Behind the Tech
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.
Connecting physical assets to the internet lets companies fully see, analyse and manage their resources — leading to lower costs, wiser usage, better regulatory compliance, and even new business models.
Let’s take a look at how connected asset management can bring value in four different ways:
Connected assets provide complete visibility of individual assets, removing the need for time-consuming manual tasks, such as:
Connected assets generate data that we can further analyze to develop optimization plans, such as:
The data from the connected assets provide proof of contractual and regulatory compliance. This means you will be able to:
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.
Our advice?
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!
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