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THE FUTURE OF ASSET MANAGEMENT: HOW BUSINESSES WILL BENEFIT FROM A CROSS- VERTICAL ASSET TRACKING SOLUTION IN THE AGE OF THE IoT April 2018 Tel: (855) 898-6058 Email Us: [email protected]
THE FUTURE OF ASSET MANAGEMENT: HOW BUSINESSES WILL BENEFIT FROM A CROSS-VERTICAL ASSET TRACKING SOLUTION IN THE AGE OF THE IoT
April 2018
Tel: (855) 898-6058
Email Us: [email protected]
The Future of Asset Management: How Businesses Will Benefit from a
Cross-Vertical Asset Tracking Solution in the Age of the IoT
Page 2
Every company has assets, or resources, of both the physical and digital variety. And every company ought
to be actively keeping track of or managing those assets. If there’s a system in place to document asset
purchases, maintenance, updates, and even disposal, it’s less likely those items will be lost or stolen, and
more likely that they can be used to their full potential.
Assets can be tangible, like a company vehicle or a digital device. They can also be intangible, like employees’
intellectual property or financial information. They can be highly valuable, like computers, or relatively
inexpensive, like office supplies. The one thing that assets have in common is that they’re all owned by the
same business. They all play a part in the success of a business to some extent, so it’s important to keep track
of them.
Asset management can be used to make tax time easier by accounting for all of a business’s write-offs over
the fiscal year. It can keep track of resources so they don’t need to be replaced as often, a costly and time-
consuming endeavor. And as assets increasingly take a digital form, management can play a major role in a
company’s digital defense. According to the Gartner report “Maturing the IT Asset Management Discipline
Primer for 2017,” keeping track of technology assets in particular effects not just the bottom line, but data
security.
There’s nothing new about asset management. Businesses have been keeping an inventory of their
supplies since the dawn of civilization. Keeping a ledger, not only of a company’s products and services
but its property, has always been considered an essential part of doing business. In the 21st century,
asset management has transitioned from a primarily pen-and-paper endeavor to one accomplished with
the assistance of digital spreadsheets or even custom software designed specifically for the task of asset
management. But even this digitalization can bring about its own set of problems, especially in the age of
interconnected devices, otherwise known as the Internet of Things (IoT).
Why Asset Management Is More Important Than EverThe corporate world looks very different than it did even ten years ago. Thanks to widespread adoption
of connected devices and the internet, companies have had their limiters for growth removed and can
employ more people to do more things in more places. Essentially, businesses now have the ability to work
seamlessly on a global level.
The Future of Asset Management: How Businesses Will Benefit from a Cross-
Vertical Asset Tracking Solution in the Age of the IoT
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But as they become ever larger and more interconnected, they’ve become reliant on technological and
digital items which are integral to their work. It’s more vital than ever to keep track of those resources
because if these companies don't, cybercriminals might get to them first. When everyone is connected to
the IoT, it’s important to track exactly who has access to a company’s assets.
Jody Westby, the CEO of Global Cyber Risk, a company that advises the government on cybercrime,
estimates that for the average company, 85-90 percent of business assets are now digital. In short, every
business is now in the technology business. They each have their own digital infrastructure, relying on
computers and smartphones to get work done. That means every organization needs to have a full picture of
their digital footprint — which devices it has, which software they run, who has access to it, and whether it’s
up to date.
The Internet of Things means that many of the devices businesses and consumers use daily are connected to
the internet, allowing them to send and receive data. This has revolutionized business practices but has also
supplied the potential for sensitive data to be intercepted and made vulnerable. In 2018, Juniper Research
predicted that the number of Internet of Things connected devices will climb to 46 billion within the next
three years. That’s why a cutting-edge asset management system, one that allows companies to track not
only tangible assets like computers but intangible ones like software, needs to come in.
The Future of Asset Management: How Businesses Will Benefit from a
Cross-Vertical Asset Tracking Solution in the Age of the IoT
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How Asset Management Stops CybercrimeCybercrime is one of the most expensive issues that a modern business faces. By 2021, it is expected to
cost $6 trillion worldwide, more than twice what it cost companies in 2017. Criminals pilfer data and profits,
making company resources less valuable and consumers feel less safe.
Today, all businesses have at least some digital assets. They might have digital records of sales, or
information belonging to customers and employees. They might have a website and a domain name, and
even social media accounts, along with usernames and passwords for each online property. Even the access
log that tracks who accesses a company computer and when can be considered an asset that might be
tempting to cybercriminals.
Companies spend thousands, or even tens of thousands of dollars, on setting up firewalls, security software,
and anti-hacking solutions. While these are often great backup plans, such protections only help once
businesses know they haven’t left any handy backdoors for hackers somewhere else, such as in computers
running outdated software, weak passwords, unmonitored access to devices, or abandoned former user
profiles.
One of the simplest ways that companies open themselves up to cybercrime is by failing to properly maintain
their digital profile. In 2017, consumer credit reporting agency Equifax revealed that more than 147 million
customers had their data stolen—more than half the country! Sen. Elizabeth Warren (D-Mass.) ordered a
probe, which determined that Equifax failed to keep its computer systems up to date, fostering insecurity.
A good asset management software could have informed the company about when software updates were
due. By tracking when digital assets are up for maintenance, and who has the access and responsibility to
conduct that maintenance, companies can patch vulnerabilities before they happen.
Businesses can’t secure things they can’t manage, which is why asset management is an integral component
of any company’s cybercrime protection plan. By carefully tracking which devices a company has, who has
access to them, whether the software is up to date, and whether employees who leave have their access
revoked, companies can protect their digital data.
Of course, in order to track what matters most, the modern company needs a modern asset management
solution. A future-thinking asset management software won’t only help a business track tangible assets, but
intangible ones, too. It needs to be built with both a business’s physical and digital assets and their specific
requirements in mind.
The Future of Asset Management: How Businesses Will Benefit from a Cross-
Vertical Asset Tracking Solution in the Age of the IoT
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“When everyone is connected to the IoT, it’s important to track exactly who has access to a company’s assets.
Why the Current Asset Management Landscape Is OutdatedTraditionally, when businesses are looking for an asset management solution, there are two options on
market: free and paid software.
Free software, which could be anything from Google Spreadsheets to an open-source asset management
solution, can be economical if basic, option for small companies. Free solutions may not have a lot of
customization or functionality, which small companies without a lot of capital may be willing to overlook, at
least until they’re ready to expand. The real problem is when companies outgrow these free solutions and
look for paid ones.
Paid software is a little more complicated. Asset management solutions for a price all have different pros
and cons, and it’s no small feat to shop around for one that works. The most important qualification for a
premium asset management solution is that it's intuitive and easy to learn, so businesses don’t waste time
training when they should be managing assets. And even if the software is easy to use, it isn’t helpful if it
isn’t accessible. If there’s no online or mobile component, and can only be accessed on a specific computer or
internal network, it’s not going to be an ideal solution for a busy company with multiple locations.
The modern business has transitioned to an environment in which employees can collaborate even when
they aren’t in the same city, much less room. That means they need an asset management solution which is
just as technology-minded as they are.
The Future of Asset Management: How Businesses Will Benefit from a
Cross-Vertical Asset Tracking Solution in the Age of the IoT
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Too many options on the market don’t fit the needs of a modern business. Today’s tech-minded company
needs a solution that meets these four considerations:
Intuitive. The software needs to be organized in a consistent and comprehensible way so the focus is on asset
management, not software training.
Customizable.The internet has allowed for a greater diversity of business models than ever before. There need to be
options that work for all types of businesses.
Flexible. Good software should be able to adapt to the ever-changing needs of your business. As you expand and
evolve, it should do so along with you. That includes access spanning as many networks, devices, and
continents as your business does.
Powerful. The right software should be able to make your business better with useful, effective features. For example,
it shouldn’t only passively track which software you have installed, but prompt you with alerts about when
it’s time to update that software.
In our interconnected world, finding the right asset management software is more important than ever. It
doesn’t simply make a business run more smoothly, but can also be integral to the security of a company’s
assets and data. Good asset management software helps companies track what matters, so bad actors don’t
get an opportunity to do it for them.
The Future of Asset Management: How Businesses Will Benefit from a Cross-
Vertical Asset Tracking Solution in the Age of the IoT
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Asset Management for the Future: A BlueprintModern businesses need modern asset management solutions which don’t only consider today’s corporate
landscape, but that of the future. As the IoT expands and more businesses and consumers rely on digital
resources that are as flexible as they are, it becomes increasingly essential to have an asset management
tool that accounts for those factors.
What kind of solution should businesses be looking for to meet these demands? Here are some of the most
important software features which will retain the most value as our world zips into the tech-savvy future.
>> Tracking not only tangible but intangible assetsAs business is increasingly conducted in cyberspace, a larger portion of a business’s assets can be considered
intangible. In the most recent report by Ocean Tomo, a capital advisory firm, it was determined that the
average intangible asset value of S&P 500 companies is 84%. In 1975, that number was only 17%. The cause?
Computers, combined with the internet, have made it more efficient for companies to keep records and
store data digitally.
Because such a large percentage of a company’s valuables are now intangible, it is vital that asset
management software is able to account for it. Things like digital contracts, software licenses, and patents
are no less important for not taking up physical space and have their own types of tracking and maintenance
required. A forward-thinking asset management system will be built with these kinds of assets, and their
specific needs, in mind.
>> Ability to track software installs and renewalsSome intangibles, like software, have more specific and regular requirements than others. It’s integral to a
company’s security measures to record when a software was installed and when it is due to be updated or
patched. Companies need to know which user profiles have access to a software installation at any given
time, and when somebody leaves the company, they need to be able to confirm that this employee’s access
was revoked for security reasons.
A modern asset management software needs to have systems in place to keep software updated and
secure with limited access so it isn’t unwittingly inviting hackers through a back door. Instead of relying on
human memory to inform the software update schedule, asset management can make the process rigorous,
efficient, and timely.
The Future of Asset Management: How Businesses Will Benefit from a
Cross-Vertical Asset Tracking Solution in the Age of the IoT
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>> Integrates with other software currently in useIt's hard to find a company which doesn't already have some sort of software installed and implemented
in its day-to-day operations, such as payroll solutions, help desks, and SFTP servers. More often than not,
these systems are a well-established part of a company's process, and any interruption or problems which
might interfere with all this software can seriously hinder the efficiency of not just the employees, but the
company as a whole. In fact, in one survey from MuleSoft, 90% of respondents said integration with existing
systems is considered a "common" or "very common" concern in the IT industry.
This is why robust asset management and tracking solutions should offer complete, safe integrations with
the software your company is currently using. The process should be easy to set up as well as maintain,
and not interfere with or limit the current software's functions. Good asset tracking software companies
will continually work to provide more and more integration options, and some may even work with you to
customize their product to help ease integration with existing software.
>> Ability to track rooms within a building within multiple buildingsBusinesses are getting bigger and more mobile. Gone are the days in which all of a company’s employees
would share one office, or even one floor of a building. The internet has made it easier for coworkers to stay
in touch even when they’re not physically in the same space, and it’s quickly becoming the future of work.
According to a Gallup poll in the New York Times, 43% of employed Americans did some out-of-office work in
2016.
That means businesses are more likely to have more assets in more places. Employees might bring their
company laptops home, or an office might have remote conferencing software in multiple cities so
employees in different places can still collaborate on projects. This trend is only going to increase over time,
and asset management software needs to account for that.
>> Mobile app that updates in real timeThe future is mobile. According to a survey by Comscore, more than 50% of all web traffic originated from
mobile phones in 2017. Employees are just as likely to grab their mobile devices as they are their work
computers, and asset management software needs to be accessible there, too. A modern solution will have a
mobile app that is just as attractive and intuitive as its desktop version so employees can track assets on the
go.
The Future of Asset Management: How Businesses Will Benefit from a Cross-
Vertical Asset Tracking Solution in the Age of the IoT
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Additionally, asset management software ought to show up-to-the-minute changes so that everyone with
access can see consistently recent records. It’d be too clunky to limit asset tracking to times that employees
are physically in the office and have a wifi connection. Whether they are on site, working remotely, or
traveling between offices, a mobile app allows employees to seamlessly manage assets whether they have a
good internet connection or not.
These are just a few of the features a good asset management platform will provide with the evolving
modern business in mind. The Internet of Things is changing everything else about today’s workforce; why
shouldn’t asset management change along with it, too?
Asset Panda Is Prepared for the FutureWe’ve built Asset Panda software to be future-proof. Based on current trends of ever more constant
connectivity and increased digital resources, we can make smart predictions about what the client of the
future will use Asset Panda for. But don’t just take our word for it. Over the past six years, we’ve worked with
hundreds of companies to manage millions of assets in a highly configurable environment.
Here are just a few of the companies which have used Asset Panda to adapt their business practices to
today’s increasingly connected, digital, and a global working world:
>> UnivarThis global chemical distributor has over 600 locations worldwide, and needless to say, keeping track of them
all with a spreadsheet simply wasn’t cutting it. Rob Jennings, the Lead Engineer/Architect at Univar’s EMEA
Headquarters, said switching to Asset Panda means employees spend less time tracking down lost assets
and more time doing their jobs.
“The ability to scan assets no matter where they are using the built-in scanner and affiliated mobile app has
really impacted our daily operations – in a good way. The overall process of tracking assets is much quicker.
We have seen immediate results of time saved daily searching for assets and entering data,” said Jennings.
The Future of Asset Management: How Businesses Will Benefit from a
Cross-Vertical Asset Tracking Solution in the Age of the IoT
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>> My IT PicksThis leading IT firm helps clients protect vital data, but was having trouble protecting its own until switching
to Asset Panda. Controller Mandy Solomon said that Asset Panda’s barcode scanning feature, combined with
the mobile app, allows the company to keep updated records on which assets are where and whether or not
they’re due to be maintained.
“Although we haven’t been using Asset Panda very long, what we find especially helpful is that our techs in
the field can scan barcodes and update the locations of assets,” said Solomon.
>> British Red CrossThe Red Cross is really a logistics business, said Sandra Howitt, Senior Logs Manager, and it needs to be able
to quickly and efficiently get resources to people in need around the world. But before Asset Panda, it was
difficult to track which resources were available for the needy. Now, they can schedule exactly what’s ready
when in order to help the most vulnerable people.
“We use both the mobile and desktop apps, and we can instantly see which assets are available. The
scheduling features have been particularly useful. We’re seeing reduced costs on maintenance and repairs,”
said Howitt.
If you would like to experience the same benefits our customers have gotten from using our software,
consider Asset Panda’s solution. Our free iOS and Android mobile apps sync to the cloud for on-the-go
updates just as modern and flexible as your business.
Sign up for a free, 14-day trial to start tracking your assets exactly how you want.
© 2018 Copyright Asset Panda
About Asset Panda
Asset Panda, the most powerful, yet simple to use asset tracking software in the world, enables clients to
track their IT assets exactly how they want, and from the mobile devices they already carry. The platform
may be accessed either online or via free mobile iOS and Android apps that sync with the cloud. The apps
include a mobile barcode scanner, so there’s no need to purchase a separate handheld barcode scanner.
Users can add voice notes, videos, documents or photos to the asset’s information. The tool allows users to
view check-in/check-out status, GPS location, lease/purchase information, complete maintenance history,
insurance information, and the depreciation and in ation calculations your accounting and compliance teams
require. Companies of every industry sector and size – including some of the world’s biggest brands – have
chosen Asset Panda to help them manage millions of dollars’ worth of vital assets.
Tel: (855) 898-6058
Email Us: [email protected]
Headquarter Office: 3001 Dallas Parkway,
Suite 580, Frisco, Texas 75034
www.assetpanda.com
