Fixed assets can become a frustration when they aren't logged or tracked on a consistent basis. Applying inventory management best practices to these goods can go a long way in alleviating problems.
Projectors, vehicles, machinery, specialized computing systems and similar goods can all play an instrumental role in supporting business operations. However, many companies misjudge the difficulty of tracking and monitoring because these assets don't move around too much or are stored in the same location at set intervals, that they won't be difficult to track and monitor. However, these assets have a strong impact on a business' valuation for insurance and similar purposes. Furthermore, maintenance, theft prevention and similar tasks all require an awareness of where an item is at any given time and how long it has been since the asset has been checked.
Proper logging and monitoring is a hassle with paper checklists or similar outdated methods. Barcode labeling and mobile data collection, on the other hand, allow for simplified fixed asset management. Five tips to help you take advantage of barcode labeling are:
1. Take Advantage of Barcode Printers
It may be tempting to order a certain number of barcodes so you have them around. If you manage a large number of fixed assets, you're probably better off just getting a printer on site. This convenience lets you print a custom barcode, letting you control every facet of the label, and do so every time you add an asset to your ecosystem. This setup not only makes it easier to get new barcodes for each device, but also to replace worn out or torn labels.
2. Integrate with Your ERP System
Don't let fixed asset data reside in its own silo. If information is integrated with an enterprise resource planning solution, you'll have visibility into the data in real time, rendering the effort you're putting into managing assets more valuable.
3. Run Periodic Reports
Querying the ERP system for status updates on fixed assets lets you create quick reports on the disposition of your goods. Don't forget to make this practice a habit to ensure nothing slips through the cracks.
4. Don't Ignore Disposal Processes
Tracking or logging an asset once you've taken it beyond its service life is still important. When valuing your company, insurers and lenders may want to know about out-of-service assets you have sitting in a back room. If you're not storing old goods and are discarding them, you may need to track certain waste disposal processes for regulatory reasons, such as environmental standards, and will want data to verify that process. Barcode scanning can make this a quick process.
5. Leverage Mobile Data Collection
"Don't let your fixed assets slip to the background."
Static barcode scanners that work in a fixed location won't help at all with fixed assets. Hand-held solutions are much more flexible - supporting smartphones and tablets can be a viable way to make data collection easier for employees monitoring or regularly interacting with your items.
Don't let your fixed assets slip to the background just because managing them isn't as complex as the items moving into and out of your warehouse. Simplifying and streamlining management can go a long way in making these goods more valuable by reducing complexity, optimizing maintenance and minimizing waste. RFgen offers the barcode printing and scanning tools needed to simplify this process.