Launched: advanced asset management & tracking in Firmhouse
It’s now possible to register extra information on your assets in the Firmhouse platform. Ranging from traditional rental businesses, to the modern Product-as-a-Service startups. Assets are the lifeblood of your business, and keeping track of the right information is crucial.
But wait… What do we mean by ‘assets’?
Traditional businesses that sell products, expect them to not return. After a customer buys your product, you have no use to keep track of unique information about that product. The moment a product is returned, it’s likely the customer didn’t like it or it’s broken.
In more circular businesses, like short-term rental and lease, a product doesn’t get sold. The business remains owner, and therefore it benefits from tracking the history of an asset.
How do traditional platforms deal with this?
In short: not really. The e-commerce platforms of today are designed for the linear world. A product is in stock, you sell it, it goes off your books. Simple as that. That’s not the case when you rent out your assets multiple times to different customers.
Asset Management in Firmhouse: a quick refresher
The core of our platform contained asset management and tracking for a while. Based on the products you have you can create new assets from a product. When a product is rented out you simply assign it to the right customer, that way you know who owns what product. But above all, when a product is returned you can confirm the right product is returned.
We already have the logic that tracks the full history of ownership per asset, allowing you to track who has owned a specific asset. This will be soon added to the interface so you can have a rich overview of the ownership history of an asset.
New: custom fields per asset
You now have full freedom to change the information you register per asset. Capture the information important to you and your business. Start tracking repair history, replacement parts and wear & tear per asset. Imagine having the full history of a bike from your rental business always at your disposal.
New: unique photos per asset
By default we have always used the photo of a product to display with your asset, meaning that all the assets that are derived from the same product get the same photo. It’s now possible to set a custom photo per asset, showing you how that specific asset looks. We also made it easy to update this image when an asset is returned, which comes in handy at second or third lifetimes.
Asset management is the foundation for tracking your circular business
With this feature we have laid down the groundwork for Asset Monitoring. Together with sensors (IoT) we can start remote monitoring, and schedule for predictive maintenance. With a solid material passport, companies will be able in the future to track individual parts, modules or components in a way that true circularity potential can also be achieved. Exciting future!