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How Can Industrial Companies Track High-Value Asset?

Apr 18, 2022

Industrial companies are majorly engaged in the production of products and services, and their production processes must run effectively. This can be achieved by utilizing the most effective assets throughout the business.

Today, industrial companies have embraced a greater priority on protecting these assets. The process of making assets as valuable as human beings is not something that happens overnight. Industrial companies are now applying more advanced strategies and strategies to protect their assets.

In the market today, there are many ways to track and locate your high-value assets. But how can industrial companies track their high-value asset? The techniques will vary from one place to another for them to achieve what they want. 

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How Can Industrial Companies Track High-Value Asset?

What are High-Value Assets?

High-value assets are the most expensive and most critical items of equipment needed by an organization to carry out its business. These assets can include everything from large pieces of machinery and physical resources, such as buildings and vehicles, all the way down to computers, software, and electronic systems.

High-value assets are typically defined by their cost, as well as the impact on operations if they were to be lost or damaged. For example, a company needs manufacturing equipment to produce its products. If that equipment breaks down or is damaged, it results in downtime for the business and a loss of productivity and income.

In addition to their cost and value in terms of production or services provided, high-value assets can also be defined by function. For example, an organization may have several different types of trucks used for different purposes. A dump truck may not have a high acquisition price, but it could be difficult to replace if it were lost or stolen. In this case, the truck would be classified as a high-value asset because of its utility to the organization's operations.

Benefits of High-Value Assets in a Company

Assets are important components to any business as they are beneficial for a variety of reasons.

  • In the industrial sector, assets can be used to generate revenue such as producing goods, acquiring income, and selling products.

  • Assets can also be used as collateral for loans meaning that if the company is unable to repay the loan, physical assets such as machinery can be seized by the bank to make up for their loss.

  • High-value assets such as oil rigs and heavy equipment are designed to be powerful and efficient. With these tools in place, businesses can easily accomplish more tasks and meet any challenges that may arise.

  • Safety is critical in most industries, especially those related to construction and large-scale production. The use of high-value assets helps improve the overall health and safety standards within a company. For example, using an excavator instead of manual labor can reduce workplace accidents since it eliminates the need for human interaction with hazardous materials or devices.

  • By making sure that all types of machinery are working efficiently and not risking any break-downs, employee productivity is also significantly improved.

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Benefits of High-Value Assets

With these benefits come some disadvantages as well. One of the major disadvantages is that assets do not generate cash flow on their own, maintenance and repairs are needed from time to time for these assets to perform well. This may lead to an increase in operating expenses over time.

Tips for Effectively Tracking Your High-Value Assets

High-value assets are expensive to replace. If your business buys or rents expensive equipment, you need to track it carefully. Here are some tips for effectively tracking your high-value assets:

Tip 1. Develop a Clear Policy for Asset Tracking

Your company should have a clear policy for asset tracking. This policy should define the responsibilities of each department and employee. For example, an IT team may be responsible for tracking computer software while accounting tracks fixed assets. Within the IT team, you may want to designate one person as the lead contact for all asset tracking needs. This makes it easier for everyone to find information if they need it.

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Asset tracking solution

Tip 2. Define Your Tracking Needs

You need to define your tracking needs before you can choose an asset tracking system. Do you want to track items individually or by groups? A larger company may need individual tracking while a smaller company can get away with looking at broad categories of assets. What is the purpose of your asset tracking? You may want to track depreciation, maintenance, or other factors. You must define these needs so that you can find the right asset tracking solution for your business. 

Tip 3. Monitor your assets without getting up from your desk

You can monitor your assets without having to get up and physically check on each one as long as you have an asset tracking system in place. You don't have to waste time taking inventory or tracking down missing items the asset tracking system does all that for you. The information is available at the push of a button, so you can see the status of your assets whenever you want to, regardless of where you are in the world.

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MinewTag's ESL solution to asset management of warehouses

Tip 4. Electronic Shelf Label (ESL)

Industrial companies are always looking for new and innovative ways to improve their bottom line. High-value asset tracking is one of the latest. It's a new technology that helps businesses keep track of their high-value assets.

High-value asset tracking is a system that allows industrial companies to track their high-value assets by using an electronic shelf label. This electronic tag is attached to the high-value asset, which is then tracked using a reader device. The reader device is usually connected to a computer system so that it can be easily accessed from anywhere via the Internet.

ESL is a technology that helps you to track and manage the high-value industrial asset. Minewtag provides the fastest and latest version of electronic shelf labels that can help in managing stock, identification, and other information updates of industrial assets.