Asset management software is important for businesses as it is helpful in monitoring equipment and track its performance. When you integrate one application with another application you can get fantastic output. An equipment monitoring system can be very helpful in effective asset management.
A few years back spreadsheet was utilized for maintaining assets and data as well. However, the spreadsheet is not reliable which is why they are prone to error and data is not accurate. What is the reason? It is manual and lots of people access it so data can be altered unintentionally. Thus, when you track data with the help of this spreadsheet you will find it is not accurate.
Now organizations need to move toward the software that can provide data without compromising accuracy. Complex industries such as Oil & Gas, Solar energy, Manufacturing, agriculture have their own equipment monitoring software if they can be integrated with asset management software it can be very beneficial for these organizations.
Here are the few benefits you will notice when you integrate an equipment monitoring system with asset management software.
Benefits of Integrating an Equipment Monitoring System
1. Asset Tracking
According to the Data Bridge Market Research, “The asset tracking and inventory management solutions market is expected to reach USD 41.24 billion by 2027 witnessing market growth at a rate of 13.7% in the forecast period of 2020 to 2027.”
For efficient asset monitoring, several asset tracking techniques are used such as Barcode, QR Code (Quick Response Code), RFID (Radio-frequency identification), IoT (Internet of Things), NFC (Near field communication), BLE (Bluetooth low energy), etc. These techniques are helpful in providing real-time information for each asset. These technologies are used in the form of labels or tags. The tag is adhered to the assets and tracking begins!
When assets are tracked efficiently, asset theft and misplacement are avoided easily. Asset theft is a big issue business lose a lot of money because of theft and asset misplacement decreases productivity as employees waste a lot of time finding assets. All these issues are a factor for business loss.
2. Equipment Maintenance
When machines and equipment are monitored continuously then chances of sudden breakdown or failure are minimized. The equipment monitoring system and asset management system both work in a similar way.
- It can improve production outcome
- Increase asset life
- Decrease maintenance cost
- Improve asset performance
- Enhanced asset dependency
Equipment maintenance is an important activity that keeps your equipment updated. In the long run, it is cost-effective as well. For instance, asset management software can assist you when you need to change or repair the gearbox of equipment. But repairing a gearbox is more cost-effective as it is 20-40 percent less costly without compromising asset performance.
This software provides real-time information, this feature comes in handy when asset maintenance is going on it lets the manager know which technician is working on which work order. Furthermore, this software provides asset history as well which helps technicians if the problem is chronic or not! This software provides the checklist of work that needs to be done in a machine. It allows the technician to understand what needs to be done!
3. Accurate Decisions Making
One department can help another department in terms of making an effective decision. When one system has some important information that can be helpful to other people.
For example, if the production house is manufacturing some new products then product managers can speak to a potential customer about the upcoming product and create a market before the actual product is launched.
Furthermore, hype can be created in the market about the product and businesses can get an extra edge in the market.
4. Increase Efficiency
Asset management systems can play a role in optimizing daily operations. It can help managers in identifying areas where improvement can be done. It will be beneficial for business and the process will be more simplified.
Asset management software monitors assets and keeps their performance stabilized. Meanwhile, it can be also used in the calibration management of assets. When efficiency is increased in an asset then production is also increased.
In the same way, asset management can find assets which need maintenance or asset which are underutilized. When you identify assets, which are non-productive then you can either perform maintenance on them or sell them.
5. Reduced Error
When we are talking about data, it should be accurate and no mistakes are entertained! But the question is, how you can identify if the data is accurate. Errors occurred mostly when the human factor is involved.
While tracking, when there is even one typo error then you can lose the package or data is equal to null and void. When you are tracking with this unique tracking number you will not be able to track if the number is not entered correctly.
Furthermore, when data is not accurate then a decision based on the data is not effective. Thus, data accuracy is very crucial for business.
When software is integrated with other software, they directly retrieve the data from one field to another which is very useful. It saves from entering data so that human contact is minimized.
Businesses can achieve a lot with asset management software. It can be beneficial for business as it can play a crucial role in business growth and increasing productivity. It can provide reports and statistics which can work as a key to business growth.
It helps in understanding where you are spending money and where you need to spend in order to grow your business. Also, let you plan for the future for production. Data can also reveal pitfalls and where your business needs to do the improvement.
This software provides you peace of mind. It provides security to every asset in the organization. Most importantly, it can assist your financial department to perform an audit and verify assets physically. Furthermore, it is also helpful in asset depreciation calculation.
Frequently Asked Questions (FAQs)
Information is stored in the monitoring system such as asset name asset type, asset purchase date, asset depreciation, and other asset details.
The benefits of asset management are asset tracking, health monitoring of assets, they provide data that helps in business growth. This software can help in eliminating ghost assets. It also keeps accurate details for depreciation management.
Machines monitoring systems or equipment monitoring systems both are the same. They have sensors that are connected to the internet. It is helpful to organizations by providing real-time information.