The moveable asset risk management market has experienced rapid growth over the last quarter century, stimulated by demographic, technological, regulatory and global economic trends. In response, the traditionally conservative banking industry is undergoing a transition to a dynamic and highly competitive asset management business.
Mitigating and managing the risks associated with moveable assets is high on the agenda for financial institutions and the end-users alike. Recently a new tenant at The Innovation Hub, Edge Risk Management Solutions (Pty) Ltd (EdgeRMS - formerly known as Global Asset Tracking Technologies), uses cutting-edge asset risk management technology, location-based solutions and telematics to significantly enhance the provision of location-based risk management solutions.
This innovative company makes use of state-of-the-art real-time GPS, GPRS and trend analysis technology to allow asset management from a central place. Its systems translate data from almost any type of electrical or electronic device to generate information ranging from asset location to asset handling, as well as running diagnostic tests to detect malfunctions or potential problems.
According to EdgeRMS Managing Director, Carel Herbst, the company's most recent product (Edge Logic A&T) is essentially a "smart way of driving" that offers a range of risk management capabilities. The product takes care of stolen vehicle recovery and offers - through business partners, SOS International and Capital Air - emergency medical and roadside assistance. Included in the package are innovative value-added services such as hands-free calling and navigation assistance.
"Similar products may provide only a single component, like stolen vehicle recovery, which is a passive device that doesn't have the communication ability that we have with our systems. They mainly benefit insurance organisations," says Herbst. EdgeRMS's philosophy focuses on a personal approach, always asking the question, "What do you need? We'll find your vehicle - but what about you? The safety and security of Edge Logic A&T is now yours."
The product works through a small device installed in the vehicle, which constantly monitors it and speaks directly to the 24/7 Vehicle Crisis Centre. This way the driver has immediate access to a variety of services at the push of a button. With live-all-the-time communication to the device, the call centre operator can send instructions and collect live data from the device almost instantly upon request.
EdgeRMS also offers personal location services for children, family members, VIPs and valuable property. The S-911 Personal Locator device combines secure 24/7 Internet servers and cutting-edge technology that identifies locations with a minimal error margin, triggers automated alerts to pre-defined phone numbers and local police departments, and alerts users via recorded voice messages or directly via their cellphones.
Having developed all its software in-house, it was a natural progression for EdgeRMS to move to The Innovation Hub. "It fits in with our culture," said Financial Director, Anton Marais. "Being part of a state-of-the-art technology environment like this empowers us," he added. Marais added that another draw card was the software development taking place within the companies at the Hub, including those participating in the maxum Business Incubator, which creates opportunities for collaboration. EdgeRMS has already initiated working relationships with some of the tenant companies in the Enterprise Building.
Building relationships is just one of the initiatives on the horizon for this pioneering team. The foundation has been laid and EdgeRMS is ready for the South African market. The next five years will be spent on achieving critical mass in the company's provision of products and services. And with contracts currently being signed with leading corporate and government institutions, the company is clearly at the 'edge' of significant success.
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