subject: Business Vitality Now Relies On Asset Management Products [print this page] There is scarcely an organization in existence that does not rely, to one degree or another, on asset productivity in order to survive. Some companies have a wider range of assets than others and a typical distributed organization has a vast array, spread across disparate locations. As a business becomes more complicated, asset management products that are cutting edge and supremely capable are necessary in order to provide granular detail for business intelligence purposes.
Across the decades, organizations have been very reliant upon out-of-date asset management products, opting to base their entire system around the ubiquitous spreadsheet. It's amazing how management teams focus on personnel, marketing and other critical considerations, while appearing to be content with out-of-date approaches to the management of their key equipment.
You cannot hope to manage well if you don't monitor carefully. Every single asset on the books must be purely productive and must be able to return maximum value against its investment burden. The more often this is not the case the more likely the business will be inefficient and uncompetitive. Critical decisions have to be made at the right time and this can be so difficult if we are not using the best available asset management products.
Today, asset management products can be supplied on a "software as a service" basis. They can give you unparalleled insight into the real operating statistics of a business. A spreadsheet is far from dynamic as it only records information at a moment in time. Invariably, information entered into the sheet is almost out of date as soon as it is published. Real-time insight is only provided by custom-made, software-based asset management products.
Recessionary times make it very difficult for us to justify capital expenditure. Asset replacement decisions need to be based on a level of granular detail that we are simply unable to get from spreadsheets. We need to be able to track and record each piece of equipment to show us how it operated, how much it needed to be maintained and its performance against warranty.
Traditional asset performance may have been viewed based on its pure productivity in relation to its manufactured purpose, but we need to make a broader assessment these days. No longer is it sufficient to sanction an asset based on how many "widgets" it can produce within a specified period of time. Now we need to be sure that it is using energy efficiently and most organizations simply do not have this data.
Modern asset management products start with a clean sheet of paper (pun intended). Each and every piece of equipment will be tagged and recorded and its vital statistics entered into the system. This begins the process of benchmarking. Once the total inventory is registered, its ongoing performance can be monitored in real-time. This provides the vital intelligence necessary for informed decision-making.
Traditional asset management products cannot provide the basis of business intelligence for the executive going forward. By relying on spreadsheets and other outdated solutions, a truly competitive position cannot be maintained. Each asset on the record books must be "micromanaged.
by: Daniel Stouffer.
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