Asset Management - Asset Tagging Advantages

Some of the advantages of tagging assets are:

Helps an organization to uniquely identify its assets – producing an asset register.

Reliable asset identification enables a standardized system for asset management

Businesses can easily know and keep track of their asset base which also makes financial accounting easier

Asset Tagging helps track the useful life of assets and depreciation schedules making it easy to find out the status or condition of an asset at any point

Asset Tagging helps personnel in an organization to quickly identify its assets as they are carrying out their responsibilities

Scheduling routine maintenance is made easier

Asset Tagging makes monitoring asset movements easier i.e. asset transfers, asset disposals (they can track environmental disposal at the end of the asset’s useful life

Asset Tagging reduces loss and theft deterrence as the organization can tell which asset has left the premises and/or which asset has been stolen

Asset Tagging allows compliance with insurance or government regulations