Warehouses and factories cannot operate without fixed assets like machines, tools and equipment, storage racks, and transport vehicles. It is not easy to track the assets in a business as in an industrial city like Delhi where businesses have a high pace of operation and are spread out in different locations. It is at this point when fixed asset management in Delhi is brought to the fore so that the organizations remain organized, compliant, and efficient.
Tagging of the fixed assets is probably one of the most vital processes of establishing an efficient asset management system. It is an inventory management technique which uses unique tags, frequently bars or RFID, to label an asset and associate it with an asset register. By using the appropriate tagging method, the enterprises will be able to eliminate the losses of assets, arrange their maintenance and minimize the audit mistakes.
Here are some best practices for fixed asset tagging, especially tailored for warehouses and factories in Delhi:
1. Start with a complete asset audit
Prior to tagging, all the existing fixed assets must be audited in detail. This covers a forklift, computer system, machinery, pallets, safety gear and even furniture. Write a list that will include a certain asset type, location, model, condition, and purchase date.
Lots of companies in Delhi miss this step and obtain an incomplete or inconsistent job in tagging. A complete audit will not leave out any asset thus further corrects the tagging process.
2. Use durable tags suitable for industrial conditions
The conditions in a factory and a warehouse are usually harshly replete with dust, heat, humidity, and rigorous handling. Industrial conditions such as these wear off ordinary papers or poor-quality plastic labels fast. Metallic tags, laminated labels of high quality or barcode stickers of good quality stickers are recommended solutions that are suitable even in poor weather conditions.
To companies which utilize fixed asset management in Delhi like in Okhla, Bawana or Naraina, it is more cost effective to buy solid tagging products as they end up saving a lot of time and wastage in the long run by not having to replace them.
3. Assign unique asset identification numbers
To have a robust digital record, each asset should have a unique identification number that should act as a link to the larger digital record base. Therefore, a business is better off avoiding generic or duplicated numbers. Instead, a structured numbering format Use a structured numbering format that indicates the asset type, department, and location. For example, a forklift in Warehouse 2 could have a tag like “WRH2-FLT-001”.
This step is central to any successful fixed asset management in Delhi, especially for larger organizations with multiple facilities spread across the NCR region.
4. Choose the right tagging technology
The two common technologies in asset tagging include:
- Barcodes: These are economical, and they can be used in most environments. They need scannable handheld scanners or mobile applications.
- RFID tags: It is possible to scan without a line-of-sight, and it can be used in environments with a high movement rate such as logistics warehouses.
Barcodes can give a healthy balance between speed of use and cost to the mid-sized industrial units in Delhi. But even small units can use it to manage hundreds of assets, which is possible with the help of RFID-based tracking.
5. Train your staff
A tagging system is only effective if the staff understands how to use it. Train employees on how to scan, verify, and update asset records. Also, assign responsibilities for regular checks and reporting.
Proper training is especially important in Delhi-based factories where shift work and staff turnover are common. Ensuring that every team member follows a standard process keeps the system accurate and dependable.
6. Update the asset register regularly
After tagging the assets, all the information is to be recorded in an asset register either by hand or using asset management software. It is important to update the register frequently by moving, repairing or disposing assets.
To the businesses in Delhi that use fixed asset management, update of the register is the main requirement in terms of being ready to be audited, making insurance claims, and financial reporting.
7. Schedule routine verification checks
Regular physical audits should be conducted to make any physical asset location and status compare with the one on record. This activity aids in identifying the absconded or non-utilized assets and makes them accountable.
The verification factor is one regular process that has been ignored significantly when it comes to running the assets with fixed asset management in Delhi. But those companies, which establish it as a regular practice, minimize discrepancies and enhance transparency in operations.
This content is meant for information only and should not be considered as an advice or legal opinion, or otherwise. AKGVG & Associates does not intend to advertise its services through this.