In today's digital age, technology is advancing at an unprecedented pace and the internet has made it possible for everyone to stay connected. This has not only created new opportunities for asset management but has also brought new challenges. In order to maintain compliance and make informed decisions based on accurate data, it is crucial to stay up-to-date with the latest trends in asset management.
In this blog, we will explore the latest asset management trends that are shaping the industry. By staying informed about these trends, you can ensure that your organization remains competitive and efficient in managing its assets. So, let's dive right in!
What is Asset Management?
Asset management involves the management of the entire life cycle of an asset, from procurement to disposal. Proper asset management can enhance asset performance, optimize asset life, and increase Return on Investment (ROI). This is particularly important for complex assets such as heavy equipment, vehicles, and machinery with long lifecycles. The objective of asset management is to improve asset life, performance, efficiency, and more. Physical asset management is essential for asset owners, managers, and manufacturers to streamline service activities and maintain their assets.
Why is Asset Management important?
Effective asset management is essential for all organizations as it enables asset managers to monitor asset health, schedule timely maintenance, and avoid unexpected equipment failure. Unexpected equipment failure can cause downtime, which can impact business productivity and result in expensive repairs. With effective asset management, maximum output can be achieved from assets with minimum maintenance, ensuring that assets are fully utilized before disposal.
Proper inventory management is also a crucial aspect of asset management. Maintaining an inventory helps ensure that the necessary parts and equipment are available for timely maintenance and repairs, while tracking inventory expiration dates helps prevent waste and unnecessary expenses. Effective asset management also focuses on identifying and addressing inefficiencies to reduce the total cost of ownership and improve asset safety, leading to long-term expense control and increased asset safety.
In short, asset management is an essential practice that enables organizations to optimize asset performance, minimize maintenance costs, and maximize ROI.
What are the latest Asset Management Trends?
Asset Management Trends are given below:
Invest in Data Security
One of the most important asset management trend is data security. It is crucial for all organizations to keep their data secure and nowadays as the digital world is growing so are hackers' activities. That is why data encryption and security are significant. One loose end and hackers can steal your data or hack your website. Customer data must be always protected. Subsequently, all associations should execute defensive measures, for example, encryption programming that helps guard client data from pernicious elements.
A lot of enterprises and organizations are taking steps to shield their data & information thus data security is one of the biggest asset management trends in 2023.
Using advanced asset tracking technology
As the business grows it is important to utilize advanced technology such as IoT (Internet of Things). Asset tracking technology opens door for development and progress over the long haul. If we talk about IoT it connects assets making asset tracking possible, monitoring performance everywhere in real-time & most importantly you can collect data.
Several organizations are starting to use other technologies for asset tracking such as IoT. Undoubtedly, it is one of the latest asset management trends. Since it is useful to keep track of assets at every stage it is worth trying especially for organization who need to keep track of assets or shipments all the time.
Using mobile technology & cloud technology
If we talk about asset management trends cloud technology has always been there and always will be, since it is the most basic requirement for asset management & asset tracking. Cloud-based asset management enables you to access data when you are working remotely. It gives you accurate information about assets in real-time. Cloud technology keeps information centralized and ensures that everyone stays on the same page.
With a smartphone application, you can make changes in the work schedule while you are away from your office. When you are inspecting assets, you can schedule maintenance with your mobile & do not have to return to your workstation in order to schedule maintenance or update asset information.
When you combine mobile technology & cloud technology you are not bound to your workstation & make changes in the operation on the go. It is a time-saving process and makes you more productive.
Utilize data analytics
Data can play a crucial role in effective asset management. With proper analysis, you can prevent asset failure and utilize the asset to its full capacity. You also get valuable intel that you can use in daily operations for instance while performing maintenance, you can know what the average maintenance expenses is, and with that data, you can get an idea of how much expenses can be expected for maintenance only. Another example is finding an average of one year's spare consumption so you can know how much your organization can consume in the future etc.
What is the Future of Asset Management?
We know that several organizations are eliminating spreadsheet utilization or pen paper method. They know these methods are not going to work when organizations rely on data accuracy and fast operations. Hence, automation is the requirement of the hour.
As far as the future of asset management is concerned, according to Globe News Wire, “The enterprise asset management market size is expected to grow from USD 4.2 billion in 2022 to USD 7.0 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 10.5% during the forecast period.”
If you want to stay ahead in your game, it is important to follow trends as it helps you in evolving. As we said earlier, it is important to observe & obey asset management trends especially when asset management is your concern. All the above-mentioned asset management trends are going to be there for a long time. If you want to implement asset management software in your organization or need assistance in asset tracking. Asset Infinity can assist you by providing full-fledged cloud-based asset management software or tailored mobile application according to your business needs.