Tags can be created and are displayed on the Dashboard tab of a Record. Tags are a mechanism to quickly identify populations of records at a high level of visibility. As a best practice, institutions should leverage tags sparingly - capturing detailed information about a record as a custom field instead of a series of tags.
Some common examples of Tags include: VIP, Trustee, Faculty, Staff, etc.
Tags are dataset specific - meaning the tags available for Person records are distinct from the tags available for Companies/Foundations, Funds, and Organizations.