Asset Tagging and Tracking in Industry 4.0

Any business that tags assets as they are bought and keeps track of assets throughout their useful lives must have a well-defined, effective process in place.

What is an Asset?

Assets are any “item, object, or entity that has potential or current value to an organization,” according to ISO 55000. In addition to intangible assets like intellectual property, licenses, and patents, tangible assets include things like furniture, machinery, equipment, and cars.

What is Asset Tagging?

Asset tagging is the process of attaching asset tags, usually referred to as identifying tags or labels, to assets. Asset tagging is used to identify specific assets during the course of their useful lives for both moveable and stationary assets. Asset tags, which are often printed with barcodes or QR codes, can be scanned with a handheld device that has a app to retrieve and record information on an asset’s location, maintenance history, or other specifics.

What is Asset Tracking?

Consider every physical asset you have. You might have more than you thought, thus you need to improve your asset monitoring procedures. Asset tracking, also known as asset monitoring, is the process you use to keep track of your physical assets, whether you scan the barcode labels that are attached to them or utilize GPS or RFID tags that broadcast their whereabouts. Because you need to know the location, status, maintenance schedule, and other critical information regarding your company’s physical assets, asset monitoring is just as crucial as inventory management.

What is Industry 4.0?

The term “industry 4.0” is frequently used synonymously with the idea of the fourth industrial revolution. It is distinguished by, among other things,

• A shift from a central industrial control system to one where smart products define the production steps,
• closed-loop data models and control systems,
• and personalization/customization of products are all possible.
• Compared to the third industrial revolution, there is even more automation.,
• the use of cyber-physical systems, made possible by Industrial IoT, to connect the physical and digital worlds.

Through early stakeholder involvement, vertical and horizontal integration, and real-time asset and process monitoring, the objective is to enable autonomous decision-making processes, equally real-time connected value creation networks, and real-time asset and process monitoring.

Industry 4.0 is a concept, policy, and vision that is active, with definitions, reference architectures, and standardization all in transition.

Why Are Asset Tags Important?

An asset tracking system’s cornerstone is its asset tags, which offer a trustworthy way to identify specific assets and a productive way to collect data. Without asset tags, the location and history of the asset must be recorded manually, which is prone to human error and inaccuracy. When relying on manual processes, assets are also more likely to be incorrectly identified, producing erroneous data.

Benefits of Asset Tagging and Tracking in today’s business.

Asset monitoring has many advantages, almost all of which help businesses that effectively adopt efficient asset management methods to have a healthy bottom line. Here, we list some of the helpful benefits of using asset tracking:

• Improve the efficiency and order of your company’s physical environment by recognizing which things are accessed together and designing a better physical system structure.
• Monitoring asset loss, reducing it, and improving asset use
• Boost productivity and cut expenses
• Utilize an asset tracking system to carry out asset tracking with fewer resources.

Know right away how your assets have been distributed.

How to Create an Effective Asset Tagging System in 6 Steps with Help from Gigasec Services Limited

1. We will work with you to determine the class and kind of asset
2. We will create a special identification number according to your company standards.
3. We will establish the type of asset label that is necessary.
4. We will work with you to automate the workflow in your asset tracking system, and enter the asset and all relevant data.
5. We will attach an asset tag to the object.
6. We will develop the application and put systems in place for data verification.

Concerns regarding the article? Give us a hand!

Our sales engineers can answer all of your inquiries because they are specialists in autonomous asset tracking, tagging, and identification. Get in touch right away – info@gigasecintl.com | +234 815 444 2732