The railway industry is very crucial for the world, as it makes the whole network of sending & receiving goods, products. It is a very important part of the world economy, development & business. Not just that, trains play a significant role in tourism, assisting travelers in their journey.
The railway industry is huge around the world, but the United States operates the longest railroad network by far! We can have an idea by the fact that the operational length of the railroad network in the United States was 2,50,000 Kilometers in 2017. Undoubtedly the number must have increased in 2020.
According to Statista,
“The average annual market volume of railway technology in North America is forecasted to reach around 32 billion euros by 2023. Western Europe will be the region with the highest market volume. The Asia Pacific accounts for the largest rail passenger traffic globally. In 2017, passengers in the region traveled up to 2.2 trillion passenger-kilometers on railways.”
These numbers clearly speak that how much a common man is dependable on the railway industry. As the railway industry is full of assets such as rolling stock, heavy equipment, huge parts, lots of money spend on asset procurement and asset management.
Therefore, this needs maintenance consistently, if it's not done properly there can be serious consequences.
The railway industry is not just about trains, there are signals, switches, platforms, overhead wiring & other costly equipment too which also needs to be maintained.
These maintenance activities must be done frequently and sternly because it can be a matter of several lives. From a business point of view, one little issue can consume a lot of hours which is not good for business.
Asset management software takes care of all the asset maintenance related issues. It optimizes the performance of each asset. This leads to increased business productivity & a decreased chance of unexpected breakdown.
Asset tracking software has a lot to offer to the railway industry, which we have described in detail, in the section ahead.
What are the benefits of asset management software for the railway industry?
Benefits of asset management software for railway industry:
1. Increasing Efficiency
When your company has several branches, or you are handling multiple warehouses then it is hard to keep track of all assets & inventories manually.
However, if you have an asset management system, you will never have to worry about that.
It helps companies in cost-cutting, meeting clients' demands and enhance productivity. It also gives you an understanding of stock & inventories so you can manage your purchase order at its best.
2. Asset Performance
There's must be some questions that you might be facing on a frequently, like:
How your asset is performing?
Is it taking more maintenance than required?
As a solution, asset management software can assist you by letting you know the performance of each asset.
Also, it is equally important that you understand the lifecycle of an asset in order to optimize asset performance. If an asset is no longer productive then you can inform the responsible person to dispose of it, sell it, or donate it. So, you should always keep track of your asset performance too.
3. Informed Decisions
Tracking the asset can get crucial information such as "who has the asset?" or "What is the current state?" or "Where is it located?" for that particular asset.
When you have all the asset information. You can analyze data deeply that helps you in gathering statistical usage information.
As a result, you will be in a better position to make a deliberating decision favorable to your business growth. Therefore, when you have precise information, it helps you in making a better decision.
4. Better Inventory Control
Inventory is one of the most important parts of the rail industry. Inventory may include spare parts of the train, train track (permanent way), rails, fasteners, railroad ties, etc.
When inventory is not available in stock, it results in decreased productivity, business loss & delivery is not done on time.
If a machine fails and spare parts are not available in stock, then it can affect your organization's productivity. The lacking part is the centralization of information, it often leads to passing wrong information & mismanagement of work.
The asset management system centralizes your business; therefore, no wrong information is passed and also lets you know how much inventory is left in the stock.
5. Equipment Maintenance
Asset maintenance management is one of the most important parts of the railway industry.
For example, a train works vigorously, it runs fast, with a lot of carried weight & it has thousands of moving parts. Hence it takes a lot of energy. As a result, it needs maintenance very frequently.
Bad management of equipment not only leads to unnecessary money spend on maintenance, but it also results in decreased equipment life.
During the whole equipment lifecycle, a business firm can confront several maintenance issues. Maintenance issues can cut into the benefits of the organization.
Asset tracking management software does the job for you; keeping all in the information & data of all equipment. It also helps in scheduling a maintenance job as well and create alerts for you. It assists in growing your business by identifying unproductive items.
Then again, under-maintenance can prompt to diminished efficiency. So, maintenance should be done on a regular basis & you can keep track of maintenance with the software.
Therefore, with asset tracking software assistance you can keep track of your equipment, moreover, you can easily see records through which you can identify which asset needs maintenance and avoid unexpected maintenance and save those expenses.
6. Equipment & Asset Tracking
Tracking assets is no simple job, particularly if your organization has multiple branches in different areas. Assets & equipment come in all sizes plus they are expensive & important. Thus, asset tracking software enables you to track all your equipment & assets in real-time.
For example, you can monitor the train & track every one of them. You can also know if they are in a halt position or if someone is using it? What is the current status of the train?
The tracking software gives you accurate and exact information. It is one of the best options for tracking assets and equipment.
The software always plays an important role in maintenance activity. Therefore, it keeps them in a good position and efficient. It also helps in improving the asset's performance.
7. Increasing Asset Life
When an asset is purchased, it is obvious to expect revenue generation from the asset. Asset managers know the importance of keeping an asset in the running condition. When an asset tracking plan is executed then it is important to keep a clear picture of assets so that plans can be me accordingly.
With the Asset management software, you have the capability to see if any asset functioning properly or not, if the asset is working properly & performing as per expectation or not.
When you know what's going on with an asset you can make a reasonable decision in order to save expenses and extend the life of an asset.
Asset management software provides a more systematic approach for the management of assets, assisting organizations that are working towards industry best practice compliance.
The software should also focus on sharing knowledge and information more transparently with all stakeholders. There are several other features for the railway industry in asset management which we will be discussing in our upcoming blogs.
If you are looking for any kind of asset management, contact us now. We will be happy to help.