Asset Tagging and Field Verification

Asset Tagging and Field Verification is an ever-present problem in facilities

As facilities age organizing, streamlining, and updating information related to building assets can be a herculean task for facilities managers. This requires considerable effort and consumes a significant amount of time.

Even if this is accomplished, keeping the asset data updated and accurate with current information is a challenging task. Field engineers and technicians are compelled to make changes to hundreds (in some cases thousands) of building assets on a routine basis, not just for maintenance and upkeep, but also to meet compliance standards and regulatory requirements.

Documenting all of this information and updating the data is often left for another day causing backlogs which can pile up over time. So, when it’s time for field verification, it becomes a separate project in itself sucking up substantial amounts of time and resources. This is a problem that has not been solved no matter how much investment companies have made in facilities management software solutions.

Addressing the Real Problem at Hand:

Organizing and updating critical building information is not the real issue. The inability to update the information immediately, when changes are made, and keep them current is the real reason the asset data becomes outdated and requires field verification on a periodic basis.

To update the asset data in real-time from the field, it’s critical that asset data can be accessed easily and efficiently from the field by engineers and technicians anytime from anywhere. Instant and efficient access to asset data is the biggest bottleneck in updating critical building information.

No matter the industry or vertical, critical building information related to assets will continue to pile up in every building and accessing that information becomes harder and harder as time goes on.

Asset tagging and field verification is something that you must stay on top of, year after year, through the life of the building. This is particularly challenging when the facility is large and complex, such as a college campus or business park with multiple buildings, and has a large maintenance team. Every team member, must not only have the ability to identify asset locations but also be able to upload information easily and efficiently about changes and updates in real time so they can have them easily verified when needed. If information related to these assets is not promptly updated and the locations identified for easy access, it can become a nightmare for the facilities management teams when field verification becomes required.

A business can easily carry tens of thousands if not millions of dollars in untracked assets. Depreciation and timely replacement of assets is not only critical for the financial teams in the company but also for business continuity.

If assets can be identified and information can be updated easily and efficiently by facilities teams in the field on a regular basis, then the periodic need for field verification can be eliminated altogether, as the information in the system is always current and accurate. Periodic field verification is complex, time-consuming, and cost copious amounts of money.

Ironically most companies which complete field verification of assets don’t have an easy way to update and maintain that information on a regular basis, forcing them to repeat the same exercise in a few years.

Smart building technology can solve this problem.

Is Smart Building Technology the Best Alternative to Traditional Facility Management Software?

Thousands of assets can be tagged and verified easily and efficiently. What is impressive is that it is not only easy to tag and verify assets, but also to update information from the field in real time so the information stays current and accurate. Once the information is uploaded, it is easy to access with a swipe and a few taps; like any other App on your mobile device.

Traditional CMMS facilities management software or asset management solutions are not designed to access asset information from the field and not capable of delivering this kind of efficiency. Even the newest CMMSs with mobile interfaces cannot deliver the efficiency of a smart facilities management solution which is built on a true mobile platform. Today’s mobile platforms are not only fast and powerful, but also easy to use with intuitive user interfaces.

One of the biggest challenges of traditional CMMSs is that they are difficult to use and require extensive training. As a result, most CMMS facilities management software solutions are not used to their fullest capabilities by the facilities management teams. On the other hand, smart building technology for mobile devices are designed and developed to be used without extensive training. Users can easily navigate the program, intuitively, and efficiently, like every other app on their mobile devices.

Facilities technicians are well served when they are able to identify assets while in the field and access information instantly through mobile devices. This not only allows facilities technicians to be more efficient, but also gives them the opportunity to complete more work orders efficiently.

Field verification is critical not only to be certain that the assets listed on the balance sheet are accurate, but also to determine whether or not assets exist. In addition, it also determines whether the asset's condition as described is correct. This ensures the existence of assets within an entity and facilitates accurate valuation and rectification for any accounting discrepancies. It is for these reasons that having a system which will allow teams to easily and efficiently update and maintain asset information is critical. Providing a smart facilities management solution through a mobile app will allow facilities engineers to update and maintain asset related information on a real time basis, preventing the need to do expensive and time-consuming field verification and asset tagging in the future.

Other Benefits of a Streamlined Field Verification Procedure:

Field verification and asset tagging can help businesses in other ways. Frequent asset breakdowns can cause the facility to be shut down, impacting business continuity. Having the ability to identify and access information on assets within seconds can prevent or mitigate these situations.

A water pump failure during a fire or an air handler malfunction in the critical care ward of a hospital could have serious consequences. Having instant access to these assets from mobile devices is a life saver during an emergency. Traditional CMMS facility management software is unable provide easy and instant access to information in the field as they are not designed to do that.

In conclusion, shifting to smart building technology, or mobile facility management software, to improve asset tagging and field verification can be a tremendous boost to the productivity of facility management teams.