What is Asset Management?

2 min

Many customers ask ‘What is Asset Management’?

One way of answering the question ‘What is Asset Management?’ is to learn about why organizations typically start implementing an asset management solution in the first place.

For small and medium sized organizations, many get started with asset management as a way to track the basic information about their assets such as their technical description, model, specifications, location and cost. The goal is to have an organized record of the assets (typically called and asset register) along with key information that can be managed and reported on as needed.

As organizations grow early solutions like permanent markers :-), printed labels and Excel spreadsheets become ineffective and a more effective solution is required.  Many small organization can still experience losses of over thousands of dollars a year, so the ROI on asset management is clear when a solution can be purchased for around $1/asset.

Another early goal is loss prevention and risk management. It’s an accepted fact that clear asset tagging with professional quality tags establishes a simple legal basis for declaring ownership. For example by clearly marking the asset as ‘Private Property of..’. By doing so, you provide clear notice that this asset is owned by your organization. When tamper evident tags are used the level of protection is increased further.

As an organizations asset management requirements get more sophisticated they frequently start to develop the full suite of asset management best practices that typically encompass managing the full life-cycle of the asset (asset selection, maintenance, inspection and renewal). This proactive management approach for asset management helps the organization improve efficiency, reduce costs and reduce operational risk.

The IAM (Institute of Asset Management) PAS55 standard defines a mature holistic approach for asset management. And while it may be more in depth than many organizations require, it represents an excellent reference point for asset management. This is especially try as organizations grow and become more sophisticated in their requirements.

In many organizations, asset management practices extend to automating key business processes such as ‘check-in/check-out’, work scheduling, maintenance planning, asset assignment (for example in rental businesses), and with GoCodes QR tags verifying asset location via GPS tags, ensuring that staff have checked in with a specific asset at a specific location.

So if you are looking to get started with asset management ask yourself these 5 key questions:

  • What is my current solution?

  • What are my primary goals (loss prevention, financial, other)?

  • How quickly are my requirements growing?

  • What is my budget and do I have technical resources to install, integrate and manage a complex multi-vendor solution or am I looking for a simpler solution that can grow with me?

  • Do you need to automated business processes e.g. check-in/out, location tracking, smartphone 'scanable' with custom information?

 What are your goals for asset management? Feel free to email or give us a call (1-800-513-5778) and we will partner with you to determine whether the GoCodes QR Code Asset Management Solution is right for your organization.

Want to learn more? Request samples and a free trial today!

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