Asset tracking is synonymous to ensuring the intended upkeep in terms of production and cost-optimization on the work floor. Asset tracking systems provide greater visibility into the machines leading to predictive maintenance, asset management, cost-cutting, and streamline workflow.
On top of this, when a company aims to automate this system the results can be amazingly good. Automating this system means reduced efforts for regular checkups, automatic updates on assets health, issues, and problems. All this means companies can save time and costs while maintaining consistency and improving accountability. They can easily solve any operational issues that arise preemptively and improve assets’ performance.
Upgrading assets management strategy
You might want to explore using an off-the-shelf Remote asset tracking because so many are available. Nonetheless, my experience has shown that the bulk of ready-to-use asset management systems have limited capabilities and cannot fulfill the clients’ specific needs and local labor standards. So, if you have a modest number of identical items and don’t require any special features, a ready-made application is worth considering.
Custom asset tracking software, on the other hand, should be your first choice if your asset base is huge and diverse, you work in a regulated field, or you want particular functionality and reporting capabilities, as well as a seamless interface with other business systems.
System administrators and IT help desk professionals may use enterprise remote asset management software to troubleshoot remote machines from a central location.
Powerful technologies allow for an elite remote assistance experience that cuts troubleshooting time from days to minutes.
Statistical analysis: IAM
Businesses may use IAM to fulfill the mission-critical demand for right-time access to the appropriate resources. IAM usage is growing rapidly as a result of these factors.
According to a recent analysis, the cost of data breaches is expected to rise from USD 3 trillion per year to over USD 5 trillion per year by 2024, with an average annual growth rate of 11%.
According to industry projections, the worldwide Identity and Access Management (IAM) market is expected to increase from USD 9.90 billion in 2018 to USD 24.76 billion in 2026.
The growing need to prevent identity theft and the increased focus on regulatory compliance drive the IAM industry forward.
Also Read : Top Tips to Reduce Unplanned Industrial Downtime in Manufacturing
Asset monitoring software’s top five benefits
Reviewing and improving our hardware lifecycle management procedures and improving our partner integration. I’d like to discuss 5 advantages of asset management software:
1. Asset usage reports help you scale efficiency.
You may use the power of data to improve asset usage and inventory control by implementing a centralized asset management system.
You may make data-driven decisions about your most valuable assets by keeping track of asset maintenance, associated costs and downtime, location, and other factors. This might include deciding whether to repair or replace an asset and anticipating when an item will fail.
Your assets will work optimally if properly maintained and replaced, saving you money and time. And if you would add IoT-enabled asset management systems into the same, the benefits would increase substantially.
2. Data centralization ability
You may aggregate data from their physical assets into one place, expedite asset management, and decrease human error by employing a centralized asset tracking software solution that interacts with current systems.
You can also keep track of important data like location and current status and use history on a comprehensive web-based dashboard that allows quick search and tag filtering.
3. Improve mission-critical asset security
Purchasing assets is typically costly, and the possibility of theft should not be overlooked. Thanks to asset monitoring technology, managers can get information if an asset is used during an unapproved period or is moved or hauled during off-hours or without authorization.
Businesses may also use geofence alerts to create a virtual boundary that triggers an alert if it is broken. Asset monitoring facilitates asset recovery and helps avoid theft by boosting accountability.
4. Plan maintenance more efficiently.
Those early investments must have burned a hole in your wallet if you have a lot of heavy-duty assets in your portfolios, such as automobiles, expensive automation elements, and portable gadgets.
Asset monitoring helps you keep track of the state of your equipment in real-time, allowing you to make repairs or replacements before they’re needed. This allows you to extend the life of your expensive mission-critical equipment, cut down on unplanned downtime, and save money.
5. Ascertain regulatory compliance.
Regulations differ by industry. Asset tracking and record-keeping are, nonetheless, required in many circumstances. Businesses that utilize potentially harmful equipment, for example, must keep meticulous records on the equipment’s status and upkeep.
Asset monitoring allows your company to meet regulatory obligations such as equipment maintenance, calibration, and testing. You may keep all asset-related information in one location and generate complete compliance reports with the help of automated asset tracking software.
Investing in an automated inventory system may appear to some organizations as an additional cost. On the other hand, assets are frequently some of your company’s largest investments. Therefore they must be handled properly. Also, remote access management can effortlessly integrate with your company, saving you time and money while also improving business processes and decision-making.
Rejig Digital’s flagship Remote Asset Management Software, Accrue is custom-built to conform to your organizational needs. It provides real-time insights leading to real-time decision making. You can automate asset management, scale asset use, and improve efficiency with our solution.