Every organization relies, to one degree or another, on the productivity of its asset inventory in order to survive and prosper. Many companies have a wide range of assets, spread across a number of disparate locations. The more complicated your organization, the more you need asset management products that are 21st century in reach and capable of providing you with intensely granular detail.
For many decades, organizations have turned to out-of-date asset management products, many of which have been based around the ubiquitous spreadsheets. While critical decisions are made on a daily basis related to productivity, marketing and personnel, many decisions appear to be made by using out of date approaches to equipment management.
You can never manage effectively unless you monitor correctly and carefully. Every asset that the business owns must be purely productive and return good value against investment. If this is not proven to be the case for every asset across the board, the business will be undoubtedly inefficient and uncompetitive. Managers need to make critical decisions at pertinent times and this can be a very difficult undertaking if they’re not using the best available asset management products.
We’re lucky to be able to find asset management products today that give us an unparalleled insight into the real operating statistics of the business. These products are supplied as a “software as a service” platform and are really dynamic when compared to the spreadsheet that we typically rely on. Information entered into a spreadsheet is out of date as soon as it is published and we need real-time insights which can only be provided by custom-made, software-based asset management products.
In times of recession, capital expenditures can be very difficult to justify and this is especially true when it comes to asset replacement. It is therefore so important that we are in possession of granular detail to enable management to make the right decisions at the right times. They will need to have a detailed track record for each piece of equipment, maintenance logs and its performance against warranty.
Often, asset performance is based on its productivity as measured against a specific purpose. For example, how many “widgets” it is able to produce during the span of an hour. Hereto, asset performance has not been measured against its energy consumption, yet this is a critical metric. Very few organizations actually know the energy consumption and performance figures related to a particular piece of equipment.
We need to start with a clean sheet of paper (pun intended) and introduce modern asset management products. We have to tag and record the existence of each piece of equipment and be aware of its vital statistics. Once we have this benchmark data, the registered inventory can be monitored against performance in real-time. Now we have the vital intelligence we need to make those important decisions.
Traditional asset management products cannot provide the basis of business intelligence for the executive going forward. By relying on spreadsheets and other outdated solutions, a truly competitive position cannot be maintained. Each asset on the record books must be “micromanaged.
Daniel Stouffer has much more data about asset management products and how a visit to www.verisae.com can aid you.
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