Asset Management System

Organizations managing physical assets—manufacturing equipment, medical devices, education technology, facilities infrastructure—face a fundamental challenge: complete visibility into asset location, condition, utilization, depreciation, and replacement lifecycle. Every day, facility managers struggle with questions that should have simple answers: "Which assets have we deployed across all our locations? What is the current depreciation status of equipment in Building C? When was equipment unit E-4521 last serviced? Is that machine approaching its replacement lifecycle?" Without real-time asset visibility, organizations incur massive hidden costs through inefficient asset utilization, deferred maintenance that causes catastrophic failures, incorrect depreciation calculations that distort financial reporting, and difficulty tracking assets that get misplaced or transferred between locations without proper documentation.

The financial consequences are severe and quantifiable. A mid-sized manufacturing operation with 500+ production machines and support equipment discovered through a surprise audit that 18% of their asset register listed equipment still under depreciation that had already been scrapped years ago. The company's financial records showed $2.3 million in annual depreciation expense on equipment no longer in use. This accounting error triggered an IRS audit and required restatement of prior-year financial statements. A major healthcare system managing 12 hospitals and 40+ outpatient facilities had no centralized visibility into equipment location and condition. When critical medical devices needed emergency service, biomedical engineers wasted hours locating the correct unit and retrieving maintenance history. In one case, a technician serviced the wrong device (a model with similar appearance but different serial number), causing the intended device to fail during patient treatment. The resulting lawsuit cost the system $850,000 in settlement and legal fees, plus the permanent reputation damage of a patient safety incident.

Beyond financial and safety impacts, poor asset tracking destroys operational efficiency. Production capacity planning becomes guesswork when managers don't know which equipment is actually available for use versus sitting in maintenance queue, being transported, or awaiting repair parts. Educational institutions unable to track equipment utilization across multiple facilities duplicate purchases ("We need a high-speed centrifuge but don't know if another department already owns one"), leading to under-utilized assets and wasted capital budgets. Manufacturing operations with deferred maintenance schedules accumulate reliability debt: equipment operates past recommended maintenance intervals, failures become increasingly frequent, equipment breaks down at critical moments causing production shutdowns, and ultimately equipment fails catastrophically requiring emergency replacement at double the planned cost.

Depreciation tracking errors compound over time. Assets with different depreciation schedules (5-year for IT, 10-year for production equipment, 3-year for some medical devices) require accurate records of purchase date, category, and disposal date to calculate accurate depreciation for financial reporting and tax purposes. Companies using manual spreadsheets or disconnected asset databases consistently misclassify assets or lose disposal records, resulting in tax penalties and audit exposure. A healthcare equipment supplier with $40 million in annual equipment sales discovered their accounts payable department was not recording equipment disposals when assets reached end-of-life. As a result, the company was calculating depreciation on equipment scrapped 3-5 years ago, underreporting depreciation expense and overstating equipment asset values on the balance sheet. The auditor required a complete restatement and calculated $1.2 million in additional depreciation that should have been recognized in prior years.

All solutions run on the IoTReady Operations Traceability Platform (OTP), designed to handle millions of data points per day with sub-second querying. The platform combines an integrated OLTP + OLAP database architecture for real-time transaction processing and powerful analytics.

Deployment options include on-premise installation, deployment on your cloud (AWS, Azure, GCP), or fully managed IoTReady-hosted solutions. All deployment models include identical enterprise features.

OTP includes built-in backup and restore, AI-powered assistance for data analysis and anomaly detection, integrated business intelligence dashboards, and spreadsheet-style data exploration. Role-based access control ensures appropriate information visibility across your organization.