9 Benefits Of Using Smart Asset Management Software

9 Benefits Of Using Smart Asset Management Software

– By Shea Karssing

October 31, 2022

Smart asset management software is coming to define the future of buildings and business

Your business’s data is arguably one of its most valuable tools. Data collection is one thing and analysis, action, and record-keeping are another. Smart asset management software is like the master key to unlock the meaning of your data, making it a workable strategic solution in the short, medium, and long term.

When it comes to asset management in particular, a world of benefits is waiting to be unlocked through meaningful data insights and the right software. Your assets are your business’s lifeblood, but how can you tell if they are working optimally? By ensuring maximum outputs and reducing waste, you are working to preserve your competitive advantage and secure your ongoing viability into the future.

Smart asset management software plays a core role in smart buildings. Find out more in our comprehensive Guide to Smart Buildings.

What is asset management software?

Asset management software monitors and records the activity and status of an asset – or collection of assets – across its entire lifecycle. The metrics this software covers are almost infinite. Some of the more common uses are around location, frequency of usage, personnel using the asset, the number of hours of operation, energy usage, and emissions.

Who uses digital asset management software?

Digital transformation incorporating smart technologies is becoming increasingly commonplace. Its range of application has extended to almost every industry – and smart asset management software can be used by SMEs, corporates, agriculture, government, and industry.

How to choose asset management software

The process of data collection should help rather than hinder you with complexity. The best asset management software simplifies data processes, allowing you to easily interpret, analyse, and act on your data. It should also offer comprehensive asset visibility. Ultimately, the act of record-keeping, compliance reporting, and the move to automated processes should be eased – and overall daily asset management tasks should be simplified.

SmarterView from Smarter Technologies Group is designed to offer an experience predicated on customer need. It gives customers real-time data insights, alerts around undesirable changes, and reporting that is easy to interpret.

What are 9 benefits of smart asset management software for businesses?

1. Optimised Internal Processes

What you can monitor you can more effectively manage. The key to effective asset management is knowledge – and that is where smart asset management software is so powerful. Using the system from Smarter Technologies Group, you are empowered to view the details of individual assets’ entire lifecycles. This casts a magnifying glass over value for the purposes of procurement and succession, as mentioned below.

It also means daily functions are optimised. With real-time alerts, you set thresholds and are informed when they are breached to ensure the operation of the asset, as well as extrinsic factors, are all controllable. This is powerful in a single asset – and is exponentially powerful across the entire supply chain.

2. Augmented Sustainability Efforts

Smart technologies allow for easy identification of wastefulness, emissions outputs, and energy usage. This makes for easy adjustments with an impact on environmental goals, resource-sparing approaches, and long-term sustainability.

3. Regulatory Compliance Gains

Statutory compliance is a notoriously labour-intensive and time-consuming task involving a lot of admin. Smart asset management software relieves the burden of the long-term record-keeping required for many compliance requirements. SmartView stores information on a secure, cloud-based platform that is remotely accessible and easy to interpret for the purposes of compliance reporting. Additionally, the data collected around assets may serve to evidence your business’s best practice and reasonableness on the compliance front should this ever be required.

4. Fine-Tuned Maintenance Schedules

There is often a measure of trial and error associated with maintenance schedules. Smart asset management software collects and reports on everything from the number of hours in operation to emissions and energy consumption. The result is that faults can be detected early to avoid costly reactive maintenance responses and operational downtime. It also means that maintenance can be more accurately scheduled to avoid disruption and maximise outputs. The good maintenance of machines and equipment has a direct bearing on its longevity and efficiency.

5. Enhanced Asset Lifecycles, Procurement and Succession Planning

As mentioned above, monitoring assets has the potential to extend their lifespans. By viewing the long-term data associated with an asset, you are also best placed to consider ROI, which will influence procurement and succession planning considerations against actual outcomes for your business.

6. Improved Customer Experience

Faults cause inevitable delays and can be extremely resource-intensive to get operations back up to speed. Customer interaction with assets is also worth observing in the long term as part of the consumer journey in dealing with your business. Cumulatively, many factors around your assets impact the customer experience. This is something that can be refined over time – with the potential for improved profits and reputation and increased scale.

7. Cost Saving and Productivity

By averting issues with assets and streamlining their lifecycle and usage, you stand to experience savings and increased productivity. This means increased profits and freed up resources so you can focus on best achieving your business goals.

8. Less Trial and Error Around Strategic Planning

The traditional approach of wait-and-see is long outdated. Businesses of the future will use data to define their asset management and business strategies, as well as ROI and areas of success or failure. This can be achieved far faster than using traditional methodologies and is achieved with real cost transparency.

9. Improved Safety, Security, Tracking, and Recoverability

Smart asset management software gives invaluable insights around asset safety for both operators and consumers. Real-time tracking also has incredible benefits in thwarting criminal activity, allowing an asset to be tracked in real time with an improved chance of recoverability.

Speak to us about smart asset management software

Smarter Technologies Group has combined leading IoT technologies for data collection with simple, smart asset management software. This is designed to unlock the power of your business’s data, with a world of benefits to uncover. Contact us today to find out more about our range of smart solutions for businesses.

Contact us today to see how Orion™ The Real-Time Data Network can benefit your business.

Our experts are on-hand to advise you on the most efficient and cost-effective smart technology solutions for your business’ needs.

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Email: enquiries@smartertechnologies.com

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