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Physical assets represent a significant capital investment for any business. The loss or theft of any
asset has financial implications for the business and often the loss of even a single critical asset can be crippling.
Beyond loss, misplaced assets, improperly serviced assets, and the inability to locate critical assets when they are
needed can adversely affect business operations in terms of delays, lost productivity and unnecessary replacement costs.
In today's competitive environment, companies need automated systems that can help provide accurate, real-time
information about the location and status of their assets, in order to operate efficiently and to effectively safeguard
critical business assets.
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Every company needs to take an inventory of its assets periodically for operational or financial purposes. However,
the task of taking inventory is typically a laborious manual process that is performed infrequently (i.e. quarterly
or yearly). Data collection involves humans to help read tags or scan bar-codes and enter data into a database. This
is a slow and error-prone process and often the data becomes obsolete right after it is collected.
One common challenge faced by the industry is keeping track of mobile, shared or allocated assets. An example of
such a scenario could be laptops issued to employees, or lab equipment checked out for use by an employee. Companies
entrusts their employees with the use of an asset in accordance with company policy and then returned. This may not
always happen as expected for a variety of reasons.
All assets used in business follow a typical asset lifecycle that includes, commissioning, use, maintenance,
decommissioning and disposal. To optimally manage the lifecycle of critical assets, companies need to ensure
that they are used and maintained properly. To do this each asset must be uniquely identified and its usage
tracked (e.g. how many hours of was it used, under what conditions). Additionally, any inspection data and
maintenance history must be recorded and tracked. |
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