Asset management is all about getting as much value as one can from the assets that the company owns.The term asset management refers to the ability to derive as much value as one can from the company assets. The main aim of asset management is to reduce wastage and produce more results with less by making sure that every available asset is working at its peak to achieve this goal. Case and point is carefully taking care of a machine so well such that it supersedes its expected lifetime or anticipating wear and tear effects in the production line and repairing them before they compromise production. The other integral part of asset management is learning about how various assets work and how they can be leveraged for optimal performance. The role of asset managers is to analyze what the peak performance of various resources can be and notice when they are faulty so that repairs can be done.
One of the areas that has been immensely affected by the Internet of Things is asset management. As a result various asset managers have embraced disruptive technologies to aid them in the process of getting more value. Some of the technologies that have disrupted asset management include: machine learning systems, data mining, RFID tagging and energy monitoring.
However, even in the abundance of so much intricate technology some of the changes that need to be effected to achieve the best results do not involve expensive and intricate technology but just some minor technology changes.
One of the key drivers of asset management is data that can be acted upon as soon as it arrives. One of the ways to be able to get good data is to create systems that prioritize data access at anytime and anyplace. One method to do this is create a system that creates data when a machine is being used then transfers it to the cloud for analysis to get various insights. Mobile devices can also be added to the process so that the floor manager has access to all this data at any time despite wherever he is. This technology does not mean that the work life balance will be blurred.
Rather it just means that there is a responsible person that can action on the data and be able to contain, control or even avert a crises. This will also remove the need for managers to remain glued to their screen since there will be systems set up to alert and notify the manager in case anything is going wrong and even generate reports.
This also allows more free time for your employees because it removes them from being in a 24/7 work cycle state by creating a system that can catch and avert any potential disasters early enough.