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Simplifying Asset Management with Labels

2 min read

asset taggingIt is important when managing assets, especially when they are customer owned, to be able to clearly identify and report condition of tooling and equipment.  In the case of customer-owned tooling, there are often agreements that the business is responsible to maintain their equipment, but in order to do so, a meticulous process of budgeting and reporting is required.

The first step in being able to manage tooling and assets is to have a good asset labeling program.  Using high-quality materials that suit the application, like the suite of LabelTac products, can ensure that your assets are easy to identify. Having identifiable assets and a system for tracking those assets will make it easier to maintain equipment and keep your production running smoothly.

Once assets are identifiable, you will want to conduct an audit to gain an accurate status of assets. Assets are evaluated and their current condition is noted; it can be as simple as saying the tooling or asset is in Good, Fair, Worn, or Functional condition, or that it Needs Replacement. From there, these categories can then be assessed, and a budget generated. This budget can then be supplied to management or to customers for planning purposes.

Keeping track and maintaining an updated asset tracking system is important for any industry. For example, a company has a piece of equipment in their essential for the molding process of their product. One day the machinery malfunctions and must be sent to the manufacturer for repair. In order to provide the evidence to a customer that their asset needs repair, typically, they require a status report of the issue, photographs documenting the issue, and a quote for the price of the repair.  Once a repair is completed, the customer also typically requires a status report, photographs documenting the repair, and an invoice. In this, the photographs need to include some form of asset tagging or marking so that the customer has a record that it is their asset.

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By having clearly identified assets, it makes this entire process easier to track, manage, and provide evidence when it is required. Having asset tags can help your company remain compliant with regulations and in the case of an accident or disaster, are critical for filing claims and dealing with insurance. You can choose the information you want to include on tags or labels and create a system that fits the needs of your facility, and important factor in eliminating wastes and saving costs.

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