Though many of us were asked to work from home due to the global health crisis, many enterprise asset managers remained on the job to keep the wheels of industry running. Some are struggling with the challenge while others are rising to the occasion, and the difference between the two could be a matter of technology. Today, technology is ruling the business landscape. Asset maintenance and management is no exception. Most of the companies today are using an enterprise asset management solution to keep their assets and equipment optimized.
If implemented correctly, it can increase the lifecycle of your assets and take care of your assets related service and maintenance functions.
However, the key lies in choosing the right enterprise management solution that meets all your requirements.
The right enterprise management solution will help you maximize uptime, minimize costs, extend assets’ lifecycle, boost operational performance, and accelerate transformation in your enterprise asset management practices.
Let’s look into some of the reasons why you need an enterprise asset management solution.
4 reasons why you need an enterprise management solution
1. Quick problem identification and management
Manual asset management makes it difficult to keep track of all the assets, their working condition, and so on. Not just that, it may even delay detecting the problems with the asset – if any. Thereby, further adding to the already existing problems.
You won’t have to deal with this manually if you have an enterprise asset management solution. With this solution, depending on how frequent each equipment or machine works, you can set a specific time for its checkup. For instance, you can schedule the check-up for 15 days, 1 month, or 2 months. The enterprise asset management solution that you implemented will automatically inspect theses assets and in case it identifies any problem with the assets – it immediately schedules for a thorough machine check-up or even a repair. Thereby, saving you, your time, energy, and money, and improving the overall production efficiency.
2. Real-time asset tracking
Enterprise asset management solution offers an amazing feature called – asset tracking. This is literally a life-saving feature as it saves you from doing a load of manual tasks. It also comes with an application that you can install on your phone. Thereby, allowing you to monitor and track the assets you want at any time, anywhere.
This feature of asset tracking has 2 facets:
- The 1st facet is the physical location tracking system. This is usually used for mobile assets. The enterprise asset management solution uses technologies such as GPS, barcode, and RFID (Radio Frequency Identification) systems to track the physical location of the assets. This feature enables you to physically track the delivery of assets, plan the route, and also helps you to constantly monitor the movable assets.
- The second facet of tracking is identifying the stage at which the asset is during its lifecycle. For instance, to detect if the assets need servicing, replacement or need to be disposed of, and so on. It also helps you to track the overall performance of the assets.
In a nutshell, asset tracking feature helps you get answers for all the asset-related question, like:
- How many assets does the organization possess?
- Where are these assets located
- How many assets are in use, as of now?
- How is each asset performing? etc
3. Provides insightful and detailed reports
Enterprise asset management solution offers deep analytics and reports on all organizational assets and their performance. Data adds great value to an organization in its path of business evolution and expansion. It enables an organization to obtain the insights it is looking for, to make strategic business decisions. Not just that, but it also helps to identify the areas that need improvement. For instance, which asset is performing well, which isn’t – what does this mean to the organization’s overall performance? Should the asset be re-evaluated, or changed? etc.
4. Increased productivity, ROI and minimizes costs
An enterprise asset management solution will take away all the mundane manual work that was costing your valuable time and effort. Thereby, giving you the time to focus on more important and high priority tasks – like enhancing customer experience and growing business.
Because it detects the problems with the assets earlier, it will save you a lot of bucks. It also streamlines your asset inventory management, which not only eliminates expenses associated with human errors but also saves money by avoiding superfluous expenditure. Most importantly, it can get product history through which stocks can be refilled in time.
To add on, an enterprise asset management solution also shrinks capital costs, reduce the asset-related operating costs, extend the life span of an asset, and hence improve ROA (return on assets).
Without the right tools, meeting challenges in asset-intensive industries can be complex and time-consuming, thereby hindering your business agility. This is where an enterprise asset management solution can be of help. Today, an enterprise asset management solution is a necessary strategy to efficiently integrate control over – all business functions that can help you monitor and manage assets in a systemized approach. Thereby, ultimately improving productivity, efficiency, and ensuring a greater ROI.