Assets drive businesses.
Physical, financial, or digital, tangible or intangible, they are important to all companies, especially across asset-intensive industries, such as manufacturing, logistics, utilities, etc. These companies are under immense pressure to optimize customer service, asset uptime, and performance predictability. To solve these challenges, it’s crucial to have access to the right information at the right time.
But, what does “asset management” mean? In short, asset management is the process of planning and controlling the acquisition, operation, maintenance, renewal, and disposal of organizational assets. This process improves the delivery potential of assets and minimizes the costs and risks involved.
Considering that the assets are becoming more and more important, smart businesses are investing in technology and software to automate time-consuming activities allowing employees to focus more on value-added activities.
The benefits of connected asset management
Let’s take a look at how connected asset management can bring value in four different ways:
1. It saves costs & resolves inefficiencies
Connected assets provide complete visibility of individual assets, removing the need for time-consuming manual tasks, such as:
- manual logging
- asset searches
- asset retrieval, etc.
2. It provides optimization opportunities
Connected assets generate data that we can further analyze to develop optimization plans, such as:
- Reducing underutilized assets
- Determining the optimal number of assets
- Optimizing processes based on asset condition
- Improving usage-based maintenance
- Identifying bottlenecks in the operational flow
3. It ensures compliance
The data from the connected assets provide proof of contractual and regulatory compliance. This means you will be able to:
- prove compliance through digital logs based on contractual agreements with customers or regulations from the government
- verify compliance by having the necessary facts & figures on hand to verify subcontractors’ compliance (or customers’) regarding contractual agreements and correct use of assets.
4. It enables new business models
The data from the connected assets help you retrieve the necessary insights so you can review the existing or implement new business models.
We mentioned earlier how connecting assets is a long-term investment that will positively impact processes across the organization and further. One of our customers, Vestas, realized that through the optimization of their asset allocation, they eliminated unnecessary costs, improved their process flows, and reduced their carbon footprint.
As much as the connection of your assets, their usage, location, and performance are significant parameters to manage and optimize, IIoT can bring an even greater value. A value that isn’t necessarily visible at first glance because it requires a more unconventional approach to using the data in a way that can help create new opportunities.
In the long run, investing in an asset management system is definitely worth it. If you want to know exactly what your return on investment would be, check out the ROI simulation with a breakdown of all the financial gains you could achieve.
Not sure how to start with asset management? Reach out to our team and we’ll gladly answer all your questions!