I just read an interesting article in Wired Magazine about all kinds of new iPhone applications (Google phone too) that tie photo's to GPS locations and other things. Some are kind of scary from a privacy perspective, but for a Physical Asset Management tool, the iPhone or a Powershot with Eye-Fi Wi-Fi, might really be a great tool.
Consider fire hydrants and tracking condition and backing up with a photo that has a GPS coordinate as part of it's Meta Data file. While building and updating that kind of a condition assessment file used to be a lot of work, now with these GPS enabled tools, it could be an easy task.
The following article discusses one person's experience with these new GPS enabled applications. Give it a read and let me know if you get any ideas on how these could be used in Physical Asset Management: http://www.wired.com/gadgets/wireless/magazine/17-02/lp_guineapig
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