It's kind of hard to read... any chance you can snap a better photo?
There's a company called Italiamerica that can do the research for you... but it's like $120.
To the best of my knowledge, the only other way for you to research is to go to the provincial archives in person in the particular region where the soldier was from. In the case of this dogtag... I think you'd have to go to Mantova. Better book your ticket!
Italian Military Records
heres a link