Having an effective way to track inventory, equipment, and other assets in a business is critical in supply chain management and the analysis of production and operations.
Asset tags come in many forms. Printed barcodes applied to the surface of each asset serve as the most cost-effective solution. These barcodes can then be scanned at strategic processing points along the supply chain. The scans provide the necessary data to analyze efficiency, reduce loss, and provide real-time reporting on the location of assets within a facility or system.
Asset tagging can also include more advanced technologies. These may include QR codes, RFID (radio-frequency identification), NFC (near-field communication), GPS, BLE (Bluetooth low energy), and the IoT (Internet of Things), among others. Each of these technologies allow businesses to track high-value assets in real-time without the need for barcode scanners.
Each asset is assigned a unique embedded identifier. At the creation of the asset tag, the automated system logs the asset and the identifier. The tag is then recorded at each scanning point throughout the system. This allows for precise timing of operations, processes, and movements through the supply chain.
With this information, companies can gain valuable insights into the inefficiencies of their manufacturing process. And, after identifying these inefficiencies, companies can refine their processes to increase productivity.
Continual tracking of valuable assets is available through local networks. This kind of system design allows for can immediately alert personnel of movements or changes in the operational status of the high-value assets via alarms and notifications.
In addition to tracking, asset tagging of equipment is used to schedule maintenance, record usage, and manage lifecycle and duty cycle information. Asset tagging streamlines accounting and audits through immediate identification and location of assets throughout small or large companies. Additionally, it can be used to record and manage depreciation over the life of the asset.
For more information on the use of asset tagging in your business, talk to the experts at B. Riley Financial. Information on our services can be found at brileyfin.com.