Blogs

Why Businesses Need Asset Management

You don’t want to run a business without knowing where your valuable assets are or how they’re performing. It’s like cruising a ship without a compass. Effective asset management is a crucial part of your business, especially if you want to make the most of your assets. Every piece of equipment, from servers to laptops, should be accounted for, maintained, and utilized to its fullest potential. Reducing operational costs, minimizing downtime helps companies stay ahead in a competitive market and you can focus on growing your business.

Problems with Current Asset Management

Many organizations are struggling with asset management. Semi-manual tracking methods, such as spreadsheets, are prone to errors and time-consuming. Lack of real-time data makes it difficult to effectively manage asset utilization and maintenance. According to Gartner, up to 30% of an organization’s IT budget could be saved by implementing an effective asset management strategy.

What Information Needed for the Asset Management

Effective asset management requires comprehensive and up-to-date information about each asset. Key information includes:

• Asset Identification: Unique asset ID, type, and description.


• General Information: Manufacturer, model, serial number.


• Procurement Details: Purchase date, vendor, purchase cost, warranty information.


• Location and Assignment: Current location, assigned personnel or department.


• Financial Information: Depreciation method, value, useful life, maintenance costs.


• Operational Information: Condition, utilization metrics, maintenance schedule, and history.


• Compliance and Security: Relevant compliance requirements and security measures.


• End-of-Life Information: Decommissioning date, disposal method, costs, and certification of data wiping.

Use Case 1: Server Management in Data Centers

IT Server management in data centers is critical for uptime and performance. With an effective asset management system, data centers can track server specifications, monitor condition, schedule regular maintenance, and/or manage warranties. Real-time tracking ensures that servers are operating and that any issues are promptly addressed, minimizing downtime and maximizing performance.

Use Case 2: IT Asset Management to Lease to Internal/External Customers

Organizations that lease IT assets to staff or clients can benefit significantly from a robust asset management system. For example, real-time tracking of asset assignments, maintenance schedules, and usage patterns can be done easily with barcoding. By monitoring the lifecycle of IT assets, companies can ensure timely updates, repairs, and replacements, enhancing employee productivity and reducing operational disruptions.

Use Cases 3: Rental Items such as Bike, Car, Sports Gear

Companies that rent out items like bicycles, vehicles, or sports equipment need accurate tracking systems to handle inventory, schedule maintenance, and monitor usage. An asset management system ensures rental assets are always in optimal condition and available by providing real-time location data, usage history, and maintenance records. This improves both customer happiness and operational effectiveness.

What is GearChain and How Can It Be Done Efficiently?

GearChain is a real time inventory management and asset tracking app with a built-in barcode scanner that allows users to manage assets efficiently using custom fields. These fields include name, description, stock, date, dropdown, checkboxes, GPS coordinates, tags and many more, which can be tailored to specific asset management needs.

For example:

• Server Management: Use GPS coordinates to track server locations, dropdown menus for manufacturers, and date fields for maintenance schedules.


• IT Asset Leasing: Track employee, student or customer assignments using dropdown menus and log maintenance history in description fields.


• Rental Business: Monitor asset locations, status and track usage history with custom tags and fields.

GearChain’s flexibility ensures that all relevant information is captured and managed effectively, tailored to the specific use cases of different industries. Fast-track your asset management with GearChain today.

Introducing Asset Management in GearChain

The Asset Management template is now available on GearChain. You now have the option to select the asset management template in GearChain, enabling you to easily create a personalized project for managing your company’s assets.

Customize fields for purchase date (or warranty end date), Location, Condition, GPS, Cost, and Tag. You can effectively manage your assets by keeping track of their latest status and whereabouts. Adjust fields based on your needs.

How Built-In Blockchain and AI Can Further Improve Asset Management

GearChain revolutionizes asset management by integrating blockchain and AI technologies. Blockchain ensures a secure, immutable ledger for tracking asset transactions and history, guaranteeing data integrity and transparency. AI, including advanced generative AI bots, predicts maintenance needs, optimizes asset utilization, and automates routine tasks. This combination enhances efficiency, reliability, and decision-making, reducing errors and improving overall asset management.

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