different varieties, and each one has unique applications within a business to make sure that you’re properly identifying your physical assets.

What is an asset label?

Asset labels are also known as asset tags and are a form of tool tracking that helps you identify your company’s physical assets. These can include equipment, hardware, and machines. These asset labels are fairly self-explanatory: They’re labels that can be placed on various tools and equipment that often have serialized barcodes. Just like physical products have SKUs and inventory barcodes, asset labels do the same for the equipment that isn’t for sale. Since it’s essentially a sticker system for your physical assets, the more durable it is, the better.

There are free tool tracking software solutions, such as Asset Panda, that allow businesses to manage assets and track inventory. Asset tags can be used in coordination with these solutions to stay better organized. Asset tags come in a variety of materials, some of which are better than others. Foil labels are typically fairly high quality and have your standard adhesive backing. They’re relatively durable and can work well in both indoor and outdoor settings. Depending on your line of work, when choosing foil asset labels, it’s important to find ones that are chemically resistant and stand up well to abrasive materials.

Aluminum asset labels are quickly growing in popularity due to their high level of durability. Like foil labels, these work well both indoors and outdoors. They also make use of adhesive backing, but some also come with holes in the faceplates where the labels can be screwed into a surface. Aluminum tags are most commonly recommended for more harsh environments as they can withstand aggressive weather.

There are also polyester labels, tamper-evident labels for sensitive materials and less-secure work environments, destructible vinyl labels that cannot be removed in one piece, and removable labels that are incredibly useful for short-term labeling needs.

Benefits of asset labeling

Asset labeling has two major benefits: Increased compliance and cost cutting assistance. Asset labeling makes it easier to audit and report throughout your company. If you’re still relying on a manual record system, you likely know that maintaining compliance is a lengthy process full of tedious reports. Not only do you have to manually inspect all assets and verify their status, but you also have to enter all the data yourself. With asset labeling, however, that becomes a concern of the past. It’s a great way to centralize your data and it helps ensure that you’re consistently up-to-date without having to spend hours upon hours of your time on compliance reporting. Plus, in business, it is well known that time is money. The time you would’ve spent on manual reporting can now be allocated towards growing your business instead of babysitting it.

There are other cost-savings benefits, as well. Do you have any pieces of equipment or hardware that requires regular maintenance or repairs? With asset tags, you’re able to keep more concise records of service history, view equipment repair history, and receive automated alerts when a service date is approaching. It greatly streamlines the maintenance process, helps you avoid money spent on unnecessary service, and eliminates the human error component. This helps to extend the lifespan of your more sensitive equipment, which keeps more money in your wallet at the end of the day.

Asset labeling is incredibly useful for businesses that are looking to streamline their workflow and save money. It helps avoid human error while also making reporting a much quicker task than before. If you’re looking for a clever way to keep a closer eye on the moving parts of your business, asset labeling is for you.