Reftab can be used to automatically look for assets that meet a certain condition. If found, you can run an action to update their status labels.
This can be accomplished with a scheduled workflow.
For example, everyday Reftab can check for assets that are out of warranty. If any are found, you can save those assets with a new status label. You can even build workflows to check for any upcoming dates.
See this demo video for a quick overview: