Asset Management Solution

Plants, factories, construction and transportation hubs, and similar organizations all have one thing in common: reliance on physical infrastructure. Physical assets and equipment are potentially the most prized possessions of these enterprises. Without them, these businesses simply would not exist.

Managing and overseeing so many physical assets is an extraordinary effort. Industrial enterprises such as pharmaceutical manufacturers and power plants often rely on thousands of assets, and manpower and basic organization can only do so much. Often, these organizations need an asset management solution to assist with enterprise asset management (EAM).

A digital asset management solution takes the guesswork out of enterprise asset management by centralizing vital asset information and storing it in one main location. Asset management solutions are intelligent tools that use data and analytics to help organizations gain insight into asset performance. This allows enterprises to make wiser business decisions in order to meet their goals.

Enterprise asset management, upgraded

Companies that depend on physical infrastructure place asset organization as one of the highest priorities — and for good reason. Having hundreds or thousands of top-notch assets is meaningless if your employees cannot locate them or understand correct operational procedures. This is where having a reliable asset management solution like enterprise asset management software (EAM software) can make a world of a difference.

An asset management solution consolidates essential asset information into one central location so that organizations can easily track and manage equipment and other assets. Centralizing important asset information and documentation helps improve organization, which improves efficiency, productivity, and profitability. Using an asset management solution such as EAM software also integrates data analytics so companies can gain insight into asset performance, cost, and utilization. By integrating powerful asset performance data, companies can optimize their assets to maximize their equipment lifecycle — and boost revenue in return.

Enterprise asset management involves overseeing all aspects of an asset throughout its lifecycle. From acquiring or purchasing the asset to using, maintaining, and ultimately discarding the asset, a trustworthy asset management solution can help companies better manage their assets to improve their return on investment and evade unnecessary costs. A solid asset management solution also includes a maintenance management component that streamlines asset maintenance to reduce downtime and avoid sunk costs. By incorporating asset management solutions, industrial organizations can take a strategic approach to asset management.

Asset management solutions for diverse industries

Many industries depend on physical assets for production. Some of the most critical industries in our society rely on thousands of pieces of equipment to accomplish their goals and serve their customers. Disorganized asset management simply is not an option for enterprises whose customers expect timely and quality results.

An asset management solution can help enterprises in various industries stay on track to meet their goals. Here are just a few examples of the many industries that benefit from asset management tools:

• Power generation and distribution - Asset management solutions can assist with power plant maintenance and performance by using analytics to optimize asset availability and reliability.
  
  
• Manufacturing - An asset management solution for pharmaceutical manufacturers, polymer producers, and similar enterprises may integrate batch processing software to expedite regulatory approval and production while improving product quality.
  
  
• Transportation - A transportation-specific asset management solution uses powerful prescriptive and predictive analytics to prevent unplanned downtime, reduce operating costs, and improve velocity and performance.
  
  
• Mining and metals - Asset management tools in these industries may utilize machine learning and predictive maintenance software to take a proactive approach to maintenance in order to prevent downtime and equipment failure.
  
  
• Engineering, procurement and construction (EPC) - An asset management solution may incorporate digital twin technology to help troubleshoot equipment problems and improve reliability while also centralizing valuable equipment documentation for streamlined access.

Asset management solutions can help a wide array of industries meet their specific needs. Whether it’s reducing equipment downtime, improving product quality, or accelerating production, an asset management solution can effectively manage assets to increase overall performance.

Streamlined, enhanced efficiency

Asset management solutions offer a variety of amazing features to help companies improve asset management and overall efficiency, including:

• Centralized asset database - An asset management solution consolidates key asset information for time savings and easy access. Some details that may be featured in this centralized database include:
  • Asset photos, serial number, and purchase date
  • Asset location and position
  • Supporting documentation (asset records, warranties, operating instructions, etc.)
    
    
• Intelligent insights - Asset management solutions gather data and utilize analytics to deliver insights on asset costs and performance so that enterprises can make wise, cost-effective business decisions.
  
  
• Maintenance management tools - Predictive maintenance software is often integrated with asset management tools to optimize the maintenance process for enhanced asset longevity and return on investment.

Thanks to a blend of intelligent technologies and versatile features, an asset management solution can help companies improve their bottom line and optimize their assets for exceptional results.

FAQs

What are asset management solutions?
An asset management solution is any type of system that assists with enterprise asset management and maintenance management. Asset management solutions aim to streamline asset management processes with the overarching goal of increasing productivity. This is accomplished through several means, including centralizing and consolidating asset information into a database for easy access and organization; automating routine processes to save time; gathering and analyzing asset performance data; and analyzing overall asset costs.

What are asset management tools?
Asset management tools are mostly synonymous with “asset management solutions.” An asset management tool is any type of product or system designed to assist with asset management throughout the equipment lifecycle.