Asset Management Success: The Significance of Asset Tagging in UAE
- December 28, 2023
- Posted by: admin
- Category: Assurance
When a company has more than hundreds or thousands of physical assets, it becomes paramount to have information about its operation status whether they are working properly or not, and also know about their locations. If these assets are not managed properly it can lead to outages and compliance issues, which can lead to severe consequences. Whether it’s computers or industrial equipment, effective tracking is essential for your company’s overall financial performance, through the use of asset tags.
In physical assets, stuff like equipment or machines can end up in different situations, like undergoing repair, being sold, taken away, or even stolen. Figuring out where they are and their condition during these times can be tough. But using a system that tags or labels these things can make it easier to keep track and check up on your stuff. In this blog, you will understand Asset Tagging in UAE.
Asset Tagging in UAE
Asset tagging means sticking labels, QR codes, or tags on things so each one has its identification and you can track, like where it is and its maintenance history in real-time.
- These tags are placed on assets, including mobile, across different locations, covering various spots and storage areas, and providing a complete overview of all the assets.
- Tagging things helps you not just track where they are right now, but also collect info on when you bought them, when they need maintenance, and how their value changes. All this info is kept in a digital list of your stuff.
- The technology for tracking things is expected to be worth $36 billion by 2025, showing that more and more people want it.
- In the UAE, using tags for your things gives you a flexible and scalable way to automatically find and sort out all your stuff in your space.
Importance in Asset Management
The importance of asset management through asset tagging is significant for tracking, organizing, and maintaining valuable items within a business or organization. Their significance also includes
Enhanced Tracking: Asset tagging revolutionizes tracking. Every labeled asset becomes easily traceable, minimizing the chances of misplacement or loss. It’s akin to creating a roadmap for each asset’s journey within an organization.
Simplifying Audits: Imagine audits becoming as smooth as a well-oiled machine. Asset tagging streamlines audits, facilitating swift identification and assessment of assets, thereby reducing audit time and improving accuracy.
Security Amplification: Security gets a substantial boost. Asset tagging not only helps in preventing theft but also acts as a deterrent. With each asset labeled, the potential for unauthorized removal significantly diminishes.
Efficiency in Operations: Operations become more efficient. Asset tagging reduces the time spent on searching for assets, ensuring resources are utilized optimally, and fostering a productive environment.
Approaches to Asset Tagging
Approaches to asset tagging include categorizing assets by type and assigning unique identification codes for efficient tracking and management. Such as
Categorize Assets: Start by sorting assets by type and category. Maintain consistency if you have an existing tracking system. For new setups, create a categorization method based on factors like department, cost, or usage.
Assign Unique IDs: Once assets are categorized, give each one a unique identification (ID) number. This ID is crucial for managing tasks like reordering, maintenance, and accounting. It helps distinguish between identical assets.
Choose the Right Tag: Different tags have unique qualities. Consider durability and security features when choosing between barcodes, QR codes, or RFID tags.
Provide Essential Details: Enter accurate information about each asset, like serial number, purchase date, location, department, condition, and value. This builds comprehensive profiles accessible through the tagging system.
Apply Tags: Attach the prepared tags to the corresponding assets. The method depends on the asset type; some use mechanical attachments, others adhesive. Choose based on asset type or company policies.
Use Asset Management Software: Leverage software for efficient tagging. It simplifies the process and provides valuable insights, enhancing productivity and decision-making through data analytics.
Enforce Quality Checks: Establish internal procedures for tagging new equipment. Designate tag creators, prevent asset movement without registration, and secure IDs across organizational systems. This ensures accuracy and prevents unauthorized changes.
Implementing asset tagging demands a strategic approach:
Assessing Asset Types: Begin by categorizing assets and determining which tagging method suits each category best.
Choosing the Right Tags: Select tags based on durability and compatibility with the environment where assets operate.
Developing a Database: Create a comprehensive database linked to each asset tag, containing relevant details for easy reference.
BRISK Assets Tagging Consultants in Dubai to Assist!
BRISK can assist in asset verification, tagging, and valuation for your business in Dubai and across the UAE. It helps to manage your assets efficiently by implementing streamlined tracking systems, categorizing items, assigning unique IDs, and offering software solutions for comprehensive management and maintenance tracking. Reach out to us at email@example.com to schedule a meeting.