What Is The History Of Asset Management?

Asset management has always been needed. We’re surrounded by assets, from laptops to equipment to phones, and this has always been the case. Therefore, jobs from construction to healthcare have always needed to keep track of what they own.

Since ancient Egyptian times, early asset registers have existed to manage what workers have owned and have had access to. Inventory lists have always been needed and have always been used.

The benefit, therefore, has been seen throughout history that knowing what you own speeds up operations and creates a clear and transparent view of budgets and deadlines.

 

The Use Of Spreadsheets

In the early 21st century, spreadsheets were mostly used for asset management. The concept was the same as it is today. In one column, a unique asset would be listed. Then, in other columns, asset information such as maintenance dates and depreciation costs would be added.

This was limited as it required a lot of manual input. Every time an asset would change location or status, the asset register would become out of date. 

Therefore, in the early days of modern asset management, a few gaps appeared. The risk of ghost and zombie assets was heightened as there was a difficulty in controlling an asset register and keeping it accurate and up to date.

 

The Creation Of Asset Management Software

The gaps spreadsheets created provided a need for a better system. As smartphones and shareability entered the centre stage in the 21st century, the ability to create a better, more automated system also arose.

This led to the creation of asset management software. 

With asset management software, the concept remained that unique assets would need to be tracked and managed and monitored. The software itself only created the ability to add more features and automation to this procedure.

For example, with the development of the barcode, more automation was possible. Asset tags in the form of QR codes and barcodes could then be used to link unique asset profiles on software with physical assets.

Tagging and Tracking with QR Code Asset Tags

This also allowed for last seen location tracking and the ability to open and edit asset information quickly. 

The Future Of Asset Tracking

More and more features have been added to asset management software since its creation. Now it’s much easier and quicker to audit assets and verify that they’re in the correct place and have the correct financial data.

This will continue to grow, creating more automation and shareability. As asset management software is shareable and cloud-based, any changes made by someone will be updated across the board. More helpful features will improve the way that this works.

Also, there will be more automation through emerging technologies. Fixed RFID asset tracking is innovative and relatively new, but will become ubiquitous in the future. Therefore, asset audits will require no manual input.

To find out more about how itemit’s asset management software can help you track your assets, you’ll be able to book a demo using the button below.

You can also contact the team at team@itemit.com or fill in the form below to start your 14-day free trial.

 

Why not check out these blogs:

Why You Need An IT Inventory Management System

The Benefits Of Equipment Tracking

Is Asset Tracking Software Better Than A Spreadsheet?

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