Implementing Innovative Technology for Asset Management
What to Look for in Field Documentation Software
By Nicole Henry
Maximizing value while minimizing risk is key when it comes to asset management. However, finding that sweet spot between too much risk and too little return is a cumbersome task. It requires extensive time, effort, and may end up tipping the scales out of your favor.
If you are unable to be on site while your property is being renovated and made ready for market, that thin line you walk between risk and return can shrink even further. When time and money have been invested, ensuring mistakes and excess costs are minimized while keeping stakeholders happy is essential. This is where innovative technology comes into play.
What is Technology?
It might seem obvious to most what the definition of “technology” is, however it may not be so cut and dry. Merriam-Webster’s dictionary defines technology as “the science of the application of knowledge to practical purposes” or in layman’s terms: to use information to achieve an end result. This means using a pencil to check off a box on a punch list after completing a task is technically considered a technological function.
Taking it a step further, using your camera phone to take photos of the property for documentation purposes is also considered a technological function.
Some questions to consider when technology is in use:
» Am I completing a task in the most effective way I know how?
» Is the information I am using up to date?
» How do I know if what I am using is the best option?
» How can I effectively manage my assets if my tools are wrong?
Let’s look at the current processes in place and the gaps that could be affecting your asset management.
Location
Depending on your business, your portfolio will have properties in different areas of a city, state, or country. Regardless of the location, one thing is certain: you cannot physically be in multiple places at one time.
With the evolution of technology, tools can be deeply connected to each other. A small, portable computer capable of endless possibilities, aka a cellphone, has made it possible for us to stay in contact with one another. This handy device can keep our contractors, investors, and other stakeholders up to date while also providing a basic solution for documentation thanks to the camera located on nearly every device.
One thing our phones cannot do is connect all parties in one central location instantaneously and retain that information. Those photos your contractors took are most likely stuck in their camera roll or a long-lost text message. What about the other contractors working on that same project? How will they know if the job is finished early or hits a snag, pushing back their start date? And what if that device is broken or stolen or that contractor leaves your employ? That documentation is gone, potentially forever.
Accessibility
Being able to get in touch with your contractors, clients, investors, or any other stakeholder is essential when ensuring that your assets are being managed appropriately. This is especially true when all who need to be in communication can be easily and effectively reached.
Current processes may include communication software like Whatsapp, text messaging, emailing, or sharing cloud storage platforms. While these platforms are effective at connecting people to documentation, there is an investment and recurring cost in time that must be spent.
This recurring cost may come in the form of uploading and downloading (or reminding others to do so), sharing folders, granting access, repeating information in multiple channels (text messaging, emails, etc.) and keeping track of said information that has been shared and with whom. Overall, it is an organizational nightmare and cause for potential liability concerns.
Liability
When managing your assets, there are a lot of moving parts, some of which can be harmful and dangerous, even deadly. Ensuring that those on your property sites are following safety procedures and using methods that will in turn result in a safe end product ready for market is imperative.
Being reliant on those you are working with to document safety procedures because you are unable to oversee processes in person requires a lot of trust. Keeping quality standards high without your direct oversight creates additional room for transparency issues, not to mention instances where the only answer is “I don’t know.” Those unknown factors can put a dent in your finished product, not to mention how potential investors and other stakeholders view your company.
Enter Innovation
Punch lists, camera phones, and other solutions may sound familiar to you or may be currently implemented in your process of managing your assets. The real question is, are the processes you are using the most effective for what you are trying to accomplish? If there is a risk of losing documentation due to storage issues, device security, or manual work that can be hindered by human error, there may be alternatives to better protect your assets and increase your ability to enhance your portfolio.
Innovative technology can give you access to your properties, employees, partners, and clients all at the touch of a button. So why dip into your resource pool to continue upholding systems that are not working as effectively and efficiently for you if there is a better option?
When looking to innovate your current systems, you will want to ask yourself the following questions:
» Am I able to easily access the documentation of my portfolio assets and oversee job progress easily without being impeded by others?
» Am I able to communicate with my contractors, partners, investors, and other stakeholders easily and efficiently?
» Am I able to keep my documentation and communication records organized with little to no time spent?
If the answer to any of these questions was “no,” you may be a good candidate to start looking for improved field documentation software to ensure everyone is on the same page with information accessible to all.
How Do I Start My Search for Field Documentation Software?
The instinct here may be to head straight to the internet and search “best field documentation software.” However, there are a few other paths that may prove faster and more effective than relying on a search engine’s SEO algorithm:
» Reach out to industry experts to see what technology they’ve used and are currently using and how it works for their company. Keep in mind that your companies may be set up and run differently.
» Research different software available for the goals you have for your company. What storage solutions, communication features, and organizational features are available?
» Go through product demos and ask all of the questions pertinent to your goals. If their team is not able or willing to help support you and your success to a reasonable extent, that gives good insight into what your experience will be like if you choose to move forward with them.
» Most importantly, ask yourself and the software you are considering why it would be a good fit for your company and your goals. The “how” is easy, it’ll help manage your assets, but the “why” is where you find the overlap in aligning goals and values, ultimately determining what a great fit between you and innovative technology could look like and where it could take you.
