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17 May 2011

by Brian Rogerson

SmartTag aims to transform global asset management.

At a present time when, internationally, asset registration has never been more neglected, nor accurate asset management more urgently needed, The Asset Works has launched SmartTag - a new asset management tool.

Using unique QR (Quick Response) codes that connect to a mobile internet site, SmartTag allows lessors to capture asset identification, condition and location data together with asset images quickly, accurately and efficiently.

Mike Chowney, Asset Works’ director told Asset Finance International that SmartTag is installed in a simple ‘peel and stick’ method and the QR codes can be read by almost any smart-phone allowing lessees to easily complete the process when requested by the lessor.

He said: "Detailed asset information can be requested by lessors at any time during a lease, to provide many tangible financial benefits - from streamlining the process of contract activation, to confirming an asset’s location during the life of a lease, to delivering asset images together with condition and usage data for remarketing purposes."

Lessors are able to view the data securely via a web-based management system, which also provides automated alerts of any irregularities. Full integration with a lessor’s internal management information systems is also available.

Lindsay Town, leasing veteran and managing director of UK advisory firm Kent Asset Finance, explained: "Confirming, tracking and identifying assets on lease or as part of asset based collateral have always been one of the critical aspects of our industry. We have seen many times how failures in these basic tests have led to avoidable losses. In my view the industry needs to adopt the most efficient and up to date technology to support this vital part of risk management, which is where the Asset Works approach comes in."

David de Silva, director at The Asset Works, added "Our customers welcome the security that our current range of SmartSecure tags deliver, however there was also a clear need for a lower cost solution that would deliver real advantage to the asset management function. SmartTag is readable by any smartphone and that provides us with enormous flexibility. Lessees can deliver location based asset verifications simply, quickly, efficiently and at any point in time."

The company provides global asset verification services specifically to the leasing industry and has developed the world’s first SmartSecure anti-tamper electronic tag that can be fixed on any surface. This inexpensive technology delivers cost effective control and visibility of assets in the field. It provides services to lessors such as BNP Paribas Leasing Solutions and Fortis Lease.

For the latest leasing and financing news, please visit the Asset Finance International website.