Top 10

Asset Management Trends

In 2019

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Table of Contents Introduction .................................................................................................................................... 3

E-ISG’s Top 10 Asset Management Trends In 2019 ........................................................................ 4

1. Investing in Technology .......................................................................................................... 4

2. Cloud-Based Software as a Service (SaaS) .............................................................................. 4

3. Mobile Phone Use ................................................................................................................... 4

4. Bring Your Own Device Policies .............................................................................................. 5

5. Universal Barcode Support ..................................................................................................... 5

6. User-Configurable Workflows ................................................................................................. 6

7. Intuitive Admin Tools (beyond workflow configuration)........................................................ 6

8. Big Data ................................................................................................................................... 7

9. Internet of Things .................................................................................................................... 7

10. Secure Data Hosting- “Show me the certs” .......................................................................... 8

Summary Infographic ...................................................................................................................... 9

The Take Away .............................................................................................................................. 10

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Introduction In the past few years, available solutions for asset management have evolved significantly.

In 2019, we have cloud hosting, standardized web APIs, mobile asset tracking and inventory

audits as common features of asset management solutions. Six or seven years ago, this

technology was relatively new. It was rare to find any standard in asset management solutions.

As these technologies become standard, an ever-increasing number of enterprise businesses,

nonprofit organizations, and government agencies can switch from Excel sheets to

sophisticated automated asset management solutions. Whether they have 500 assets or 5

million assets, these organizations are eliminating the inefficiency of using spreadsheets to

track physical assets.

If your team is searching for an automated enterprise asset management solution to increase

efficiency, you need to understand the latest trends in the marketplace. The more you know

about industry changes, the easier it will be for your team to identify and procure a system that

offers the best features today’s technologies can support.

We have analyzed many enterprise asset management solutions and talked to many existing

and prospective customers to look for common themes and expectations. Based on this

research, we have identified 10 trends that are relevant to those looking to deploy an

enterprise asset management solution. Here are the latest technologies, best practices, and

ideas we expect to trend in 2019.

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E-ISG’s Top 10 Asset Management Trends In 2019

1. Investing in Technology Companies that try to use basic tools like Excel, home brewed Access Databases’s, and simple

asset tracking software soon learn their lesson. They will experience firsthand that going too

basic on asset management leads to lost assets, productivity downtime, and employee

dissatisfaction.

As asset management becomes more complex, companies will find that their tools need to

match this complexity.

This becomes apparent in companies that manage government property. The government has

strict rules for asset managers to follow, and we’ve found basic tools can inhibit adherence.

Savvy managers are improving operational efficiency by investing in modern tech to improve

their asset management. In 2019, more and more managers will look at their own asset

management process to determine places in which technology may be able to help.

2. Cloud-Based Software as a Service (SaaS) In 2019, the “Cloud” is dominating the software delivery model.

One reason for this is its flexible payment model. The old way of charging customers through

software modules and license fees based on user seats is being replaced by a flat annual fee.

The flat annual fee provides access to an integrated solution with an unlimited number of users.

With this new model, cost no longer prevents companies from adopting an asset management

system enterprise-wide.

In addition, the SaaS model allows users to get started more quickly and easily. Service is

delivered over the internet, so users may be able to access their work from any internet

browser. Bonus: some cloud-based asset management systems are also mobile-friendly.

3. Mobile Phone Use In 2019, mobile phones are ubiquitous. But many don’t realize they can replace purpose-built

mobile scanners in physical asset audits.

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Using mobile phones for inventory audits can save a lot of time and money. Purpose-built

mobiles scanners can cost close to $2,000 per device. The savings from mobile phones can be

almost exponential if an organization has many distributed offices.

When it comes to time savings, mobile phones are often helpful because they’re easier for

users to handle. Almost everyone has a cell phone now, so most users will be comfortable with

the controls from the start. This means less time training users and more time actually working.

Be on the lookout for solutions with mobile apps. Mobile phones can help you avoid the costly

investment of scanner devices and may increase efficiency. Phones are not a novelty; we expect

they will become a necessity in the future.

4. Bring Your Own Device Policies The proliferation of technology such as mobile phones has led to a rise in Bring Your Own

Device (BYOD) policies. These policies allow an employee to use their own device (such as a

smartphone, laptop, or tablet) for work purposes. Because 77% of adults in the U.S. have a

smartphone, many businesses hope to save on tech costs using a BYOD policy.

BYOD policies complicate asset management. How do you limit who has access to

sensitive data? How do you track devices that go home with workers? And how do

you do all of this while still giving users access to what they need to do their jobs?

Ultimately, we will see a mindset shift because of BYOD policies. Joe Baguley, CTO

EMEA at VMware says: “We need the ITAM (IT Asset Management) thinking to shift

from an organization managing or owning physical assets such as mobile devices to

instead delivering services, including to assets that they don’t own and never will.”

In 2019, more managers will have to grapple with BYOD policies. They must find ways

to track and secure assets while managing workers’ personal technology.

5. Universal Barcode Support Barcodes are an integral part of the enterprise asset management process. They uniquely

identify an asset, which is essential when working with hundreds or thousands of assets.

However, barcoding gets confusing when changing management systems.

Before switching to an enterprise asset management system, an organization often has its own

way of labeling its assets. When they switch to a new system, most want the option to carry

over their existing schema for creating barcodes.

Ultimately,

we will see a

mindset shift

because of

BYOD

policies.

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Their new software system needs to support different barcode symbologies, including:

Numeric

Numeric + Text

Integrating Location information in the barcodes

Using Parts Number for material type of assets that have more than 1 in quantity

Automatically generating barcodes based on rule sets

Pre-printed barcodes

While this may seem simple when compared to cloud computing and mobile phone scanners, it

can be incredibly helpful for your team. It saves time for users who would otherwise have to

convert barcodes by hand. That’s why we believe universal barcode support for globally

standardized symbologies will become a norm in 2019.

6. User-Configurable Workflows Ten years ago, when customized deployment of commercial software was normal, users

accepted that the customization would be long and costly. They also

accepted that once customization had been completed, it would be hard

to change. Customizing commercial software makes the deployment

expensive and lengthy, and creates a never-ending customization cycle for

each software upgrade.

With recent advancements in software development tools, users in 2019

can expect commercial “off-the-shelf” solutions to offer more

configuration options. Users can configure the workflows themselves. This

means being more independent from a vendor. There will be less waiting

for support ticket replies and lengthy approval processes. Configurations can be changed and

revised, without any code changes. The ability for users to configure workflows reduces user

dependency on vendors and makes investment in software less risky.

7. Intuitive Admin Tools (beyond workflow configuration) 2019 is the year of self-configuration. More managers want to customize multiple aspects of

their asset management system themselves. System administrators will not only be able to

configure their own workflows, but configure reports, emails, and system roles.

Users should expect easy-to-use and intuitive admin tools for the system administrators. These

admin tools should allow system administrators to:

The ability for users to

configure workflows

reduces the dependency

on vendors and makes

investment in software

less risky.

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Change display names for asset fields

Set up import and export templates

Create and alter system roles such as admins and custodians

Move tabs in the asset detail presentation

Create saved searches

Set up email notifications

Managers should be able to control their system easily. They need to be able to improve user

experience on their own terms. When an administrator can customize searches, user roles, and

even the system menu, they can create the best system for their team.

8. Big Data Big Data can mean many things. Here, we’re defining Big Data as “The new tools helping us find

relevant data and analyze its implications.” These new tools provide powerful analytics and

data-driven insights for a variety of industries.

Analytics are more important to asset management than ever. Asset managers need easy

access to data and statistics about their system in order to make informed decisions about its

management.

Systems that leverage Big Data will have convenient access to reports. These reports may

include automatically-created insights based on the raw data. Managers may also have

dashboards to see system data at-a-glance.

Asset management is becoming more complex. Big Data will help managers to manage this

complexity, by sifting through large volumes of data to enable informed management

decisions.

9. Internet of Things Big Data goes hand-in-hand with Internet of Things technology. Internet of Things (IoT) refers to

the network of devices that are able to communicate with each other. The IoT is often used to

gather information, analyze that information, and perform tasks.

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IoT technology allows managers to easily monitor asset condition and predict

maintenance needs. For example, when a piece of equipment is no longer

performing optimally, a sensor will alert the asset management system. The

system will notify a user and inform the user whether they need to put in a repair

order or replace the equipment.

The IoT can also play a role in locating and auditing assets. Inventory audits are

traditionally thought of as time-consuming and difficult. But in 2019, we may see

inventory audits (or portions of an inventory audit) that can occur automatically.

Connected devices communicate their location to a central database, without manual counting

or scanning of assets. This will significantly save on labor and time.

As more and more devices come online, integration between your asset management system

and auto-discovery tools becomes increasingly vital.

10. Secure Data Hosting- “Show me the certs” Major data breaches seem to appear in the news weekly. If they don’t want to be the victim of

the latest data breach, companies need to keep their data secure at every end.

Companies should especially be wary of where their data is stored. IT security teams gamble

with their job security when they select SaaS vendors who host their SaaS product on servers

stuffed in an office closet. With the rise in SaaS asset management solutions, this kind of lax

security will result in more data breaches with worse consequences for the companies involved.

Potential buyers and even current customers should ask their vendors for proof of security.

SaaS systems should be hosted in environments that include ISO 27017 certifications, a recent

SOC 2 report, and even adherence to Federal compliances like FedRAMP.

Managers will need to make data security a higher priority in 2019.

But in 2019, we

may see

inventory audits

that occur

automatically.

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Summary Infographic

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The Take Away In 2019, asset management software will advance more than we ever expected. We will see

leaps and bounds in advanced technology. Users need solutions that are automated,

configurable, and customizable. Asset managers can expect more solutions that use cloud and

IoT technology to facilitate these needs.

However, some advancements we’ll see in 2019 are relatively simple. Features such as

universal barcode reading and configurable workflows will become more of a necessity. Though

they might not seem as exciting as cloud computing, they have the potential to greatly improve

efficiency.

As the needs for an asset management system evolve, so do the solutions offered to the

market. Make 2019 the year you invest in an asset management solution that aligns with the

future.

About AssetWorks USA Inc

AssetWorks is a leader in the field of asset management. Their eQuip! solution includes an out-

of-box system and implementation services for managing enterprise assets.