The need for effective utilisation of assets, controlling maintenance and procurement expenses, and to improve the return on assets, are the major factors contributing to the growth of the enterprise asset management market, globally.
EAM software is used to manage the maintenance of physical assets, their life-cycle, scheduling and warranty management. An EAM system provides the means to have less unplanned downtime and extended asset longevity, which has clear business benefits.
In the past few years, available solutions for asset management have evolved significantly. Today cloud hosting, standardised web APIs, conducting maintenance and audits via phones and tablets are common features of modern asset management solutions.
As these technologies become standard, an increasing number of private sector businesses and government agencies are switching from spreadsheets to sophisticated automated asset management solutions, and these organisations are eliminating inefficiencies.
Try to control assets using tools like spreadsheets and inhouse-designed databases or simple asset tracking software and experience first-hand that going basic on asset management leads to lost assets, productivity downtime, and employee dissatisfaction.
Asset management optimisation should be a continuous exploration of technology that adds business value.Optimise operations
Smart managers are improving operational efficiency by investing in modern technology to improve their asset management. And they are looking at their own asset management processes to determine places in which technology can assist. As asset management becomes more complex, companies will find that their tools need to match this complexity!
Interoperability and integration
The goal of integration is to bring together the data or functions of one application with that of another. Automation between various business applications is something application integration aims to unite. Sharing common data and business rules so that users do not have to manually enter data and processes into each application when they need to run a job.
An integrated asset management system means you can expand your single source of truth around your assets and activities to all your offices no matter where in the world they are located. Disseminate the responsibility of managing assets and auditing to each site or person to get real-time information and asset tracking.
Look beyond simple expense-line trimming and focus on optimising the business value of information technology.Ten business ideas
Leveraging your existing investment in enterprise software systems and integrating your ERP will deliver the item and cost traceability demands of modern business. Eliminate data re-entry already captured by an application, site or service. From simple manual transfers to automatic and scheduled transfers, system interoperability is paramount.
Cloud is dominating the software delivery model
With a flexible payment model (software modules and license fees based on user seats are being replaced by a flat annual fee) cost no longer prevents companies from adopting an asset management system enterprise-wide. Furthermore, the SaaS model allows customers to get started quickly and easily with software delivered over the internet so users are able to access data anywhere.
Mobility and BYOD
Smartphones and tablets are replacing expensive purpose-built mobile scanners in asset audits and maintenance procedures to save time and money.
When it comes to time savings, mobile phones are fantastic mainly because technology is known to the user. This means less time training users and more time working. Mobile phones can help you avoid the costly investment of scanner devices and may increase efficiency. With Bring Your Own Device (BYOD) policies on the rise and a prediction in the number of mobile users in Australia expected to rise to 20 million in 2019 it makes sense to utilise smartphones and tablets.
“We need the ITAM (IT Asset Management) thinking to shift from an organization managing or owning physical assets such as mobile devices to instead delivering services, including to assets that they don’t own and never will.”https://www.theregister.co.uk/2014/11/10/managing_byod_starts_with_asset_management/
The savings from using mobile phones and tablet apps such as MiCat can be almost exponential if an organisation has many locations and is a huge time saver in terms of training users.
Workflows and self-configuration
More managers want to customise various aspects of their asset management system and system administrators want to be able to configure their own workflows, configure reports, emails, and system “roles”. Customisation of commercial off the shelf (COTS) software was the norm with users accepting that their customisation would be long and costly and hard to change.
In 2019, expect commercial COTS solutions to offer more user configuration options out of the box. Configuring the workflows themselves, configurations can be changed and revised, without any code changes.
User configured workflows reduces the dependency on vendors and makes investment in software less risky.
Analytics, IoT and big data
Analytics are extremely important to asset management. Asset managers need easy access to data and statistics about their assets’ utilisation or performance in order to make informed decisions for effective management.
Predictive analytics using historical data to predicting future outcomes based on current data, and Advanced Pattern Recognition (APR), asset management is becoming more complex! Systems that can utilise big data will have convenient access to important reports. With “automatically-created” insights on user-defined dashboards managers can see system data at-a-glance”. Analysing this data will help managers to make informed decisions saving time and money.
2019 survey states 53 per cent of businesses have not yet treated data as a business asset!http://newvantage.com/wp-content/uploads/2018/12/Big-Data-Executive-Survey-2019-Findings-Updated-010219-1.pdf
Asset and inventory audits are traditionally thought of as time-consuming and difficult however with the introduction of the Internet of Things (IoT) in locating and auditing assets we may see audits (or portions of an audit) occurring automatically! Connected devices communicating their location to a central database, will significantly save on labour and time.
As more and more devices come online, integration between your asset management system and auto-discovery tools becomes increasingly vital.https://www.forbes.com/sites/jacobmorgan/2014/05/13/simple-explanation-internet-things-that-anyone-can-understand/#5ddef091d091
Monitoring use and location of high-value assets
Global Positioning System (GPS) is a worldwide radio-navigation system that has given every square meter on the planet a unique address. GPS and assets management provides managers with exact location information and usage tracking. GPS receivers have been miniaturised to just a few integrated circuits and so are becoming very economical. And that makes the technology accessible to virtually everyone. One of the primary uses for GPS-based asset location is vehicle location.
Whether you want a theft deterrent for peace of mind, or want to improve productivity and efficiency, GPS and RFID tracking equipment provides a myriad of benefits.
In 2019 you will find RFID tags on tools, boats, luggage, construction equipment, movie making gear, farm machinery and livestock, laptop computers and phones. Geo-mapping keeps managers connected with their personnel in real-time and tracks the location and movement of high-valued assets in transit. Both solutions make it simpler and quicker to locate and control assets geographically, to identify opportunities, reduce risk and adapt for the future.
Clear visualisation of the significance of a certain location, is a key contextual component when making critical business decisions about an asset’s value.
Proven and actionable cost optimisation techniques for procurement
The constant pressure to focus on cost optimisation persists. Intelligent purchasing and procurement start with control over the procurement process of all assets, stock and inventory. Starting at the purchase request all the way through purchase order, budgeting, goods delivery to invoicing and final disposal. Improving inventory availability assists in reducing asset downtime and reduces stock and inventory surplus.
Focus on supplier management, and enhance that relationship thru the adoption of an automated procurement solution. Only then can an organisation gain a greater understanding of their supplier spend data, which can then be converted into predictive data that informs decision-making. Delivering better intelligence of past, present and pending asset acquisitions and procurements.
Gartner has provided a webinar on proven and actionable cost optimisation techniques for infrastructure services. The focus is on viable options that the sourcing and vendor management teams can apply to see results within the next six to eighteen months.
Solutions for asset management have evolved significantly
Cloud hosting, standardised web APIs, mobile asset tracking and inventory audits are now common features of any decent asset management solution. Six or seven years ago, this technology was relatively new. It was rare to find any standard in asset management solutions!
With Hardcat asset management, these technologies are standard. We provide an ever-increasing number of enterprise businesses, non-profit organisations, and government agencies with sophisticated automated asset management solutions, whether they have 500 assets or 5 million assets. Make 2019 the year you invest in fixed asset management technologies that align with the future.