In episode 180 of the Asset Champion podcast, host Mike Petrusky speaks with Tim Harris, Chief Executive Officer and Co-founder at SoloTruth, Inc., where he is passionate about driving evidence-based asset management solutions by providing the orchestration layer between your assets, your workforce, and your ERP. Mike asks Tim how leveraging technology to accurately capture asset condition and location data provides significant benefits for maintenance, finance, and overall organizational efficiency. They discuss why modern asset management is moving away from infrequent third-party audits toward empowering those closest to the assets, such as facility staff, through mobile applications and real-time data collection. Tim says that integrating financial and operational systems remains a challenge and believes that real-time asset intelligence can bridge gaps between maintenance and finance roles.
Agenda
- Using real-time asset data to improve maintenance, operational decision-making, and financial reporting
- Exploring how AI, RFID, GPS, barcoding, and mobile technologies are changing asset management
- Bridging the gap between operations and finance teams through better asset intelligence
- Eliminating “ghost” and “zombie” assets to improve asset accuracy and organizational value
- Preparing asset and facilities professionals for a technology-driven future through continuous learning and leadership development
What you need to know: Facility and maintenance takeaways
Takeaway 1: Accurate asset data is the foundation of effective maintenance and asset management
Throughout the episode, Tim emphasizes that organizations can only make good decisions when they have accurate information about their assets. Knowing where assets are located and understanding their current condition provides a stronger foundation for maintenance planning, asset lifecycle management, compliance efforts, and financial reporting.
Many organizations still rely on periodic audits or outdated records, which can lead to assets being overlooked, duplicated, or inaccurately represented in financial systems. Tim explains that evidence-based asset management depends on capturing reliable asset intelligence on an ongoing basis rather than relying on occasional snapshots.
As he notes through his discussion of “ghost” and “zombie” assets, inaccurate asset records can create both operational inefficiencies and financial risks. Improving asset visibility helps organizations make better investment decisions while supporting more effective maintenance programs.
“There are actually two words for that. One’s called a zombie asset, and the other one’s called a ghost asset.”
Takeaway 2: Modern technologies are transforming how organizations collect and manage asset information
The conversation explores how technologies such as mobile applications, RFID, GPS tracking, and barcoding are making asset management more accessible and scalable. Rather than depending solely on external consultants or infrequent inventory projects, organizations can now enable frontline employees to contribute directly to asset tracking and data verification.
Tim describes how these technologies help democratize asset intelligence by placing data collection capabilities closer to the people who use and maintain equipment every day. This creates more accurate records while reducing the effort required to maintain asset inventories.
The discussion also highlights the growing role of artificial intelligence in asset management. AI has the potential to improve analysis, automate tasks, and generate valuable insights from large data sets, but organizations must ensure that appropriate governance and controls remain in place.
Takeaway 3: Asset managers must become translators between operations and finance
One of the most interesting themes in the episode is the disconnect that often exists between operational teams and finance departments. Operations teams typically recognize the value of real-time asset visibility because they experience the challenges of maintaining assets every day. Finance leaders, however, may focus more heavily on reporting requirements, depreciation schedules, and financial controls.
Tim explains that gaining support for improved asset intelligence often requires educating finance stakeholders about the broader business value of accurate asset data. Better information not only improves maintenance planning but also strengthens capital planning, asset valuation, risk management, and financial reporting.
Successfully communicating these benefits requires asset managers to bridge organizational silos and demonstrate how operational data contributes to enterprise-wide outcomes.
“The challenge is to do that missionary sale on the finance side of the house, which we don’t have on the operations side of the house.”
Takeaway 4: AI adoption requires trust, governance, and strong data foundations
Artificial intelligence is becoming increasingly important across facilities and asset management, but Tim cautions against treating AI as a silver bullet. Organizations must first establish reliable asset data and clear governance processes before using AI to support critical decisions.
The discussion highlights the importance of validating information, maintaining accountability, and understanding how AI-generated insights are incorporated into operational and financial systems. Poor-quality data can undermine AI initiatives and lead to inaccurate conclusions.
For facility and maintenance leaders, the message is clear: successful AI adoption starts with strong asset data management practices and disciplined governance frameworks.
Takeaway 5: The future belongs to professionals who embrace continuous learning
The episode concludes with a discussion about leadership and professional development. Tim encourages facility and asset management professionals to remain curious, continue learning, and stay open to emerging technologies and new perspectives.
As digital tools become more prevalent, technical expertise alone will not be enough. Future leaders will need to combine technology fluency with communication skills, adaptability, mentoring, and emotional intelligence.
Tim also stresses the importance of learning from colleagues across generations and disciplines. Organizations that foster a culture of continuous improvement and knowledge sharing will be better positioned to adapt as technology continues to evolve.
“Always be learning, respect other people, be a good mentor.”
Maintenance management insights
- Real-time visibility into asset condition and location helps organizations improve maintenance planning, asset utilization, and financial reporting accuracy.
- Ghost assets and zombie assets can create significant operational and financial challenges, making asset validation and inventory accuracy critical priorities.
- Mobile apps, RFID, GPS, barcoding, and similar technologies enable employees to continuously capture and verify asset information rather than relying solely on periodic audits.
- AI can improve asset management processes, but successful adoption depends on governance, accountability, and high-quality asset data.
- Asset managers often serve as bridges between operations and finance teams, helping stakeholders understand the business value of accurate asset intelligence.
- Future facilities and asset management leaders will need a combination of technical knowledge, communication skills, adaptability, mentorship, and continuous learning.
Do a deep dive into more asset management insights by exploring all Asset Champion Podcast episodes. Watch the full video here: https://www.youtube.com/playlist?list=PLSkmmkVFvM4H3pwnlU2AuqynuRDpvnh4J
