Asset management is an important activity for organizations and enterprises to manage their assets efficiently. Organizations cannot ignore the responsibility of managing assets because if they do assets performance will decrease and businesses will suffer, even when managers are not available in the office. Remote asset management does the trick of managing assets remotely!
What Is Asset Management?
Asset management is the process of managing and controlling assets efficiently. In this process, the whole asset life is managed including providing maintenance and changing old parts and installing new parts. Furthermore, asset management allows you to make informative decisions.
With proper asset management, you can know how assets are being utilized. It is also helpful in increasing return on investment (ROI) and it can help in reducing maintenance expenses. In simple words, it helps in identifying the problem in assets and work on increasing the productivity of assets.
What Is Remote Asset Management?
Remote asset management is a system that allows you to monitor assets remotely and you can schedule maintenance for the asset while you are away from the office.
Also Read: Moving from Manual Asset Tracking to Cloud-Based Asset Tracking
According to the Markets and Markets “The remote asset management market size is projected to grow from USD 16.5 billion in 2020 to USD 32.6 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 14.6% during the forecast period.”
For remote asset management, IoT and other asset tracking techniques do the magic. IoT is the Internet of Things, it is combined with asset management for providing accurate location of assets, enhancing security & to improve uptime. The IoT technology is gaining pace in the market and due to globalization demand for remote asset management is increasing.
Cloud-Based Asset Management as Remote Asset Management
Cloud-based asset management allows you to make changes in the data and change in the maintenance work priority. For example, when a maintenance manager is away from the office and some sudden maintenance work is done which has high priority then the schedule is changed by the manager from a remote location.
Cloud-based asset management also enables you to track assets. You can know where assets are located from a remote location.
Cloud technology store & saves the data online and enable you to run the application on your system or smart mobile. One does not need to install software on the system it saves the physical space in your system.
How Cloud-Based Asset Management Adds Value to the Organization?
Cloud-based asset management provides data security. It is very important for organizations especially these days when data theft and cybercrime are rising at a great speed. The most dangerous things that small organizations are vulnerable and they believe that do not have to worry, according to the data the most cybercrime occurs in small business.
However, they can protect the data with cloud-based asset management as it keeps data encrypted form and since they have stored data of several other organizations, they provide top-level security to data.
Also Read: Cloud-Based Vs On-Premise Asset Management: Which Is Better?
Cloud-based asset management provides several other benefits as well, such as it saves the space and expense for infrastructure. Furthermore, you do not have the responsibility of maintaining data. It keeps the data centralized through which anybody can retrieve information easily. It is helpful when employees are at a remote location.
Cloud-based asset management also alerts the managers when the inventory is low or below the defined certain level. Managers can keep track of inventory with cloud-based asset management software. For effective maintenance, inventory is necessary otherwise maintenance will not be productive.
Nowadays people have their smartphone with them all the time! When you have the responsibility of managing assets then you need to work even on holidays or when you are away from the office. Internet and cloud technology comes in handy for asset management.
Importance of Asset Management
Asset management is crucial because it is an automated method to resolve problems and potential problems as well. These issues are mainly related to asset maintenance. To be precise, asset management helps in increasing the efficiency of the firm or company. Asset management can eliminate ghost assets from organizations and also helpful in the auditing process.
Commonly, an audit is a long process in which assets are bought together for auditing and it can be a long job. But with asset management, you can easily bring them together and conduct them quickly and easily.
Remote asset management is important as they provide a real-time update that helps make an important decision. Furthermore, there are several other benefits are that we have discussed above.
For remote asset management organizations also take the assistance of asset tracking techniques such as Barcode, QR Code (Quick Response Code), IoT (Internet of Things), BLE (Bluetooth low energy), GPS (Global Positioning System). These techniques come in the form of tags and labels which help track assets.
Asset management software provides reports, these reports assist the organization in discovering problems and it can also help in finding the solution to that problem.
It allows the manager to change work order priority as per the situation. Since it works in real-time, managers can update the information to their clients and also inform them when the work will be finished.
Also Read: Why Integrate an Equipment Monitoring System with Asset Management Software?
Frequently Asked Question (FAQs)
1. Which part of the world is the largest market for remote asset management?
North America is the largest market for remote asset management.
2. What are the benefits of remote asset management?
The benefits of remote asset management are as follow:
1. Asset theft
2. Increasing lifespan asset
3. Minimizing sudden failure
4. Increasing asset efficiency
5. Reducing maintenance cost
3. Why IoT is emerging for remote asset management?
It can play a crucial role in remote asset management mainly for three purposes such as enhancing daily operations, managing asset & asset life effectively.