In this article...
Project at a Glance
| Institution | UNC System Institution |
| Assets tracked | 40,000 |
| Users | 20 |
| Technology | GoCodes Asset Tracking, QR Code Tags, GPS, Mobile App |
| Implementation timeline | 2 months from project approval |
| Results | 25% to 30% annual shrinkage reduction |
| Compliance | Title 2 and 3 funding tracked |
| Financial | GoCodes Asset Tracking asset condition data is now used as bank collateral for funding |
Introduction
GoCodes Asset Tracking was implemented at a UNC System institution, at the request of the Facilities’ maintenance department and the universities real estate group. GoCodes Asset Tracking partnered with a 3rd party solution provider for on-site support and tagging. The goal was to deploy an asset tracking system across 20 newly acquired buildings that were to be used as halls of residence.
The Client
The UNC System institution sought to track and manage 40,000 assets, that were installed in dorm rooms, kitchens and in community spaces in the new halls of residence.
Assets comprised dorm furniture, kitchen equipment like microwaves, ovens and fridges as well as water heaters, electronic equipment such as television, routers and artwork.
The Challenge
The university had previously relied on spreadsheets and spot checks as a method of auditing what assets they held at any one time. This modus operandi makes audits challenging and time-consuming and does not allow instant updates to asset information, as changes are made. Neither does it allow for images of each asset to be uploaded.
The spot checks did enable the university to extrapolate information that they used to estimate how many of each type of assets were no longer serviceable or were missing. From this data, they were able to decide what type of assets and how many required replacing over the next 24-month cycle. However, the extrapolated information lacked specificity.
In addition, it was important that the asset displayed a durable, customized poly tag with the university information and a ‘private property’ message, to allow for tracking and asset visibility.
Focus
The university wanted a system of asset management to increase asset visibility and accountability, and to reduce asset shrinkage from loss or theft.
They wanted a system that would help them more easily categorize assets that had been purchased with Federal Title 2 and Title 3 funding.
Prior to Utilizing GoCodes Asset Tracking
The university experienced:
- Asset loss, theft, or misplacement
- Time wasted searching for missing assets
- Inaccurate inventory spreadsheets
- Spot checks for asset tracking
- Lack of hard, accurate data
- Approximation purchasing for a 24-month cycle
The Solution
GoCodes Asset Tracking provides universities with an enterprise-scale asset tracking system which enables the tracking of tens of thousands of assets across multiple buildings and campuses from IT equipment to HVAC systems to furniture.
GoCodes Asset Tracking comes with fully customized QR code tags. Universities can scan the QR code using our app-store 4.7 rated mobile solution that works seamlessly on iPads and smartphones. Users can also update asset information, complete maintenance logs and check equipment in and out, without the need to return to a desktop computer.
GoCodes Asset Tracking enabled 20 employees of the UNC System institution to work with an asset list of over 40,000 assets.
Training of employees was provided by GoCodes Asset Tracking, so that users could easily set up custom fields (such as fields that showed the condition of assets and whether the asset fell under Title 2 or 3 federal funding) and undertake common tasks like adding and deleting users, adding and deleting assets and checking in/out.
GoCodes Asset Tracking provided the poly, custom tags which contained the message: ‘Private Property of.” To efficiently tag and count all assets, the third-party solution provider implemented the on-site tagging and counting of the assets during the summer vacation when student residences were mostly empty.
GoCodes Asset Tracking reporting features enabled the university to prove which assets were bought with Title 2 and 3 funds for auditing accountability.
Results
Since implementing GoCodes Asset Tracking, there has been a definitive change:
- Shrinkage reduced: The UNC System institution reduced asset shrinkage by 25% to 30% per year using GoCodes Asset Tracking. That equals roughly $200,000 in annual savings.
- Asset visibility: Accurate data means the university is no longer dealing with hidden assets or ghost assets, for the minimization of asset loss.
- Bank funding: university now uses GoCodes Asset Tracking asset condition data as bank collateral for funding.
- Accurate data for improved budgeting: Improved asset visibility means that the university can accurately track the lifecycle of its assets from Good, to Fair and Operable, to Needs Repair to Replace. Real-time asset information allows for precise budgeting for future needs.
- Title 2 and 3 transparencies: The UNC System institution can exactly show which assets were procured by Title 2 and 3 funds for full reporting transparency.
- Increased student awareness: Due to the ‘Private Property’ message on the tags, students have an improved awareness regarding the universities assets which has impacted their behavior – in terms of the care with which they treat hall of residence and dorm room assets and in terms of ensuring that assets stay in situ for improved asset longevity and cost saving.
- Asset follow up: the university can now follow up with students who have missing assets in the dorm room, because of exact data of what should be where.
- Reporting – GoCodes Asset Tracking’ reporting tools provides administrators with precise data. They benefit from a level of real-time information that was not achievable with spreadsheets. This allows for better decision making and operational success.
Future Outlook
While GoCodes Asset Tracking is primarily used for asset visibility to reduce lost and missing assets and for audits, budgeting and financing purposes, it may be used in the future by other departments or the entire university.
FAQ
How much does asset shrinkage at a UNC System institution cost per year?
Asset shrinkage from the halls of residence cost a university over $200,000 dollars annually. Assets that were lost and stolen drove avoidable replacement costs. Unmarked assets were prone to accidental or deliberate loss as students vacated their dorm rooms at the end of the school year.
How did GoCodes Asset Tracking help the UNC System Institution track assets bought with Title 2 and 3 funds?
GoCodes Asset Tracking enabled the university to tag every asset deployed into their new halls of residence. GoCodes Asset Tracking was set up with custom fields and drop-down menu options that were used to identify whether Title 2 or Title 3 funding was used to purchase each asset. Since GoCodes Asset Tracking allows every asset to be photographed, the UNC System Institution also had pictorial documentation that showed the specific type and condition of the asset allowing for efficient audit reporting.
How was asset tracking data used for financial collateral?
The UNC System Institution was able to utilize the asset data from their GoCodes Asset Tracking system as auditable evidence of the financial value of their assets. This information was used by the bank as collateral for funding.
