In contemporary times, technological advancement is taking place at an unprecedented pace, and with internet connectivity, everyone can stay connected. Although this has created new opportunities for asset management, it has also brought forward new challenges. If you want to maintain compliance and make an informed call based on accurate data and information, staying updated with the latest trends is essential. In this article, we help you explore the latest asset management trends responsible for shaping the industry. When you stay updated and informed about the latest trends, your organization has a competitive edge over competitors and can effectively manage its assets.
Asset and inventory management are critical components of data center operations and allow you to manage and track your infrastructure effectively.
So, what is asset management?
It involves the management of the entire lifecycle of an asset, right from its procurement to its disposal. When proper asset management techniques are applied, it can help in asset performance, increase ROI (return on investment) and optimize asset life. Asset management is primarily important when the organization has complex assets like vehicles, machinery, and heavy equipment with long lifecycles. The main goal of asset management is to increase asset life, efficiency, performance, and more. Asset management is essential for asset manufacturers, managers, and owners for streamlining service activities and maintaining assets.
Why is asset management essential for all organizations?
Asset management helps managers monitor the asset’s health, schedule for its timely maintenance, and prevent unprecedented equipment failure. The unprecedented equipment failure will cause downtime that can affect business productivity, thus resulting in costly repairs. If you have an effective asset management tool, then maximum output is achievable from the assets with minimal maintenance, thereby ensuring that the assets are utilized to their full potential before disposal.
Inventory management is also an important facet of asset management. Maintaining an inventory helps ensure that the necessary equipment and its parts are available for timely repairs and maintenance. Additionally, tracking inventory expiry dates enables us to avoid waste and unprecedented expenses. With effective asset management, you can focus on identifying and addressing any kind of inefficiency that decreases the entire cost of ownership and additionally helps to enhance asset safety, thereby helping in long-term expense control and an increase in asset safety.
Therefore, asset management practice can help businesses optimize asset performance, maximize ROI and minimize maintenance costs.
The latest asset management trends
Investing in Data Security
This is one of the most important asset management trends – data security. With businesses going digital, the fear of getting hacked is a cause of concern, and all organizations need to ensure data security. One loose end and hackers can easily hack the website or steal the data, which is why data encryption and security are paramount. Since customer data needs to be protected at all costs, associations execute defensive measures like encryption programming, which enables one to protect client data from malicious elements. Many organizations and enterprises are taking a step forward to protect their information and data from hackers, and this is one of the reasons why data security has turned out to be one of the biggest and most popular asset management trends of 2023.
Usage of advanced asset tracking technology
When your business is growing and thriving, it is essential to use advanced technology like IoT (Internet of Things). Utilizing asset-tracking technology can open the doors for progress and development in the long run. IoT helps to connect the assets by making tracking of the asset possible and monitoring real-time performance everywhere, and most essentially, you get to collect accurate data. Several organizations are currently using different technologies for asset tracking, like IoT, as it is useful to maintain track of assets at every stage. IoT is one of the latest asset management trends, as it helps businesses keep track of shipments and assets.
Utilization of cloud and mobile technology
When discussing the latest asset management trends, we must recognize cloud computing as one of the most crucial asset tracking and management requirements. Cloud-based asset management is ideal as it can help you to access data, especially when you are working from a remote location. You will get real-time and accurate information about the assets, and with the utilization of cloud technology, the information remains centralized, ensuring everyone is on the same page.
Again, by using a smartphone application, one can make further changes in the schedule, especially when you are away from the office. For example, when you inspect assets, you can schedule maintenance with the smartphone and not have to go to your workstation to schedule maintenance or update any asset information.
Combing mobile with cloud technology is one of the most wonderful asset management trends to follow as you are no longer bound to your workstation. You can now easily make changes in the operations while on the go! It not only saves time but also makes you much more productive.
Utilization of data analytics
Data plays a pivotal role in effectively managing assets, and with proper analysis, one can prevent asset failure and use the asset to its full potential. In addition, one can also get valuable intel that can be utilized for daily operations. For example, when you perform maintenance, you can get to learn about the average maintenance expenses, and with data, you can get an idea of how much expense one should expect only for maintenance. Another example is that you can find the average of 1 year’s excess consumption, which helps ascertain how much the business can consume in the future.
The future of asset management
Several businesses are eliminating spreadsheets and have stopped using the pen-and-paper method. However, they know these methods will not work when organizations are looking for fast operations and data accuracy. Hence, automation is the right call and the need of the hour.
When you are talking about future of asset management, then its important to note that according to Globe News Wire, the market size of enterprise asset management is anticipated to grow from USD 4.2 billion to USD 7.0 billion by 2027, at a CAGR of 10.5% during its forecast period.
If you wish to stay ahead of your competitors and be at the top of your game, then it’s essential to follow these trends in asset management and keep evolving. Observing and obeying asset management trends is important as it will help you make an informed decision for the long haul. So, start implementing asset management software for your organization to get the required assistance for asset tracking. A full-fledged cloud-based software or customized mobile application for asset management is the right call.