Asset Tracking

Asset tracking is crucial to the success of any business. Companies spend thousands of dollars in manhours alone searching for lost assets which could be alleviated with the implementation of an effective asset tracking program which may include bar code labels, software and hardware (bar code scanners). Unused assets may be an unnecessary tax liability and cause a company to overpay insurance premiums.

Asset Tracking FAQ's

• What is Asset Tracking?
• Who uses Asset Tracking?
• What are the benefits to Asset Tracking?
• How do you implement an Asset Tracking program?

What is Asset Tracking?

Asset Tracking involves tracking of such physical assets as furniture and fixtures found in the office, laboratory, classroom, plant, and expensive machinery and equipment as well as returnables such as containers and pallets. Most often this process is performed by scanning a bar code on a label that has been affixed to the asset; however, asset tracking may also involve reading an RFID tag or a label with a human readable number only that is documented by hand.

Who uses Asset Tracking?

Schools, hospitals, financial institutions, government entities, and manufacturing plants are all prime candidates for an asset tracking system; however, anyone who has physical assets they need to track would benefit from an asset tracking system. Many times companies or institutions (e.g. schools and government) are required to show proof of depreciation of assets and having an asset tracking program already in place helps this process go much more smoothly.

What are the benefits to implementing an Asset Tracking program?

Benefits derived from implementing an Asset Tracking Program include tax reductions as companies are able to reduce unnecessary capital expenditures as well as correct valuation for insurance purposes thereby minimizing premiums and rates.

How do you implement an Asset Tracking program?

Asset tags are the foundation to any Asset Tracking program. They can be printed on materials ranging from polyester to aluminum and may include an RFID tag, a bar code and human readable number or with a human readable number only. Metalcraft can assist you in finding the perfect asset tag for your specific application. From there we can also point you in the right direction for information on the appropriate software and hardware. In addition, organizations such as the National Property Management Association (NPMA) and the American Society for Testing and Materials (ASTM) can assist you in implementing your Asset Tracking Program and can also provide excellent training programs for the person(s) within your organization responsible for Asset Tracking.