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For many businesses, asset management is something that takes place in the background and receives less strategic attention than other priorities in the business. To manage your assets properly, you must keep track of them effectively. Unfortunately, manually keeping track of your assets can quickly become a chore and an unnecessary burden on your staff members.
This is never more apparent in companies where their core business is owning assets. That's where data-driven asset management comes in. Investing in the right asset management technology and using it properly can turn asset performance management into an easy task that saves time and improves efficiency and profitability throughout your organization.
Here are some benefits you'll enjoy if you incorporate data-driven asset management into your organization's asset management strategy.
What Is Data-Driven Asset Management?
Data-driven asset management is collating large volumes of data against assets to track and trend these assets through their lifecycle. This information is detailed and waiting to be tapped for insights. This data can be used for various purposes, such as forward CapEx planning, maintenance scheduling, insurance claims management, and lease management. Utilizing this data can save companies money in both time and resources because they know the conditions of their assets at a given point in time.
The Benefits of Data-Driven Asset Management
Data-driven asset management is key to the success of any asset-heavy organization. With the right data, you can see how your assets are performing, their true value, and what needs to be done to get the most out of them. Highlighted below are some of the values you get overtime from asset management tracking:
1. Process Automation
You'll reduce risks and expenses by leveraging data to automate day-to-day processes in the asset management framework while exceeding deadlines and outperforming targets. In addition, you'll no longer need to manually track every change within an asset as it will automatically update within the system.
2. Accuracy
You can plan more effectively when you have accurate information on every asset you own. For example, if a component of a building is being utilised more than forecast (such as the handstand), the system will highlight the need for stronger management strategies in relation to this. With up-to-date information, you'll be able to make better decisions for the future – both short-term and long-term - with much greater accuracy than before.
3. Significantly simplifies audits
Data-driven asset management ensures you know everything you can about every asset you own, right down to the last detail. With manual inventory processes, this is not possible. Data-driven asset management avoids expensive and time-consuming human errors while simplifying auditing processes significantly.
4. Cost efficiency
One of the most significant benefits of implementing data-driven asset management is that it helps streamline costs. When you know exactly how certain assets are used and how they're degrading, you'll know whether they should be run to end-of-life, or maintained more rigidly than planned. Degradation comes at different rates depending on the type of asset, its quality and its life expectancy. Knowing these things will also help you identify areas where savings could be made if required.
The Bottom Line?
Data-driven asset management has a lot to offer in the way of benefits, especially when it comes to maximizing the potential and efficiency of your company's assets. It doesn't take much time or money to implement an effective data-driven asset management strategy - but there's immense benefit in doing so.
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See how Asseti can help you with data-driven asset management.