On this episode of the IoT For All Podcast, Rex Kurzius, CEO and Founding father of Asset Panda, joins Ryan Chacon to debate asset administration’s present state and future. Rex introduces himself and Asset Panda earlier than going into depth on the trade’s present state. He then talks about how IoT contributes to asset administration and why asset administration and monitoring differ. Rex then strikes to the trade’s enterprise aspect and discusses what his purchasers are searching for and the hurdles he’s seen for firms adopting the tech. To wrap up the podcast, Rex provides recommendation for adopters and perception into what he’s trying ahead to within the trade essentially the most.
About Rex
Rex Kurzius is the Founder/CEO of Asset Panda. Rex is an award-winning Entrepreneur and sought-after speaker, whose ardour for serving to the world work smarter, evokes us all to not solely suppose exterior the field however to think about that the field doesn’t exist. He’s a visionary who attracts on expertise and perception from the consultants he surrounds himself with to push the boundaries of how an organization ought to function. His management has propelled Asset Panda’s large development, taking the corporate nearer to the highest 12 months after 12 months. His sight is ready on making certain that Asset Panda dominates the SaaS sector serving to the world’s organizations effectively handle their belongings.
All in favour of connecting with Rex? Attain out on Linkedin!
About Asset Panda
Based in 2012, Asset Panda is a strong and versatile cloud-based asset administration platform designed to assist the world work smarter. The platform is designed with flexibility, permitting Asset Panda to be configured to work the best way the consumer does for any firm. The corporate is dedicated to offering its prospects excellent customer support and a continually bettering product.
Key Questions and Matters from this Episode:
(02:12) Introduction to Rex and Asset Panda
(04:13) Present state of asset administration
(07:35) What IoT contributes to asset administration
(10:30) Asset administration vs asset monitoring
(12:14) What are their purchasers searching for
(15:28) Greatest hurdles in asset administration adoption
(21:08) Recommendation for adopters of asset administration
Transcript:
– [Rex] So we see IoT as essentially shaping, reshaping the best way issues are tracked and managed going ahead. Prior to now, it was a human to machine interplay. So the human needed to say, “I checked the calibration on this machine. This was the temperature, that is the vibration level,” et cetera, et cetera. Now the machines have a voice, and that information goes someplace, and that information must be managed effectively. In order we have a look at the place Asset Panda suits, we wanna be within the tech stack, and we wanna be the place the place all the information, the supply of fact, the place all the information, from IoT or human derived, goes so as to embed it into the workflows and the actions of the folks which can be really doing their job.
– [Ryan] Whats up everybody and welcome to a different episode of the IoT For All Podcast, the primary publication and useful resource for the Web of Issues. I’m your host, Ryan Chacon. When you’re watching this on YouTube, we really respect it for those who give this video a thumbs up and subscribe to our channel for those who’ve not performed so already. When you’re listening to us on a podcast listing like Apple Podcasts, please subscribe, so you could have the most recent episodes as quickly as they’re out. All proper, on at this time’s episode we’ve Rex Kurzius, CEO and Founding father of Asset Panda. For these of you who could also be unfamiliar with Asset Panda, they’re an organization that’s targeted on constructing a strong, versatile, cloud-based asset managing platform to assist the world work smarter, provide help to discover issues and observe issues in a significantly better and extra environment friendly approach. So we discuss concerning the present state of asset administration, main applied sciences and use circumstances within the area, the way forward for IoT with regards to asset administration, new use circumstances we see form of come down the pipe, tech that’s gonna be useful in these developments of recent use circumstances. When folks discuss asset administration and asset monitoring, what do they imply, what’s the distinction? Is there a distinction? After which additionally challenges with regards to asset administration adoption and learn how to overcome them. So improbable episode, Rex is a superb visitor. I feel you’ll get numerous worth out of this, however earlier than we get into it, for those who on the market wish to enter the quick rising and worthwhile IoT market however don’t know the place to begin, take a look at our sponsor, Leverege. Leverege’s IoT options growth platform, gives every little thing you have to create turnkey IoT merchandise that you may white label and resell below your individual model. To study extra, go to iotchangeseverything.com. That’s iotchangeseverything.com. And with out additional ado, please take pleasure in this episode of the IoT For All Podcast. Welcome Rex, to the IoT For All Podcast. Thanks for being right here this week.
– [Rex] Yeah, I respect you having me, Ryan. Thanks.
– [Ryan] Completely, yeah. I’ve been trying ahead to this since we obtained it scheduled and I wished to kick it off by simply having you give a fast introduction about your self and the corporate to our viewers.
– [Rex] Positive, yeah. So I’m a serial entrepreneur. I’ve began, constructed, and offered a number of firms. The concept for Asset Panda by and enormous was mainly, it got here out of one other enterprise I began. It was an IT consulting enterprise that went from startup to 300 workers, and we began dropping numerous tools, and it was very irritating. We had been utilizing QuickBooks, and that was the trade commonplace for SMBs for accounting. It professed to have a hard and fast asset monitoring module, and for no matter motive, it wasn’t working for us. And after I talked to my managers, we began to study that most people out within the discipline had been utilizing Excel spreadsheets, and people spreadsheets weren’t getting up to date in a well timed method. And one of many huge points with accounting methods is that accountants use the system and never the people who essentially are monitoring the belongings. In order that was one of many first factors of inspiration. We wished to repair an issue for, you already know, our personal firm. After which, I like to make use of methods like thoughts mapping after I have a look at totally different enterprise concepts and I thoughts map the issue I had as an SMB, we had been a few 20, $25 million enterprise. And so we had this subject, what different folks would have this subject? So I created thoughts maps across the idea of delivering tools to 3rd events. And it turned out that numerous these workflows in the identical wants, had been actually derived in that trade as nicely. After which we additionally did it for the buyer of their dwelling. And we discovered that roughly 80% of all of the gyrations round asset monitoring had been quite common. And it didn’t matter for those who had been an IT director or a, you already know, somebody that was delivering tools. So we thought there can be form of an attention-grabbing, untapped market alternative right here if we had been to create a platform basically that allowed firms to map their very own workflows and actions to assist them maintain higher observe of their belongings. And that was the genesis of Asset Panda, that’s why we began it, and it nonetheless holds true at this time.
– [Ryan] And so inform me a bit bit about kinda the way you view the present state of form of the asset administration trade panorama. You already know, what are the applied sciences which can be actually main the best way? How far has it actually come even because you began Asset Panda till the place we are actually? Yeah, let’s begin there.
– [Rex] Yeah, so the trade, you already know, it’s not a brand new trade. It’s been round for a very long time and folks have been monitoring issues they personal for, you already know, property tax insurance coverage causes or simply administration causes. However there was an evolution during the last, I’d name it 10 to fifteen years, the place folks, they obtained fairly good at monitoring issues through spreadsheet, however then a spreadsheet mannequin has points in and of itself. So that you’ve seen better of breed purposes begin to come to the floor. And the largest driving issue that it has basically modified expertise is, you already know, these smartphones that all of us carry. You already know, basically 10 years in the past, 12 years in the past, after I was first fascinated by this trade, numerous the incumbent distributors, their entire enterprise mannequin is especially predicated on promoting folks {hardware} to trace belongings. So that they’re excessive velocity mini computer systems, that type of factor, that may do excessive velocity scanning. And the guess that we had been making early on in Asset Panda is that Google and Apple, the dominant cellphone makers, would mainly get lots higher at scanning barcodes. And the primary model of our expertise was iPhone 3. You already know, it form of dates me a bit bit, however yeah, you can technically scan a barcode, however the gentle needed to be good and there was no auto focus. So we’ve seen an enormous enchancment within the capability for the gadgets the staff are already carrying to do their job. The opposite factor that we’ve seen is a change in the best way that firms handle their inside initiatives. It was like 20 years in the past, if we had been promoting an utility like Asset Panda, it’d be a really conventional course of. We might contact the corporate in a selected trade, we might goal totally different personas inside that, after which we might undergo a procurement course of, and on the finish of the procurement course of, you both win otherwise you don’t win the deal. Effectively, one of many issues that we noticed was the adaption of expertise associated to fixing particular issues or initiatives that mid-level managers had had been being moved away from a decentralized procurement course of and shifting right into a just-in-time, “Hey, let’s repair this downside; what sources are there accessible,” that we are able to possibly purchase over the cellphone on a bank card or on the web that may resolve the issue that we’ve? So for those who have a look at numerous our huge prospects, numerous them have clearly accounting methods, ERP methods, a few of ’em profess to do parts of what we do, however the place we actually excel is mapping the precise workflow to the precise subject that the supervisor has after which tying again into the opposite methods, both by a CSV or a direct API connection. So we’ve seen the trade mature fairly a bit. The opposite factor that we see now could be, you already know, IoT is mainly, you already know, it’s like an earthquake that’s rattling the earth by way of how we work together with the machines that we use to get our work performed each day. And we see that as an enormous pivotal issue and doubtless essentially the most thrilling alternative that we’ve at Asset Panda.
– [Ryan] Yeah, let me ask you about that. So, you already know, we’ve form of been specializing in the asset administration aspect of issues and the expansion you’ve seen from beginning Asset Panda to the place you are actually. Whenever you point out IoT, discuss what IoT allows and contributes to take asset administration to that subsequent stage, like what does that future seem like? Which IoT applied sciences are actually pushing that ahead? And on the identical time, I’d be curious to listen to, which use circumstances are you actually seeing form of soar up because the leaders with regards to IoT asset administration?
– [Rex] Positive. So we see IoT as essentially shaping reshaping the best way issues are tracked and managed going ahead. Prior to now, it was a human to machine interplay. So the human needed to say, “I checked the calibration on this machine, this was the temperature, that is the vibration level,” et cetera, et cetera. Now the machines have a voice, and that information goes someplace, and that information must be managed effectively. In order we have a look at the place Asset Panda suits, we wanna be within the tech stack, and we wanna be the place the place all the information, the supply of fact, the place all the information, from IoT or human derived, goes so as to embed it into the workflows and the actions of the folks which can be really doing their job. So we see mainly something that’s created of worth inside expertise has some form of IoT element to it. Even when it’s simply so simple as a connection, a wifi connection to the web. We see the power to trace issues shifting in a way more granular stage. You already know, we’ve talked to grease and gasoline firms for instance, that say they don’t observe something that goes on a rig except it’s $50,000 or extra. That’s aggressive. Now you may need authorities entities which may have stated 1,000, $2,000 prior to now, however we expect that quantity’s gonna get frequently pushed down the place you may take issues that aren’t essentially that costly, however it gained’t price you that rather more to trace it. And a part of it has to do with new applied sciences and monitoring from the precise barcodes which can be being put or the gadgets which can be being placed on the items of apparatus that may generate info, whether or not it’s NFC or immediately with a Bluetooth connection. There’s numerous actually, actually attention-grabbing expertise there. As a mainstream client, I feel lots of people most likely see Apple AirTags they usually see the advantage of having the ability to put in a kind of issues in your baggage so you may observe your individual baggage and don’t have to fret concerning the airline. We see that type of factor in that expertise getting smaller and smaller, extra environment friendly and extra vitality environment friendly. So it will probably present a long run sign on a comparatively inert object. So we see the chance actually increasing fairly dramatically as these applied sciences turn out to be perfected.
– [Ryan] Yeah, it’s been a really attention-grabbing area to observe. So I wished to ask you a query as a result of I really feel like I’ve talked to folks on the podcast earlier than, they usually oftentimes use asset administration and asset monitoring kinda interchangeably, however from the transient dialog we’ve had to this point, it appears like there may be probably a special solution to actually be fascinated by it as two various things that will work collectively, clearly, however they’ve their very own form of place. And I’d find it irresistible for those who may form of clarify out of your perspective, form of how do you view asset administration versus asset monitoring? Are they one and the identical? Are they totally different, and so forth?
– [Rex] Yeah, no, I respect your feedback and I feel you’re spot on. I feel in some methods they’re very related, in numerous methods very totally different. And for those who have a look at asset monitoring, simply understanding the place an object is or the place a chunk of apparatus is, that’s one factor. However understanding whether or not or not that piece of apparatus has been used effectively or not is one other. So monitoring and really managing all through the complete life cycle of the asset is a critically, for my part, it’s a critically essential a part of really sustaining an asset registry and understanding what you could have, the place it’s, what situation it’s in, and is it getting used effectively into its finest capability. And we see that as one thing that’s gonna change fairly radically over time the place firms get much more info they usually can predict the kinds of points they’re gonna have inside their very own asset lessons, they usually can, you already know, construct, whether or not it’s predictive upkeep or calibration or inspection providers that occur earlier than a fault occurs throughout the utility itself. After which we expect firms can put some huge cash down on the underside line simply by decreasing waste and wasted spend.
– [Ryan] Completely. Yeah, it’s like I stated, it’s tremendous attention-grabbing to form of discuss it and discover the place that is going. I really feel like after I’ve regarded on the totally different use circumstances which were main the best way, numerous them are form of in keeping with asset monitoring, asset administration. To your level earlier about, you already know, the client within the oil and gasoline area is just monitoring something that’s over 50,000, which such as you stated is form of aggressive. There’s a threshold I really feel like firms have as to what is smart to form of apply this answer to. Out of curiosity, if you work with firms and discuss to firms, what do you’re feeling like, what are they actually searching for as from an ROI perspective, and I’m positive it could possibly be many various issues, however simply usually, is there a typical thread with firms coming to you seeking to undertake an asset administration answer and what they’re actually seeking to get out of it on the finish of the day to enhance what they’re doing? ‘Trigger, and the rationale I’m asking, is ’trigger I really feel like, you already know, there are numerous firms which can be actively searching for options after which there are numerous firms that simply really feel like they should test the field to say, “Hey, we’re IoT or we’re trying into digital transformation,” form of as a expertise group. However I’m curious, what your expertise has been like in these engagements with firms, and form of what the heartbeat is in these conversations.
– [Rex] So it’s attention-grabbing that you just say that as a result of after we attempt to pre-screen leads coming in, we wanna know what their motivation is. Did the boss let you know you get a system? Are you on spreadsheets? Did you lose one thing not too long ago? And it provides us a bit little bit of a roadmap into, you already know, learn how to construction a demo, that’s, you already know, essential and related to the people who we’re speaking to. So it simply will depend on who you’re speaking to, what the motivation is. You already know, for us we see that the one, and this sounds a bit counterintuitive, however bear with me for a second. The one most essential advantage of asset monitoring isn’t essentially the loss and the monitoring of the belongings itself. It’s extra centered across the time it takes a human to have the ability to confirm the information concerning your belongings. So we discover that we save folks fairly a little bit of time and that point provides up, you already know, fairly extensively. Once I checked out my earlier case research, one of many issues that basically drove me to begin this enterprise and construct this enterprise, we obtained to some extent the place each quarter we had been, you already know, mainly doing an audit on a 100, $200,000 value of apparatus. And it was a struggle of attrition for me. It was, okay, what number of man hours am I gonna placed on discovering this 100,000? And as soon as it obtained over 40, 50,000, it was very easy to say uncle and say, “You already know what? Let’s simply lower our losses and transfer on.” So it was extra centered across the time. When you have a look at the typical Asset Panda buyer, they are saying it’s roughly an 800% ROI and 400 hours a 12 months, you already know? So it’s fairly in depth by way of how a lot time it saves folks and you need to multiply that throughout what number of mid-level managers are saving that period of time. So we expect we are able to put numerous time again on folks’s calendar to allow them to deal with different issues which can be extra essential than simply monitoring down the tools and discovering out if it was managed effectively.
– [Ryan] Unbelievable. Yeah, I completely perceive that. Let me ask then, what do you see as the largest hurdles with regards to asset administration adoption and, you already know, additionally I suppose one other aspect of that, how do you kinda overcome them or what recommendation do you could have for firms seeking to overcome these potential roadblocks, hurdles, that include adopting an asset administration answer?
– [Rex] An asset administration answer that’s gonna be adopted by your workforce in giant needs to be built-in with their every day life and the way they do their job. So getting them used to downloading the app, scanning a barcode each time they use a chunk of apparatus as a substitute of simply selecting up the tools or possibly doing a handwritten register or one thing in a spreadsheet. However for those who can tie in different areas round that asset into the applying, we discover larger adoption. So for instance, let’s say you’re a forklift operator, possibly the time and attendance. So that you test in, sure, I’m utilizing this forklift and I’m timing in with the identical app. After which if I want coaching on that forklift, nicely, there’s a coaching module, it’s additionally hooked up to the app. So when it goes to the administration of an app or administration of an asset, it’s far more holistic than it’s simply monitoring that piece of apparatus. It’s mainly any information level that an individual utilizing that piece of apparatus will want throughout the period of utilization. So for those who can centralize every little thing in a single spot, we discover that individuals will undertake it fairly shortly. You probably have one system for monitoring your time, and one other system for coaching, and one other system, then it turns into cumbersome. And it’s the rationale why Asset Panda was constructed as a platform. So you may put all of these issues, no matter is essential to you, into the applying. The opposite piece is having function based mostly safety. We’ve purchasers, there’s one I’m considering of proper now, that providers jet engines throughout Europe and the USA. They save hundreds and hundreds of hours. We’ve a case research really on our web site about it. However for those who have a look at the productiveness enhance in asset monitoring and administration, they’ll let you know they love our software program. I’d argue that they actually love their course of in our software program. And there’s nothing extra irritating, I dunno how you’re feeling about this, however there’s nothing extra irritating to me than after I get right into a enterprise utility, and I’ve a factor that I wanna do, and it does a thousand issues, however I wanna see one factor. So with Asset Panda, we constructed it so it was function based mostly right down to the safe discipline. So if in case you have someone in a warehouse they usually solely work with sturdy medical merchandise which can be cooling brokers to assist folks with ACL surgical procedure, all they get is strictly what you need them to see. In order that the app appears to be like extremely easy and tailor-made simply to them.
– [Ryan] I feel it’s an excellent level as a result of numerous firms form of get fixated on an answer that impresses based mostly on the how a lot it will probably do or how a lot it probably can do, all of the options and issues alongside these strains. However in actuality, I feel it’s essential, and I feel firms usually lose sight of this, that constructing, I don’t wanna say constructing the total answer, however the best way you undertake I feel actually must be considered from the tip consumer backwards, in order that when you could have that dialog with an organization like Asset Panda, you’re in a position to clearly articulate not solely the ache factors, however who the tip consumer is, what their talent stage is, what they want, what they don’t want. As a result of on the finish of the day, no one wins for those who overcomplicate, for those who overwhelm the tip consumer with an excessive amount of stuff, simply attempting to, in a way, showcase what this could do. It wants to have the ability to resolve the supposed function as shortly and effectively as attainable. And I feel that simply is like the overall premise we’re speaking about IoT in any case, proper? Enhancing efficiencies. And that’s one thing that I feel numerous occasions with a few of these platforms, and a few of these options on the market, is misplaced. It’s, we wish to have the ability to do every little thing, however the finish consumer doesn’t care about 90% of the issues. They solely care about what issues to them to do their job higher, in any other case they don’t need it, in any other case it complicates their life.
– [Rex] I utterly agree with you. And, you already know, we’ve that have as a result of we each have most likely used instruments prior to now the place we thought 80% of this I’ll by no means use, it’s cool that it’s there. So after we design Asset Panda, that’s the best way we designed it. So we may make it type of funneling, a funnel strategy to the consumer to make it as primary because it must be for a selected kind of consumer, however as complicated because it must be for other people. So yeah, that’s the genesis of the platform mannequin.
– [Ryan] Completely. And I feel if the answer of the platform firm doesn’t perceive that, it’s arduous for them to steer the tip consumer, or not the tip consumer, however the buyer that’s going to be buying their answer in that route to get to the purpose the place they will really construct one thing that’s viable for the precise finish consumer of the client. In any other case, it’s going to seem like the answer doesn’t work nicely, and that isn’t a win for anybody.
– [Rex] I utterly agree. It’s the idea, you already know, again, we used to consider advertising and marketing by way of particular industries and niches. So we go promote to the insurance coverage trade and these are the thousand options that an insurance coverage firm would possibly need an utility. However I feel the place software program’s advanced, and the place IoT is especially attention-grabbing, is now it’s performed by the persona, the precise particular person on the firm and the work that they’re concerned with. And, you already know, IoT and its specificity of having the ability to derive sure info from sure tools shortly and simply, after which having that integrated within the workflow of the particular person of their every day life, I feel is the place IoT, you already know, you actually put gasoline on the fireplace there, it turns into a lot simpler as a result of it’s extra environment friendly. You’re giving folks the knowledge they want once they want it and nothing else.
– [Ryan] One hundred percent, yeah, I completely agree. Final thing, couple issues I wished ask you earlier than I allow you to go right here is, for firms on the market seeking to undertake an asset administration answer, what recommendation do you could have on how they need to strategy that? After which secondly, what are you most excited for or trying ahead to as the way forward for this trade on this space with asset administration evolves?
– [Rex] Completely. So for those who’re evaluating an answer, I feel what you stated only a second in the past is totally applicable. Take into consideration the folks which can be gonna be utilizing it, who on the staff? After which not solely perceive like who they’re, however perceive their workflows. What actions are related to their job? What administration capabilities do they want round asset monitoring? And search for an answer that may incorporate as a lot as you’ll find into one answer. If it’s purely asset monitoring, there are numerous options that may do it, however asset monitoring and true administration that mirrors your work course of is vital to getting any form of asset monitoring system adopted. And if we deal with the consumer itself, the corporate’s gonna get features as a result of sure, you’re gonna lose much less, there’s gonna be much less theft, you’re gonna get insights into what merchandise to purchase as a result of you could have higher info on the administration and life cycle of ’em. However finally, how can we make your workers life simpler? How can we make an earthly, boring, you already know, undertaking of monitoring your belongings easy and straightforward and simply a part of how you’re employed on daily basis? That’s actually the important thing to adoption. By way of the expansion of the trade, I’m so enthusiastic about it. The start of IoT, we are saying the start of it, you already know, IoT’s been round 20 years, it’s been a factor. And there’s so many industries. Nevertheless it’s maturing on a stage that’s fascinating and that it is possible for you to to, not simply the largest firms, however even us as folks and people, be capable of observe digital something you wanna observe. So how do you try this? How do you centralize that info? It’s no good if it’s in a single system right here for Apple, it’s one other one for one more piece of apparatus I’ve. How will you form of consolidate it multi functional place? After which how are you going to assist folks handle that asset by its life cycle? Know when the guarantee’s expiring, know who the persons are that may service the applying, the piece of apparatus. So simply ease of use in consolidating every little thing associated to that asset in a single document.
– [Ryan] Completely. Yeah, it’s a really thrilling area, like I stated, to observe. And to form of observe, not simply the expertise and the options, however the adoption as nicely. I feel it’s an space that may actually, and has been kinda main the best way within the IoT area, and it’s very thrilling to type see the way it progresses. So I really respect your time approaching right here at this time, discuss extra intimately about it. I wished to ask if our viewers needs to observe up with questions, study extra about Asset Panda or simply these matters usually, is there a finest solution to have interaction, attain out to study extra?
– [Rex] Positive. When you simply go to assetpanda.com, we’ve obtained a plethora of knowledge, together with ROI calculators and issues. Plenty of totally different use circumstances. And we’ve obtained a system arrange the place you will get demos shortly. You’ll be able to watch movies of demos so you will get good about what our product does and the kinds of prospects that take pleasure in the advantages of it. So our web site we expect is one of the best place to go for something asset monitoring, asset administration associated.
– [Ryan] Unbelievable. Effectively, Rex, thanks a lot for taking your time. Actually respect it, man. It was nice having you on right here and I’m trying ahead to getting this out to our viewers.
– [Rex] Thanks. Loved it, Ryan.
– [Ryan] All proper everybody, thanks once more for watching that episode of the IoT For All Podcast. When you loved the episode, please click on the thumbs up button, subscribe to our channel, and remember to hit the bell notifications so that you get the most recent episodes as quickly as they turn out to be accessible. Apart from that, thanks once more for watching and we’ll see you subsequent time.
