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History Of Asset Management:
Asset identification has always been a major headache for corporations, especially during audit time, when the auditor would like to physically verify the presence of an asset. Usually, in the older days, asset numbers were either stenciled on the asset or painted on it, large assets like plant equipment had bolt-on steel plate type tags (“boilerplate tags”) on them, which contained details of when the asset was manufactured.
Since the assets typically had long lives, they almost outlived the life of the tag. This posed a problem as misidentification, duplicate asset counting, and asset “vanishing” took place. Asset identification and tracking therefore is a major issue, especially between a company’s management and its independent auditors. The management may be genuinely overwhelmed by the number, type, and sheer numbers of the various assets under its control, but the auditors always look at these matters suspiciously, especially after earlier debacles like Enron, they can never be too sure.
Present Situation Of Asset Management:
Presently many assets are still tagged by labels, steel plates, or have numbers painted onto them but the confusion prevails. In the recent past many progressive companies have some sort of automatic identification systems like bar codes in place, but they may not cover all assets, or the paste-on tags themselves get lost, dirty, or otherwise damaged.
They cannot be read in most of these cases, leaving behind open questions from auditors and red-faced management trying to explain, convince, and cajole the auditors into not mentioning these slip-ups in the annual reports. The total value of these assets is a huge figure on the balance sheets. Even if the present value of the assets is not shown to be high (because of depreciation) the actual replacement cost of these assets is substantial. It is therefore an essential task of all company management to have a better asset identification and tracking system in place.
RFID FIXED ASSET TRACKING SYSTEM
A professional RFID-based resource tracking mechanism helps companies to recognize each fixed and temporary in production. Items with the data like. which asset it is, where it is located, who has it, when it was checked when it is due for return, when is the maintenance service due, and the cost of the asset and depreciation, and many such information pointers to drive from the asset tracking system
RFID-based Asset Tracking System integrates the benefits of RFID Technology (can support Barcode and QR Code as well) that can save time and make you know where to find your business assets. By using RFID technology, users can detect and identify multiple items at once without requiring a line of sight, you are able to quickly & accurately identify assets without scanning labels one by one. The RFID equipment connects to your network and updates information in real time. RFID Tracking will automatically update the location and related information of your assets in the system. With over 19 years of successful implementations, our RFID team understands the importance of quality and reliability to every asset tracking solution.
With the help of the latest technology advancements in LF, NFC, HF, UHF, and Active, asset tracking can perform in various ways with the help of different hardware options which connect to the RFID Asset Tracking Platform. Our highly experienced and professional in providing tracking solutions and services.
RFID asset tracking involves tagging company assets with RFID tags, which contain a chip and antenna. RFID tags are scanned by either portable or mounted RFID readers. The read range varies depending on the type of chips and readers. It can be short for high-frequency RFID to across 30 feet for ultra-high frequency (UHF) RFID. The type of tag and reader must be carefully selected with consideration for the asset and type of reading distance it needs to be scanned.
Key Benefits:
How it Works:
RFID tags need not be physically present only on the exterior of an asset but, they can be mounted safely in a place where they may not be visible easily to the eye but are nonetheless, easily visible to an RFID reader. Therefore a company can easily tag all its assets with RFID tags.
The tags need not always be pasted on, they can be located in a place from which they may not easily get damaged Since a physical line of sight is not required, even in case of dirtying, they are still visible to the reader.
For tagging assets in a manufacturing plant, industrial-grade tags are available. Typically they can be attached to metal surfaces without problems If required, they also come with safety certifications allowing them to be used in hazardous areas. The system works like this. An asset is tagged at the time when it is dues for its next physical verification. The tag need not be the same for each asset. One can have different types of tags depending on the physical nature of the asset, its mobility, its replacement value, and other such factors. For example, a steel reactor that is fixed at one location would have a different type of tag than a laptop, which is a mobile asset. Also the vulnerability of the laptop to theft or malicious “vanishing” may be more than that of the steel reactor, even though its replacement cost is low. After analyzing these different classes of assets, one can come up with a tag-type list for each asset. After this is done, the tags are physically fixed in locations on the assets which are not necessarily visible to the naked eye but are nevertheless visible to an RFID reader. The tag numbers are unique and each tag number corresponds to a unique asset in the company’s asset register or asset database, which may be a database in its ERP system. The unique ID number of the RFID tag thus points to the corresponding asset in the database. An external independent auditor can now easily roam about the plants and offices, armed with an RFID reader to query each asset.
This system gives a remarkable amount of transparency to, what has been to date, a pretty much opaque system. This increases the confidence of auditors in the company’s management manifold and leads to lesser legal hassles of compliance.
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