Keeping track of the whereabouts of office items is necessary for audits, yet many companies often neglect this task. Some still create lists of their assets manually or in Excel, and without the specifics like who has possession of what.
Isitup’s solution is a software-as-a-service platform that allows companies to manage their fixed asset inventory in the cloud. Isitup today announced it raised an undisclosed amount in a round led by Gobi Partners. Existing investors 500 Startups and 8capita Partners also participated.
The #startup provides its clients with QR code asset tags, which employees can simply scan to retrieve information related to an asset such as the year it was purchased and the name of its owner. These details are important for accounting, maintenance, or in the event of a loss.
Isitup also offers onsite onboarding services, including tagging, sorting through licenses, and uploading all asset information to the platform, taking the burden off administrators’ shoulders.
Co-founder and CEO Andrew Diamond says Isitup tackles asset management in a decentralized way – tracking company assets is a responsibility shared by employees, rather than just a handful of administrators. Each department or individual can provide feedback on items in their care in real time and for everyone else to see.
The platform essentially increases transparency within the company, says Andrew. “Employee engagement is also improved.”
Office asset management may not be a sexy industry, says Gobi Partners’ ASEAN investment director Victor Chua, but it helps companies “minimize wastage” and “optimize expenditures” – things that are important when the economy swings and hits a downward trend.
“As corporates expand, their company asset registers tend to get messier,” he adds.
We’ve reached out to Isitup for more details on its operations and funding, and we’ll update this piece when we hear back.