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SoloTruth on Asset Relationship Management for Enterprises, Podcast
By Doug Green “We want to do for assets what CRM did for customer records.” In this episode of the Technology Reseller News podcast, Doug Green speaks with Tim Harris, CEO of SoloTruth, about the company’s new asset relationship management platform for enterprises and the opportunity it creates for asset-intensive organizations, MSPs and channel partners. Harris says SoloTruth bridges the gap between the physical assets a company owns and the financial system of record, typically the ERP system. The goal is to make sure that what a company actually owns is accurately reflected in its books. SoloTruth calls this asset relationship management, or ARM. Just as CRM evolved from a system for tracking contacts into a broader platform for managing customer relationships and the sales cycle, SoloTruth aims to provide a 360-degree view of enterprise assets. The podcast explores a common problem in asset-heavy businesses: asset drift. A company may purchase a forklift, server, laptop, piece of telecom equipment or other capital asset, but over time that asset may be moved, misplaced, retired or replaced without the financial system being updated. Harris says this creates “ghost assets,” which no longer exist but remain on the books, and “zombie assets,” which exist in the field but are not reflected in the ERP. For companies with large fixed-asset bases, the financial implications can be significant. Harris notes that for many manufacturing, logistics, healthcare, telecom and banking organizations, fixed assets can represent one of the largest categories on the balance sheet. Yet many companies only get an accurate view of those assets during periodic audits. SoloTruth combines IoT-derived location data, including RFID and GPS technology, with human inspection data captured through a mobile app. That combination gives companies better visibility into both where an asset is located and what condition it is in. Harris says those two factors are critical to useful life, depreciation schedules, valuation, maintenance planning and proof of existence. The company recently won an award for its approach, which combines IoT-based location tracking with human condition capture. Harris says that combination can help organizations keep their books in order continuously, rather than waiting for an annual audit or emergency review tied to financing, collateral, or M&A activity. Harris says SoloTruth typically looks at payback period as the key customer metric. For companies with $100 million in fixed assets, he says the platform can generate roughly $1.5 million to $4 million per year in cost savings, with a payback period often below six months. The podcast also looks at the channel opportunity. Harris says MSPs and channel partners already have relationships with customers and are often involved in placing assets into enterprise environments. SoloTruth can give partners a way to extend that relationship by helping customers track, inspect and manage assets after deployment. For enterprises, the message is clear: better asset intelligence can reduce unnecessary capital spending, improve maintenance planning, support financing and M&A activity, and help ensure that the financial system reflects the real operating environment. Learn more at solotruth.com
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