Identifying Your High-Value Assets

As an application, asset tracking and management can be defined in the broadest of terms. In reality, it's the varying definitions of ‘asset' that really lead to confusion. Every company has assets — from desks and chairs to heavy machinery and technology — to which they ascribe a certain level of value. But, what assets are actually worth tracking and managing? What assets are so valuable that a company would invest in technology to better track and manage them?

When viewed through that prism, it turns out that defining the ‘value' of a particular asset is really the critical issue. Some assets have a high intrinsic value — they're simply expensive to purchase or replace. Other assets rank fairly low in terms of intrinsic value but are an extremely valuable component of an overall business process. If a manufacturing process shuts down while employees search for a misplaced tool, the value of keeping the process running far outweighs the cost of the tool.?

Of course, any technology investment needs to be justified with a supporting business case. There has to be a pain point or requirement that is being met. For asset tracking and management, those needs typically include increased asset utilization, asset security, reduced labor expenses, and improved workflow efficiency. Once companies have identified the business needs that will be addressed, then they can set about determining the assets that need to be tracked and managed.