Modern strategies for asset management have undergone an accelerated evolution in the last two decades. Although you can still find those white stickers with barcodes on every piece of furniture in many offices (what is this, 2005?), more sophisticated solutions are delivering more and better business benefits than ever before.
The limitations of traditional asset management systems like barcodes or passive RFID have made them inefficient compared to the advanced tools available today. Current options not only reflect the capabilities made possible by advances in technology, but also increased business needs and the growing complexity of processes. Asset management has grown from basic ways to measure inventory to an integral part of the optimization of any operation.
Asset management solutions available today often leverage RTLS (Real-time Location Systems). They are fully automated, seamless, transparent and supply analytics that directly boost performance and overall efficiency in addition to their conventional role as a way to know where movable goods are located. Human input has been reduced to a minimum, bringing increased accuracy while freeing up employees to contribute to more productive aspects of the company’s operations. Deploying asset management solutions is also faster and easier than ever, requiring less support to set up and expertise to run.
The bottom line is that the tools that help you monitor your bottom line are better, easier to use and more accessible than they were just a few years ago. But what exactly are you getting with next-generation asset management software?
Let’s list a few of the biggest reasons why factories, warehouses, production lines and other facilities are making the move to more advanced asset management software. We’ll start with the obvious benefits that come with the ability to track physical assets in real time, but taken a step further. For example, wouldn’t it be useful to be alerted when a particularly costly asset was idle for a certain amount of time? How about a notification when something is taken outside of a predefined area?
The list doesn’t stop there. Modern asset management software supplies useful data that can be applied to various aspects of any operation:
- Monitor the status of environmental conditions around certain assets
- Know instantly when assets are ready to be reallocated or redeployed
- Use historical data to calculate costs of use and down time
- Leverage access to vital information about the location and status of movable assets to work smarter, plan better, and make changes in resource allocation as needed in real time
This is way beyond just knowing what you have, if it’s available and who’s using it (although those are vital fundamentals of any asset tracking strategy).
Automated asset tracking is not only highly accurate, but it also relieves employees of the obligation to log equipment in or out, letting them get on with more productive uses of their time. It also reduces the need for physical counts for inventory purposes, saving time and money.
Can you afford to not know where costly assets are at all times or if they’re being properly utilized?
The applications of RTLS for asset tracking can be adapted to optimize any physical environment or business context. This customizable functionality creates a wide variety of ways that asset management software can improve workflows and refine processes.
With detailed information about movements, patterns and use times, it’s easy to better coordinate, for example, supply chains, loading bays, the management of inventory/stock levels and essentially anything that involves moving parts. There’s no need to rely on guesswork or trial and error when you can use hard data to get all the pieces in just the right places.
Bottlenecks that don’t stand out to the naked eye get exposed when movements are digitized. Asset management software can send out alerts when predefined limits are reached (like when an area is over-occupied) or when tools, inventory or supplies are moved beyond a certain point or misplaced.
The improvements made possible by optimized asset management produce immediate and measurable ROI. Both COGS and CAPEX are moved in the right direction when inputs and assets move under the best possible conditions. When you can attach a cost to every stage of the processes in your operation, it’s easier to focus on cutting the fat and replicating what’s already lean.
Our recently-introduced Simon AI combines all the most useful and money-saving features of asset management capabilities. It offers plug-and-play deployment so you don’t need a dedicated team of tech experts to get started. The software that drives it consumerized, making IT/OT convergence simple and avoiding the need for coding. It’s also easy to integrate third party devices and access points into the system, meaning you can keep existing infrastructures or use hardware of your choice.
Simon does more than just track assets. It plugs into all your physical workflows and uses AI-driven recommendations helping you improve productivity and safety across your operations. Check it out and schedule a demo to discover ways it can help you understand and adapt your workflows.