Asset-centric sectors such as manufacturing, construction, water, wastewater, and roading face multiple disadvantages whenever one asset experiences downtime. This could be anything from facing a reduction in the sales or profit of a company to an organisation wasting an enormous amount of energy, costs, and loss of productivity. Sometimes depending on the industry, an asset breakdown for an uncertain duration could further risk the safety of the public as well. All of this heightens the need for a proper asset management system to be implemented. However, as of 2023, many asset managers still practise traditional asset management practices, which greatly rely on Microsoft Excel or Google Sheets. However, the more assets a company has, the more ineffective the manual process will be, calling for them to be replaced by asset management software. This blog will explain everything there is to know about asset management software.
What is Asset Management Software?
Asset management software provides a centralised platform that transforms your operations into a digital system in such a way that users can know everything there is to know about each asset. This means the software allows organisations to monitor their asset networks in real-time, carrying out automated checks and maintenance at the appropriate time. Consequently, companies can gain visibility, experience maximum labour utilisation, eliminate downtime and significantly reduce time, cost and resources. In short, the life cycle of each asset is henceforth tracked from its initial stages from procurement to disposal.
Asset management software also provides multiple other features that an asset manager could not previously avail. For instance, it could reliably ensure quality standards are met, actively monitor and reduce carbon emissions, and guarantee policy compliance. An asset management software embedded with data analytical capabilities can use the hidden insights offered to help asset managers comprehensively understand the consumer market and commercial trends and make informed decisions.
Why Do You Need Asset Management Software?
An asset management system is not limited to knowing where each asset is located, who is using it and when it would need any repairs and maintenance. This one-of-a-kind system offers various benefits for asset managers. Here are four of them:
Remote Accessibility
Previously teams had to physically visit each asset to note down their readings and measure their life cycle. In asset management software, however, this process is automated through technologies such as the Internet of Things (IoT). IoT uses multi-faceted sensors, which monitor an asset’s vibrations and temperature, for example, to find out whether there is any change in the asset. When an anomaly is detected, a notification is dispatched to the asset manager informing the root cause of the impending anomaly and the most suitable time frame for maintenance. The fact that asset managers can do their responsibilities all through one digital screen provides maximum efficiency. Hence, instead of wasting human talent on mundane and repetitive tasks, asset companies can offer each employee to focus on much more important work.
Streamline Reporting
A core responsibility of an asset manager is to make reports. Reports on how well all assets are doing, their annual performance, the total cost incurred for maintenance and more. In a traditional setting, the time taken to collect data and produce a report is extremely long. This questions the reliability of reports as decisions made in reliance on them may not be the most suitable. For instance, the findings made in the report at the end may not accurately reflect the reality of the asset’s condition by the time the report makes references to the critical concerns. Asset management software automates this process by offering reports within seconds. Simply filter the information you need and receive an analysed and detailed report on a specific aspect of asset management with no problem.
Becomes a Facilitator for Intelligent Decision Making
As asset management software are able to process multiple streams of data, a good solution will rely on the present and historical data in setting alarms and advising asset managers through the reports provided. Hence, the software facilitates the communication of reliable insights to asset managers to make informed decisions. Some asset management software may take this a step further by recommending the best solution that can be adopted to address critical solutions based on the company’s capacity. For example, where the asset organisation is low on funds and requires maintenance to be carried out for more than one asset urgently, the solution can help the asset manager decide which asset is more important by considering factors such as its use, function and dependability. Such software is also helpful in making decisions on finances as it can forecast realistic budgets considering factors as far as ten years ahead.
Foolproof Asset Maintenance
Asset maintenance can never be generalised as one of the two assets is different. Failing to realise this will not only mean that an asset may receive maintenance either too early or too late, but it would also affect the overall life cycle of the asset. This also includes assets that, although they are the same in terms of the type of asset, would still have a completely different life cycle. Individual attention is given to each asset in real-time through asset management software. As a result, the system would alert anomalies and tag them as per their criticality so maintenance crews could organise repairs accordingly. This way, assets are addressed in an efficient manner, allowing asset life cycles to be strengthened.
Things to Keep Note of When Purchasing an Asset Management System
While making the shift from a manual asset management system to a digital one is integral, how do you know which solution to purchase? Today, there are many vendors in the market selling asset management suites. Here is how you can find which one is most suitable for you:
It is Customisable
A general asset management software may not be suitable as each company is different from one another. For instance, the type of asset management software for industries such as manufacturing and construction would be different from that for utility managers. Therefore, an important aspect to consider when investing in an asset management software is whether the solution can be customised to the organisation’s goals and objectives. Suppose the organisation is not sure how they can identify their needs. In that case, reputed vendors offer consultation services whereby they carry out a needs assessment test to formulate a strategy and a solution that aligns with it. Opting for this may also be a great way to ascertain whether the vendor would make a good business partner.
It is Equipped with the Latest Technologies
Asset software solutions can be categorised as powerful and less powerful based on their features. An ideal solution should be integrated with industry 4.0 technologies such as AI, ML, GIS, data analytics and more. It is these technologies that will allow asset managers to automate multiple processors. While technologies such as predictive maintenance would typically be infused into an asset management system, not all vendors would have a powerful GIS tool embedded in the solution. This allows asset managers to capture assets in an entire town, city or even country under one map with its criticality status mentioned. Hence, an asset manager can stay up-to-date on everything with just one glance. Moreover, Adding powerful technologies like digital twins offers the capacity to address anomalies where the maintenance crew is unsure of how best to fix the problem.
They Are a Life Long Business Partner
It is important to remember that investing in asset management software is not a one-off instance. Remember that an asset management system will have to undergo updates, and when someone faces an issue, the vendor must be responsive and help solve the problem with the software. Due to these reasons, consider whether the vendor is a good lifelong business partner. Do they care about the company’s success as much as you do? In other words, companies need to partner with a vendor that will not ignore them after the software has already been purchased. In this respect, vendors offering training services are reflected in a positive light. In essence, companies need to do extensive research by referring to their websites, client testimonials, awards and recognitions, and any criticisms they may have received before deciding to purchase their solution.
Embrace Truth and Convenience
At the centre of asset management software are truth and convenience. On the one hand, it offers reliable information through one digitalised screen, thereby being one source of truth. On the one hand, it streamlines and optimises asset maintenance processes, driving convenience, productivity and efficiency. All these points to the fact that companies without asset management software are missing out on meeting all industrial, qualitative and other requirements in an organised manner.
