Innovative Technology Provides Proactive Asset Management Solutions

Asset management is an integral part of a smoothly running business. It facilitates accurate forecasts, prevents theft and loss, and optimizes resources. However, according to the Wasp Barcode State of Small Business Report, 55% of small businesses still use manual asset management or don’t track assets at all. As a result, Score.com points out that trust in sales numbers, human error, and customer satisfaction can all be affected. For businesses looking for innovative ways to manage their assets, technology-forward solutions can provide unique and effective options.

AI advantages

Artificial intelligence (AI) is just one example of technology that’s rapidly changing the options businesses have in regard to asset management. One LinkedIn post by Matt Wilkie discusses how such technology is set to change the landscape of asset management. For starters, Wilkie points out that artificial intelligence and machine learning employ advantages such as predictive analytics, which will provide opportunities for businesses to forecast when equipment will need maintenance. 

In the financial investment industry, investment firms are just one example of businesses that are already using AI for the sake of asset management. U.S. News & World Report highlights one example found at Black Rock, which deploys its Aladdin AI to analyze data as well as provide insight on portfolios. In a deal announced in March 2024, the U.K.-based Royal London Asset Management, in partnership with HSBC Security Services, will use the Aladdin platform to manage assets worth an impressive 169 billion euros ($184 billion). The article states, “As part of the deal, HSBC will run a 24-hour operations center to support clients using the Aladdin platform.” 

The value of tagging and tracking

In addition to AI’s potential, companies can take advantage of other technologies such as asset tracking software that is used in conjunction with tags or labels. As a result, businesses can track several key aspects of data. This includes valuable insight on purchase history, users, location, maintenance, and even depreciation levels. Asset tagging gives businesses the opportunity to effectively track data related to the asset. Tagging assets is a proactive way to prevent theft, and also saves time when locating valuable equipment.

It’s important to note that several different types of assets can be tagged. For example, it’s generally recommended to tag moveable assets first. This is useful when you have assets that are used by multiple co-workers. 

In addition to physical asset tags, it’s worth mentioning that AI-powered tagging and organization is another way to inject technology into your asset management strategy, particularly with digital assets. According to Jared Thau of Gameverse Interactive Corp., integrating AI into digital asset management can help move more workflow into the background of business operations.

“It will improve search results and deliver them to our fingertips, providing a more intuitive, instrumented, and empowered user experience that helps us access our assets faster and easier,” he says.

The power of augmented reality

Augmented reality (AR) is defined as the use of technology to add “artificial, digital qualities to real-life objects,” according to one Business.com article. With augmented reality technology, businesses can transform digital assets into real-world environments. Common examples of augmented reality include using filters that allow customers to virtually try on glasses or makeup before purchasing a product.

However, Accenture points out that augmented and virtual reality technologies also have applications for asset management. For example, the technologies can create a more immersive experience for employees as well as with investor relationships.

Additionally, using digital twins (a virtual version of physical assets) has the potential to turn complex scenario analysis into simulation and visualization. As the Accenture blog post explains, “This drastically reduces modeling efforts, research and development timelines, and capital expenditure demands.” 

Technology is rapidly changing the business landscape in dynamic ways. In regard to asset management, tech-forward tools such as artificial intelligence and augmented reality can present proactive and effective approaches for streamlined management.