The ability to track assets across a business assists with inventory management, audits, theft reduction, and the ability to use automation to manage the business. This is increasingly important as companies turn to machine learning and artificial intelligence to control the daily operations and inventory of any plant, facility, warehouse, or operation.
The most effective way to do this is through asset tagging. This allows a small tag to be placed on the item to readily identify the piece of equipment, inventory, or product with a simple scanning process or automated tracking system set up through the facility.
While asset tagging is a simple process, there are three common mistakes that can limit the effectiveness of the process. Focusing on avoiding these errors saves a company time and money will increasing inventory and asset tracking efficiency.
Incorrect Tagging Methods for High-Value Assets
There are different tagging technologies available. High-value assets should be tagged with more advanced tagging options such as RFID (radio frequency Identification) or BLE (Bluetooth low energy). Tamper evident tags are also important for valuable assets.
Incorrect Use of Scanners and Readers
Setting up specific sensors, scanners, and readers helps to track all assets from small to large. Having the readers and scanners used consistently and correctly placed around the facility is essential for loss prevention and location of assets.
Lack of Consistent Implementation
The use of asset tagging for smaller items, such as tools, raw materials, or lower value assets, can still be cost effective using barcodes and polyester tags. It is essential to implement policies on the use of scanners and readers to record the movement of these items throughout the facility.
To maximize the effectiveness of asset tagging in your business, contact the experts at B. Riley Financial. More information on our services can be found online at brileyfin.com.
