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17 May 2011

by Claire Hack

The Asset Works offers new product.

Start-up asset management and anti-fraud specialist The Asset Works has launched a new asset management product, in addition to its radio frequency identification-based (RFID) "SmartSecure" offering.

Known as "SmartTag", the new product consists of a sticker, bearing a leasing company’s name and a unique "quick response" (QR) code, affixed to each asset in its possession.

The code, which can be scanned using a smart phone, allows lessees to connect to a mobile internet site, to access asset identification, condition, location data and images.

Lessors are then able to inspect the data securely on a web-based management system, which will send automated alerts if anything is amiss.

The company has said it will also offer complete integration with lessors’ existing internal information systems.

The aim of the product, The Asset Works added, is to provide benefits including confirming an asset’s location and usage data for remarketing purposes.

David de Silva, a director at The Asset Works, said: “There was a clear need for a lower-cost solution that would deliver real advantages to the asset management function.

"SmartTag is readable by any smart phone and that provides us with enormous flexibility. Lessees can deliver location based asset verifications simply, quickly, efficiently and at any point in time."

Lindsay Town, MD of advisory company Kent Asset Solutions, said of the product: "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."

SmartSecure, The Asset Works’ other offering, was launched at the end of 2010. It consists of an adhesive tag, containing an antenna and microchip, which is affixed to an asset and scanned by a specially-made handheld reader, confirming its location via GPS.

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