How Asset Management Software Connects Digital and Physical Worlds
Data and the digital evolution have unearthed enormous potential for business owners and organisations of all sizes. As smart technology becomes more accessible and prevalent, so data-inspired management is crucial to remaining competitive and relevant. Today’s business environment can be exceedingly complex – with assets always on the move and scattered around different locations. Asset management software is bridging physical and digital worlds. Real-time data insights connect business owners to their on-the-ground operations – with myriad benefits to save time, costs, and resources, as well as drive optimal consumer experiences and profitability.
WHAT IS ASSET MANAGEMENT SOFTWARE?
As the name suggests, asset management software is the vehicle through which businesses can monitor asset-related data. Gone are the days of manual asset tracking and reporting. Asset management software collects data and stores it in a centralised location. Accurate, consistent data collection is but the first step. Analytics and precision management have emerged as powerful trends for businesses, with Deloitte reporting that 96% of business owners in a survey say that analytics will become more important to their organisations in the next three years.
BENEFITS OF ASSET MANAGEMENT SOFTWARE
Real-time asset tracking
Monitoring assets in real time has widespread advantages for business owners and asset managers, many of which will be dealt with below. Enhanced productivity, maintenance scheduling, and recoverability are some of the key benefits of asset tracking. With an eye on assets at all times, this is a chance to counteract costly theft, losses, and shrinkage.
Better, more consistent decision-making
The strongest decisions are underpinned by hard facts. By collecting accurate, real-time data, you are best-placed to identify trends, shortcomings, and potential for growth and improved performance. Business owners can make more informed, unbiased decisions around the different facets of their business.
Asset lifecycle management
Through ongoing data insights, asset managers are given details on efficiency, performance, cost-effectiveness, and ROI around different assets within their operations. This can help to fine-tune operations around in-demand assets, reduce costs, compile spending forecasts, and inform future processes and purchases.
Data collection is also the most effective way to schedule predictive and preventative maintenance, gauge emissions, manage asset retirement, and extend the lifespan of equipment to achieve real value.
Optimised inventory and supply chain
Manual inventory and supply chain inspections are extremely time-consuming and laborious. This removes personnel from other roles and the risk of human error can cause information gaps and disruptions as a result of human error. Automated, in-depth analytics using asset management software provides an accurate, dynamic view of assets no matter where they are. From storage conditions to logistics and stock levels, high-level data collection and actionable insights has a chain reaction when it comes to customer service and experience, sales and marketing, resource management, and profitability.
There is always room for improvement and, in order to evolve, you need to identify opportunities and react meaningfully. A comprehensive overview of assets and operations puts digital power in the hands of managers to work with maximum agility, identifying areas of potential and adapting assets to work at their best – both individually and collectively – to best effect.
Compliance and audit
It naturally follows that this level of digital information has the ability to mitigate risk. Safety processes are simply and effectively overhauled by data input. This, in turn, has benefits around compliance and auditing. Through holistic reporting systems, managers are simply and easily able to exhibit transparency and due diligence in order to easily meet statutory requirements.
Data analytics inspire real change within businesses. An intrinsic consequence of streamlined processes is usually an improvement for customers – but that is only one component of how the customer experience is affected. Data insights equate to consumer insights, which means sales and marketing efforts can be more targeted and tailored to suit your market.
ASSET MANAGEMENT SOFTWARE TO SUIT YOUR SERVICES
NFC Group specialises in tracking and asset management software and services across a range of industries and applications. Harnessing the power of simplified communications over the Orion Data Network through a system of GPS and non-GPS, IoT-enabled tags, and RFID solutions transmit real-time data readings across multiple assets. This data is securely sent to a cloud-based dashboard for instant reaction and continuous visibility of assets. Contact NFC Group today to find out more about their asset management, surveillance, and recovery solutions for businesses of all sizes.