Top 10 Tips on Asset Tags / Property ID Tags

point1 imageSpace ImageDetermine Which Assets to Label

Determine which Assets to Label with Asset Tags or Property Identification Tags
What assets can get stolen? What assets do you capitalize? Which instruments are likely to end up "moving" to another department or, worse still, finding its way to a sub-contractor's inventory? Even schools and churches have assets that need to be marked: AV and sound gear, computers, lab equipment and, even, cell phones. Asset tags just make it much easier to track and to enforce your ownership rights.
Space Image
It used to be that expensive assets were simply the large ones: a big punch press, a forklift, some large mainframe in the back room. These days, your assets are much more portable. They look alike. Tools worth $ thousands can fit into a carry-on case. The workforce is much more specialized and getting the right equipment to the right technician can cut lead times in half. Although certain PC equipment may be less expensive, the files inside are ever more precious.
Space Image
As a result more and more hospitals, schools and companies are using asset tags. The benefits are clear:

• Asset tags help you retrieve equipment that has been stolen or lost. Your asset tags can even help provide a record, in case you wish to prosecute criminal activities. And, this, of course, will further deter pilfering.

• Asset tags help provide a visual record of your leasing contracts or other service arrangements.

• Asset tags are typically required by your insurance carrier for record keeping and validation.

• Asset tags are encouraged by police departments to help track stolen items.

• Asset tags are essential for year-end equipment inventories.

Jump to Tip #: 
Next Tip

What does Not need an Asset Label

In some cases, however, assets should NOT be marked. It might be impossible or not practicable to mark certain capital assets. Examples might be:

• Warranty Impacts. Some small equipment, if marked, could obsolete the associated warranty.

• Loss of Value. Placing an asset tag on an antique should be approached with care.

• Existing Asset Number. Some companies rely upon a car's VIN. Other company's add their own asset tag.

• Obviously, you cannot place an asset tag or asset label on certain assets. You cannot mark land, or most furniture and fixtures.

• Any asset that is consumable also does not need an asset label or tag. Asset labeling is generally confined to assets such as furniture, electronic equipment, computers, cell phones, machinery, fire protection devices and extinguishers, appliances, tools, packaging equipment, AV equipment and other "real" assets.