This is the hardest innovative technology-related question you’ve ever been asked:
“Can someone combine the qualities of CMMS, EAM, and Low-Code into one single software?”
This month we sappience are reinventing the value chain with our Digital Twins Low-Code asset management solution! We’ve just released our latest version of the Asset Insider.
Asset Insider is a low-code asset management software for optimizing assets throughout their full lifecycle by leveraging the latest digital technologies.
Built on the Microsoft Power Platform, this low-code app will help you achieve greater efficiency and growth by combining AI, IoT, and RPA to create a full-fledged Digital Twin of every asset, system, and process you have.
Take control over their entire lifecycle – from the initial demand to the disposal. Address the 3 main challenges cost, performance, and risk management with over 10 mesmerizing capabilities:
- Increase stakeholders ’engagement for successful asset strategy alignment
- Enable remote work and support your employees ’efficiency with the mobile app
- Increase assets ’uptime with 360 ° Asset Management
- Eliminate interrupted processes with timely planning & forecasting
- Achieve maximum HS&E compliance with a single online data source accessible from anywhere with any device
- Extend asset lifecycle with full-scale digital twins management
- Optimize maintenance costs and time with predictive maintenance and category-specific parameters
- Reduce supply & operational costs (5-10%) with cost control
- Make data-based decisions using custom reports and analytics to understand how assets are utilized
- Create new business opportunities with Low-Code process automation, workflow management & rapid application development
Let’s take a look at the enterprise assets lifecycle to understand how they function from the initial demand and planning.
What are the different phases of the enterprise asset lifecycle?
In order to create a better net asset value and get the most out of them, it is necessary to understand their life cycle. We will look at the six key stages of the cycle:
The Enterprise Asset Lifecycle: Planning
After the need for the asset arises, stakeholders enter the first stage of the asset life cycle – planning. The teams must establish and verify the requirements for the existence and operation of assets based on the assessment of:
- Existing assets
- Their potential to meet service delivery needs
You need to lay down asset management strategies to include and analyze the need for an asset. You will successfully carry out the planning activity with two of the functionalities of Asset Insider – increasing the involvement of stakeholders and decision-making based on data, with personalized reports and analyzes.
Stakeholders have the ability to successfully align the asset strategy, adding value to operations by reducing business constraints, future planning, and minimizing risks. In turn, the reports and analyzes for the implementation of current assets will give you insights into:
- Assessment of the practical sufficiency of existing assets
- Amount of resources needed to provide when needed
- Detection of redundant or insufficiently efficient assets
- Evaluation of options for providing assets and financing their acquisition
- Providing support and responsibility for assets
The progress of an asset management project as a component of the organization’s planning procedures provides the best means of managing value-added assets.
The Enterprise Asset Lifecycle: Acquisition
Analysis of what is offered on the market
- Definition of characteristics and field of application
- Order planning and receipt
The second stage of the asset life cycle is directly related to budget planning and the optimal colocation of available resources. You have to choose the more cost-effective of the two options, whether to design and build the asset yourself or to buy it in its entirety. You can analyze the situation in several steps:
- Determine the costs and requirements for the asset
- Establish acquisition budgeting, along with time frames and purchase requirements
- Create an imaginary high-risk scenario – set the practical budget and cash flow as a shortage of funds so that project management can put the asset acquisition process at risk
With Asset Insider you have the opportunity to reduce deliveries and operating costs by 5-10% by controlling costs and addressing revenue outflows. We combined this functionality with assistance for complex quotation processes, evaluations, and invoicing of projects. This allows you to control costs and the supply chain for each project and increase margins.
The Enterprise Asset Lifecycle: Operations and Maintenance
Easiest to explain, the process of applying an asset begins with adding it to the repository where it will be labeled so that you can track it. With the categories in Asset Insider, you can segment and categorize all types of assets of any size and each industry through category-specific parameters.
Along with the operation of the equipment, you must also implement a maintenance strategy. It consists of:
- Resource and budget planning
- Control of operations
- Inventory management
- Reporting and monitoring of implementation
- Replacement of components
It should focus on asset maintenance issues – some more specific. Here, we at sappience decided to unleash the potential of the Digital Twins by combining them with Robot Process Automation (RPA), Internet of Things (IoT), Artificial Intelligence (AI), and putting it all into Low-Code software.
With this potential in your hands, you can extend the asset lifecycle with full-scale digital twin management, reducing downtime, and thus achieving improved productivity and lower maintenance costs.
The specific asset categorization is tied to the Digital Twins and your maintenance and repair teams can move to a predictable approach for each specific equipment category. Record long-term maintenance costs by asset type and gets predictable.
Of course, each company has its own methods and original practices for optimizing the added value of assets. Low-code gives you complete freedom to create additional functionality and upgrade Asset Insider software only by drag-and-drop.
Only the imagination can tell you where to go when creating new business opportunities with low-code process automation.
The Enterprise Asset Lifecycle: Decommissioning of assets
At some point, your assets reach the end of their useful lives and become a cost generator. It is time to treat it as a liability for the organization and to decommission it.
It is important to pay special attention to cultural heritage, where there are detailed requirements that you must take into account. If an asset is to be sold in the near future, the maintenance strategy must be properly adjusted.
Depreciation of an asset goes through three phases:
- Valuation of assets
- Replacement costs versus repair analysis costs
The Enterprise Asset Lifecycle: Analyze Asset Performance
The reports and analyzes that Asset Insider generates for each aspect of the business will be your first assistant in each of the phases of the asset life cycle. This photo of the activities of the interested teams and the equipment distinguishes changes in the trends of use, tracks your selected key performance indicators, tracks the productivity and added value of the equipment. Key questions answered by the reports and analyzes are:
- How often is Asset X damaged?
- How has the downtime affected the company’s productivity and costs?
- What are the costs generated for each damage and repair?
- How often will this asset fall apart in the future? What are the potential associated costs?
- How much will it cost to replace an asset?
Low-Code Asset Management solution reinventing the value chain through Digital Twins
Choosing the right asset lifecycle management solution requires adaptability, an integrated system, and flexibility. With such a tool you will be able to meet the needs of the various business units of the organization.
That is why we invest passion, creativity, and hard work – to bring you the best functionality and user experience. Discover the other stunning features we provide with the latest version of Asset Insider.