TOP 3 trends in Asset Management to boost your competitiveness

What is the impact of digital trends on Enterprise Asset Management across organizations?

Technological advancement has tremendously impacted business operations, including asset management. For example, research amongst maintenance managers from 2018 regarding the benefits оf IT advancements in asset maintenance, concluded that companies experienced: 

  • 20.1% reduction in equipment downtime 
  • 19.4% savings in lower materials costs 
  • 28.3% increase in maintenance productivity

Staying funky and fresh with trends will help you get ahead of the curve and approach challenges more comfortably.

Digital Inspections for outstanding Maintenance Management

Digital inspections are rapidly gaining popularity as they offer many advantages over traditional inspection methods. With digital inspections, asset managers can collect, store and analyze data in real time, reducing the risk of human error and increasing the accuracy of inspection results.

Digital inspections are used in a variety of businesses: Coca-Cola is monitoring the condition of their vending machines and coolers in the field, General Electric is monitoring the maintenance of wind turbines, and Ford is using digital inspections to monitor the quality of their suppliers’ production facilities.

In addition, digital inspections allow for remote monitoring, which means that asset managers can view inspection data from anywhere, at any time. This greatly reduces the need for travel, saving both time and money. Furthermore, digital inspections can also be automated, making the inspection process faster and more efficient.

Tools enabling remote work

Remote work tools, such as project management software and collaboration platforms, allow asset managers to stay connected with their teams and manage assets from anywhere, at any time.

Additionally, mobile tools are becoming increasingly popular as they allow asset managers to access information and perform tasks while on the go. With the help of these tools, they can always stay up-to-date with their assets.

Some of these tools are Microsoft Teams, SharePoint, and the cloud-based storage OneDrive. These tools are designed to integrate with one another, making it easy for remote teams to use multiple tools in a seamless manner.

Asset Insider also enables remote work with its mobile app version and the ability to be used without connectivity to the internet. Once the connection is re-established all the data will be synchronized and available for access at any time and from any device with access permissions.

Cloud-based Enterprise Asset Management (EAM)

Cloud-based Enterprise Asset Management (EAM) is a technology that allows businesses to manage their assets in a centralized and secure manner. By storing data in the cloud, businesses can access their asset information from anywhere, at any time. Additionally, cloud-based EAM software provides real-time data analysis, which helps enterprises to make informed decisions about their assets. Furthermore, cloud-based EAM is scalable, meaning that businesses can easily expand their asset management operations as they grow.

Amazon uses a cloud-based EAM system like our Asset Insider to manage its vast network of fulfillment centers and delivery trucks. The system helps Amazon track and maintain its assets, optimize maintenance schedules, and improve asset utilization.

In conclusion, digital inspections, remote work tools, and cloud-based EAM are three key trends that are shaping the future of asset management. By embracing these trends, businesses can improve their asset management processes and stay ahead of the competition. As technology continues to evolve, it is likely that new trends will emerge, boosting the importance for asset managers to stay up-to-date with the latest developments in order to remain competitive.

For those of you who read to the bottom of this article – we (are) like you! As a reward we will share something in advance – our team is preparing another concoction of useful trends. Stay tuned!