Not being able to find tools and equipment when needed, costs more than inconvenience. Time spent searching for assets eats into productivity, and hence profitability. Workers lose the equivalent of one full 40-hour workweek per year if they spend only 10 minutes a day searching for and gathering needed items. The inability to track equipment location, usage, service, and maintenance causes companies to lose money on lease and service agreements. Holding too many assets ties up capital, which every business seeks to avoid. To improve competitiveness and profitability, enterprises should manage assets with the same care and innovation they have employed to drive excess inventory and costs out of their operations. A good asset management program will improve return-on-assets (ROA) and other metrics by helping to lower and control the enterprise cost structure.
RFID and RTLS technology can make it simple and convenient to gather and manage asset information in a timely and efficient manner. Renfinity Inc. can record asset movements automatically through our first-to-market secure wireless enterprise asset management solution, providing data in real time to asset management software applications in a cybersecure infrastructure. Computerized systems provide up-to-date, accurate data that enables an organization to manage its assets with information instead of physical inventory. The result is a lower overall asset base, improved asset utilization, increased productivity, and more efficient purchasing and maintenance, which all contribute to bottom line improvement. These outcomes provide a sustainable improvement in profitability without burdening employees with excessive controls or reporting responsibilities.
Effective Asset Management
Effective asset management ensures employees always have equipment, tools and other resources when and where they need them. This can be accomplished either by tightly controlling assets through meticulous record keeping and control procedures, or by purchasing and maintaining spare materials to provide sufficient safety stocks. Asset Information that is inaccurate or out of date can lead to unplanned outages and costly productivity and replacement losses.
We at Renfinity Inc. have observed missing or lost asset incidents like this repeatedly at client sites.Â These incidents daily rob companies of productivity and profitability.Â Shareholders and executive management do not pay attention to cordless drills, but they pay close attention to the return on assets (ROA) the company earns. A good asset management program improves return on assets and other metrics by helping to lower and control the enterprise cost structure.
Asset management programs vary by the frequency that materials are identified and the amount of information that is recorded. For example;
- A conference room projector might be checked every few years with a simple location audit.
- Equipment can be monitored for usage, maintenance and performance issues every shift.
- Doctors can be located for emergency responses
- Legal document parcels can be tracked from offices to archived warehouses for access.
Regardless of the audit frequency or data content, RTLS is beneficial because it collects information much more quickly and accurately than manual methods.Â Beyond scanning fixed assets annually for inventory, audit or insurance purposes, organizations can expand their asset management programs to collect additional information. Our RTLS can improve asset utilization and the total cost of ownership by providing the information needed to optimize capacity planning and preventive maintenance.
RFID can play an important role in Enterprise Asset Management applications.
- Asset and location validation
- Auto-assigning of an asset’s critical spare parts
- Facilitate monitoring asset efficiency, scheduling preventive maintenance, or send alert messages that may indicate a performance problem.
- Supports service agreement and warranty claims.
Real-Time Asset Tracking systems are only as good as the information they provide. Enabling field personnel with the ability to efficiently locate an asset provides cost savings in productivity and for critical assets, cost savings in bringing equipment back on-line. The GIS features in the Secure Grid® infrastructure capture GIS data in real-time for mapping to ESRI and Google Earth Applications. Renfinity’s mobile data capture integrates web mapping applications into our mobile data capture suite to supply not only asset locations, but directions to those locations, and 3-D graphical interfaces that allow a visual identification of the asset based upon physical surroundings – What You See Is Where You Should Be (wysiwysb).
Our embedded technology from vendors as ESRI ArcGIS and Google Earth, provide the capability to drill into floor plans in order to precisely identify the location of asset whether they be equipment, computers, personnel or document parcels.
Examples of RTLS / RFID Wireless Benefits
- Authentication – Detect invalid or counterfeit products and ensure only authorized parts and supplies are used with equipment.
- Authorization – Validate and authorize personnel for assets and document parcels for transportation.
- Verification – Authenticate test samples and processing equipment to ensure proper testing and processing, critical for FDA audits.
- Public Safety – Identity and relevant driving history from databases accessed wirelessly via mobile data collection to the station or using a wireless computer in the field.
Renfinity Inc. offers a wide range of wireless asset management solutions for different durable and secure label materials for asset identification. Contact us today to learn more about how our products and expertise can help enhance your asset management program.