RFID for asset management
Asset management is a critical issue for any organisation. It not only involves substantial capital investment in a comprehensive list of items that are regarded as non-negotiable tools of business success, but also imposes strictly-enforced and measurable corporate governance and risk management compliance requirements that are subject to specific reporting and auditing procedures.
The company’s fixed asset register, a compulsory part of any organisation’s standard operating procedures, is often little more than a spreadsheet that is maintained and updated on an annual basis through a manual process based on visual confirmation that the items listed are still in use or held by the individual or department to which they were originally assigned.
These items can range from office furniture, such as desks and chairs, through to laptops and extremely high-value IT equipment and specialised tools, to investments in priceless corporate art pieces that often grace the boardrooms of companies.
The key to the effective and efficient management of an organisation’s asset register lies in automation and the ability to objectively monitor in real time what assets exist, where each is located, how each item is associated to an individual, a group or a department, and its movements.
During the past decade, radio frequency identification (RFID) has come to be regarded universally as the standard by which all asset tracking and management systems are measured.
RFID asset management solution overview
The key components of an ideal RFID asset management solution will take into account, among other factors, the following:
- The footprint of the asset and its ability to accommodate a RFID tag.
- The surface of the asset to be tagged, such as metal, plastic, cloth, living tissue (nursery stock, livestock).
- The duration the asset needs to be tagged for – short or long term, permanent or temporary.
- The item’s exposure to environmental conditions, such as moisture, chemicals, abrasion, dust, human contact, pressure, salt water, weather conditions (extreme temperatures, ultra-violet light, etc.).
- Performance requirements such as read distance, the type of readers that will collect the data, the amount of time required to read or write to the tag, how many tags will be read at a time, how quickly this will be done, etc.
In rare instances when RFID tags may not be entirely appropriate across the entire inventory of or an organisation’s assets, bar-code or complementary automatic identification and data capture (AIDC) technology will be seamlessly integrated into the overall solution.
Key features at a glance
Leading asset management solutions are purpose-built to take into account the client’s specific requirements. Key features should include:
- Live monitoring via dashboards: The ability to track and authenticate where an asset is in near-real time according to user-defined parameters such as restrictions on movements within a facility or between departments.
- Reporting: The generation of reports based on user-defined requirements. Reports should be deliverable via email and printed, or integrated into other applications.
- Alerts, notifications and warnings: All systems should have the ability to notify nominated individuals or key personnel when an asset is moved out of a designated area or location, or when other user-defined parameters are invoked. Alerts can be sent out via SMS, email or both based on defined roles and responsibilities, escalation procedures and other critical business control rules.
- System management: A management module that provides an easy-to-use interface for the management and administration of the system according to a wide range of user-defined parameters that also conform to auditing and risk management standards.
- System integration: Integration into mainstream ERP systems in order to ensure that asset management complies with accounting and auditing functions.
Business benefits at a glance
The most significant business benefit guaranteed by an automated asset tracking and management solution is based on the power and versatility of RFID as an enabling technology. The establishment of an RFID infrastructure for asset management enables the organisation to build and implement many other different applications that will reduce cost and increase efficiencies at an accelerated rate of return on investment.
For example, the same system used for asset management could be extended to manage operating expenditures in the same business environment, including items such as high-value IT consumables, the management rental equipment and lease agreements, aspects of security, etc.
Other benefits include:
- Improved tracking: Pinpoint accuracy related to asset movements based on vital location detection information being made available on a real-time basis.
- Increased security: The system can be configured to provide configurable alerts and alarms as well as other security features such links into other options such as closed circuit television (CCTV) and biometric access.
- Enhanced compliance and risk management: A system that conforms to standardised general accounting and auditing standards.
- Unrestricted access to data: The ability to provide completely objective and consistently reliable data that can be accessed by authorised users via the web from anywhere in the world on virtually any digital device on a 24/7 basis.
- Objective and reliable data: The provision of data that is totally independent of any other source of information due to automation that eliminates human error and prevents manipulation associated with spreadsheets and manual systems.
- High level of customisation: A system that is quickly and easily designed and customised to meet the exact requirements of virtually any business environment.
- Maintenance and support: A range of technical support and maintenance options available based on formal service level agreements.
- Training: Various training options available ranging from comprehensive classroom training to on-the job training. All systems need to be provided with training documentation.
Contact Synertech, Tel 010 350-5200, sales@rfid.co.za
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