Smart Asset Management is the need of the hour for every organization to keep track of all the assets in their company. This ensures that they are being put to efficient utilization, performance analysis, preventive maintenance, etc for better productivity. An intelligent asset management software helps businesses to maintain real-time visibility, minimize safety stock needs, and more.
In short asset management is a life cycle of your entire asset management to monitor, maintain, manage, track, etc all in one using a systemized approach. There is generally a 5 step approach to Smart Asset Management.
1. Set-Up Business Criteria
The very step involved in making way to effective and smart business management involves setting up proper business criteria. Some of the important aspects before you can establish a good benchmark includes real-time updates on the location of goods both Indoor and Outdoor, the dependency of goods on temperature, moisture, handling, etc, and the effective travel time of the goods from source to destination.
All of the above components will play a major role in setting up some key areas that need focus and have a need for improvement for the greater good. Setting up business criteria, in the beginning, can be challenging as the data received may not be perfect to carry out optimum results.
2. Identification of Important Data Resources
Data is one of the biggest assets in this era and the proper use of such data can serve as a huge factor in every section and part of the business. Similarly, having accurate data resources for important data liable for every process is a must. It implies gathering data of the machinery such as GPS, temperature, accelerometer, moisture and pressure sensors. All of this needs proper analysis and identification in real-time such that necessary steps can be taken to improve the conditions of the assets in the long run.
3. Acquire, Aggregate and Evaluate Data
The very first step for data processing is the need to acquire the right data from the assets that need monitoring. Once acquired, it can then be aggregated according to using the real-time updates into the IoT gateways which will pay the way for further evaluation of data.
These gateways pave the way for better evaluation of data in the assets that are linked to the server. Your warehouse or the vehicles can be equipped with these gateways such that the goods and the travel time can be evaluated better for improvement. For more complex business chains, a much higher level of data processing will be needed especially when it comes to machinery as an asset. They need preventive maintenance that can be done using the data collected over time.
4. Visual and Actionable Data Insights
Once the path of data processing has been carried out it leads to the much more complex process of providing insights on the data collected. These data can be called valuable or put to use only when they are able to provide business insights and better analysis put together. Such actions can be pushed through with the help of certain applications for both web and mobile-based.
Such applications have a customizable dashboard that is easy to use and provides real-time analysis of the data collected from the warehouse. With the use of these, a supplier can easily compare the data and look for the need for improvement if any to increase speed, cut costs and increase productivity.
5. Automation is key
Well, lastly another important step would be going with the process of automation. As of now, every step has led to an IoT based smart asset management with real-time data reports and analysis of the assets for improvement. Automation is the most important aspect for better results since it will lead to lesser use of manpower resulting in inaccurate results and better use of resources.
IoT based Intelligent assets can sense, store and are capable to share critical information. Machines are becoming more intelligent and the processes are leading more towards automation.
Smart Asset Management with the use of advanced technologies such as the Internet of Things along with automation can be the next big thing. The use of lesser manual labor to handle data will not only increase the production value and save time but also provide much more accuracy in terms of data management.
Other important aspects of smart asset management include remote monitoring, predictive maintenance, and digitization of the assets at its level best. If this continues at the pace it is at now, every enterprise will have much better productivity and efficiency towards the way Assets are managed.