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Which tools should be tagged?

If it's valuable, portable, and in your workplace, it should have a tag. Tags are especially important for workplaces with a history of theft or security lapses and for critically important tools that will have many different users over the lifetime of the tool.

Tags work well with:

Power tools: welders, drills, air compressors, painting tools.
Audiovisual equipment: cameras, speakers, editing equipment, portable lights.
Security/police equipment: bulletproof vests, weapons, ammunition.
Safety equipment: goggles, hard hats, high-visibility outfits. (Try developing a procedure to check out safety equipment to every worker every day – ensuring that you've always checked out as many hats as you have workers on-site!)
Laptops, telephones, iPads, Kindles, desktops, and PDAs.
Ledgers and records. Imagine the security of always knowing who's been handling your books and when.
When putting together a complex piece of scaffolding or temporary structures, you can use numbered tags along with blueprints to help make sure every piece is in the right place.
Equipment labels
Tagging can convey vital information about workplace tools.
Plenty of tools shouldn't be tagged. Artwork, antiques or printed items that might be damaged by adhesives shouldn't, and some items can even have their warranty nullified if you tag them; if it's not movable, it may not need tagging, either. (Items like cars, tractors and backhoes have Vehicle Identification Numbers (VINs), or at least unique serial numbers, and so many may not need tagging, depending on circumstances.)