How Smart Asset Management Tracking Software Is Taking Us Into The Future
Digital transformation is affecting everything, and asset management is no exception. Smart asset management tracking software allows for the collection of data around specified assets – maximising the asset’s utilisation, lifecycle, and value and controlling and minimising costs at the same time.
As one of the latest outstanding trends in asset management tracking, let’s take a closer look at the benefits and features of smart asset management tracking from Smarter Technologies Group and find out how smart building solutions are taking asset management and asset management tracking into the future.
The best asset management tracking software allows for the simple, centralised availability of asset data for:
- Inventory management
- Quick asset details, historical, and full-lifecycle data
- Maintenance scheduling
- Purchasing and licensing information
- Compliance data collection, storage, and reporting
- User permissions and information
- Contract renewal dates and reminders
- Usage patterns
- Energy and resource efficiency and enhancement
- Overall strategic insights and planning
Why do you need smart asset tracking and inventory management software?
In the digital age, it is expected that technology can make us do more with less. This means sometimes smaller teams and an increased uptake in automation and AI. In the aftermath of the COVID-19 pandemic, this has intensified. Recent studies have shown that 91,5% of leading businesses invest in AI on an ongoing basis.
Business owners concerned about long-term business continuity, customer satisfaction, and increased competitiveness and maximised profits are increasingly looking to tech for the answers. When it comes to complex systems of equipment, machinery, and personnel, smart technology provides simplified ways of monitoring, managing, and strategising for strengthened and streamlined operations. Additionally, these technologies are effective even where operations are based in multiple locations or where clients require full supply chain visibility.
Benefits of smart asset management tracking software
Prevent loss and theft – and aid recovery
The loss or theft of critical assets can have a devastating effect for businesses, buildings, and operations – resulting in business disruption, heavy costs and losses, unmet deliverables, and reputational damage. Without an effective asset management system, little can be done in the case of loss or theft.
Smart asset management tracking software monitors and tracks key assets in real time. This drastically improves the chances of recovery and reduces losses.
Maintenance scheduling and asset longevity
Maintenance scheduling is often left to chance. There is a cost to conducting maintenance too regularly. On the other hand, failing to fulfil preventative maintenance requirements can mean unscheduled downtime, costly reactive and emergency maintenance, and compromised efficiencies and safety for workers.
Smart asset management tracking software collects data around running hours and maintenance for optimised preventative maintenance scheduling. This means you can plan around it to mitigate the effects on operations. Smart asset tracking and inventory management solutions also allow for depreciation to be accurately calculated.
One of the benefits of well-maintained equipment is increased lifespan and reduced replacement intervals and costs.
Total resource efficiency
Think about the time and cost of trying to piece together a paper trail on your assets and inventory. Think of the manpower, time, and opportunity costs where there is no system.
Smart asset management tracking software allows all assets to be monitored in real time, with alerts around unusual or unauthorised activity, low stock levels or inventory problems, or compliance requirements. This ensures manpower is optimally used to save time. It also provides scope for automated processes for saved time and reduced risk of human error.
Smart technologies also report on energy usage and wastage. Data insights mean managers can strategise effectively around energy efficiency, water consumption, and waste management for more sustainable processes.
In the case of inventory management, the data insights provided by smart asset management tracking software ensures no under- or over-stocking – and alerts to prevent nasty stockroom surprises even over long periods and across multiple locations.
Simplified compliance reporting
The days of messy filing cabinets and long-stored physical records are over. Smart asset management tracking software collects data on assets and allows for secure, remote storage on a remotely accessible dashboard. This means easy record-keeping, accessible information for reporting, and systemised alerts for compliance.
Real-time monitoring of assets allows managers to ensure assets and their operators are functioning optimally. Smart asset tracking and inventory management gives insights on daily activities for strategic improvement – and has the potential to improve scheduling, ticketing, and tasks.
These smart technologies also provide for informed decision-making through comprehensive, routine audits.
The system of sensors, conveying data over Orion, The Real-Time Data Network™, has the capability to report on a vast array of metrics affecting team productivity and performance. This affects output, but also workplace wellness and worker satisfaction. From indoor air quality, heat, and vibration to access control and remote worker solutions, there are plenty of smart insights to optimised workplace conditions for teams.
It is more important than ever for businesses to become customer-centric. This means examining the customer journey, eliminating pain points, and coming up with ways to offer a personalised and positive customer experience. 60% of consumers will become a repeat buyer after a personalised buying experience, for instance – and this affects revenue.
This is where data comes in. By understanding how consumers interact with your business and your products, so you can strategise around their needs. Continuous supply to meet demand is the first and most obvious benefit of utilising smart asset management tracking software for this purpose. It also stands to meaningfully affect store layout, product hierarchy, marketing, and customer service.
Get smart asset management software from Smarter Technologies
Smarter Technologies Group’s smart technologies have unlimited applications. These simple, scalable smart solutions are plug-and-play – to guide and inspire growth in businesses, buildings, and organisations of all sizes and compositions.SmarterView is the data monitoring software for Orion, The Real-Time Data Network™. It is configured entirely to your building and business needs – and can be tailored to match your needs and aspirations. Contact Smarter Technologies today and find out more about smart asset management tracking software for your business.