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Business Vitality Now Relies on Asset Management Products

By Daniel Stouffer

Republish: EasyPublish™ Published: 28Sep2010 Word count: 558 Viewed: 316 time(s) Get Free Content For Your Site

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For years now, thousands of organizations have been relying on out of date asset management products, many based on the most basic spreadsheet tools. While management teams often fret about marketing approach, personnel management and other important considerations, they seem content to rely on an out-of-date approach to the management of key equipment.

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.

It is impossible to manage unless you monitor carefully and comprehensively. Each and every asset must "earn its keep" and produce a near perfect return on investment. If this is not the case, the business will not be operating efficiently and in competitive danger, especially in these turbulent times. It's important for the management team to make critical decisions, at pertinent times and this can be a very difficult proposition unless they are using up-to-date asset management products.

Asset management products based on a "software as a service" platform can provide unparalleled insight into the true operating statistics of the business. Remember that the spreadsheet only records at one moment in time and is far from dynamic. By the time the information has been entered into the sheet, it is likely out of date. Custom-made, software-based asset management products, however, enable real-time insight.

Asset replacement requires capital planning and can be a worrying proposition in recessionary times. It is vitally important to make the right decision at the right time and to do this, management must be in possession of granular detail. They need to know how a particular piece of equipment has performed, its maintenance log and its warranted history in order to formulate a decision.

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.

Modern asset management products start with a clean sheet of paper (pun intended). Each and every piece of equipment will be tagged and recorded and its vital statistics entered into the system. This begins the process of benchmarking. Once the total inventory is registered, its ongoing performance can be monitored in real-time. This provides the vital intelligence necessary for informed decision-making.

It's time for each business executive to understand how inadequate the traditional asset management products are. A company that relies on data contained in spreadsheets and other outdated solutions cannot hope to be ultimately competitive, when true corporate performance is dependent upon micromanagement of each asset.

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