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Best Practices for Asset Management in 2023

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Asset management refers to having a system to monitor the various pieces of equipment in a factory or a business corporation. Traditionally, such a system required a team of people to monitor the health of assets through physical inspection consistently. Hence, it is only when an anomaly is visible or audible to the human eye or ear that an anomaly is detected. Most of the time, a company with such a system will only find the anomaly when it has progressed, either immediately leading to a complete breakdown or repairs instantly. Companies under a strict budget may find it hard to do so, especially if multiple assets start to fail. In simple terms, this traditional asset management system could be more effective, as it takes time to find the root cause, does not help you prevent downtimes from occurring, and requires you to have a large financial power. 

A more effective asset management system is a software application that automates routine checkups’ manual process. This is also known as Digital Asset Management (DAM) and is generally integrated with advanced technologies inclusive of AI and ML capabilities that can use historical and current data to predict impending anomalies and take steps to prevent them accurately. It provides futuristic insight, allowing managers to organise their finances to ensure maintenance is not delayed due to low finances. This article will explain the top best practices that should be implemented for asset management in 2023. 

Seven Best Practices for Asset Management

Various experts have noted that certain best practices will be the most effective in asset management in 2023. Here are the top seven:

Incorporate Digital Twin To Save Money and Eliminate Waste During Construction

A digital twin is a virtual replica of a physical asset that allows asset managers to design, monitor, and engineer products without incurring waste. Through its 3D representations, asset managers can enjoy a hands-on virtual experience and manipulate assets to find the right coordinates, alignments and parameters to make a robust end product. By testing out what-if scenarios, asset managers can engineer sustainable and feasible assets which can withstand any weather conditions.  It moreover can integrate data from multiple sources into one visualised smart screen. Where this is infused with predictive and prescriptive analytics, it allows asset managers to gain futuristic insights into critical asset conditions.

Introduce Robotics and Automation Tools into Your Operations

Experts predict that 2023 will rapidly increase the rate of managers incorporating robotics to streamline asset management. Instead of having to invest in a team that carries out repetitive checks daily, introducing bots to do it for you helps increase the rate of productivity to a significant extent. This offers a more reliable way for asset managers to keep track of each type of machinery used, as the asset’s condition is monitored in real-time. With the help of data analytics, the system will be able to notify you of future anomalies or impending machine breakdowns in advance, thereby giving you time to have the necessary financial resources to fix it before it occurs.

ESCG Reporting

ESCG is the acronym for environmental, social and governance reporting. Asset managers that are specifically in utility industries are required to include such information in their annual reports for the public sector. This helps ensure transparency across the utility sectors, influencing the public to trust the government’s efforts to reduce carbon emissions. As almost all countries have a goal to achieve by 2030-2035 to decrease their carbon footprint, such reports are extremely important. Attempting to do this manually, however, is inaccurate and time-consuming. For instance, the time it takes to compile data and finalise a report could take weeks or months. It is due to the time taken by data scientists to draw proper conclusions. However, with an online system that houses asset management software, such insights can be drawn automatically since the system can automate the reporting process. Thus, in a matter of minutes, find the most reliable information on ESCG carried out by AI.

Accurately Track Depreciation and Recieve Reliable Fixed Asset Reporting

Fixed asset reporting is an integral part of asset management. Fixed assets are essentially what companies depend on in the long term to generate income. Through fixed asset reporting, companies gain the required information to facilitate reliable financial records for asset accounting, maintenance and management purposes. Hence, it also monitors and tracks asset depreciation. Fixed asset reporting need to be accurate in order for these reports to be beneficial. It needs to follow a specific format, all the while being precise and clear. It is different from traditional reports that simply provide information on the financial status of a company. Instead, fixed asset reporting is part of an asset management software integrated with data analytical capabilities that provide futuristic data at least ten years ahead.

Maintain Asset Proactivity

Traditionally, managers could only respond to risks retrospectively or reactively. However, with an asset management system that is integrated with industry 4.0 technologies, including AI and ML capabilities, managers can now maintain assets proactively. In other words, risks can be addressed, curtailed and entirely prevented by implementing a solution that carries this function. This significantly helps companies to be aware of impending expenditures and prioritise them according to asset criticality. 

Optimising Hardware and Software

Solutions require hardware and or software to be installed. With the number of things a company handles, there is a possibility that the number of hardware and software is too many to keep track of. Without the proper functioning of such devices, they will not be able to carry out the functions the manager had in mind when they were installed or incorporated. This is where having a strong IT infrastructure becomes relevant. Without a proper infrastructure such as a Hadoop ecosystem, no matter what advanced solutions a company has invested in, it will yield no results.

Preparing an Asset Inventory and System Map

In industries such as water, due to how large an entire pipe or water network is, it is hard to find out where the issue is if there is a breach of water quality. This is why managers in the water sector are now investing in technologies such as GIS to monitor entire networks spread out across cities, states and even the entire country. This acts as the map for asset maintenance in which the necessary information, along with its health status and criticality status, is noted. Hence, in one glance, asset managers can update themselves on the status of their water system in minutes.

Invest in an All-in-One Asset Management Solution

Rather than attempting to implement the mentioned best practices by investing in different technology solutions, approaching a vendor that provides one with all features would be most beneficial. It is more cost-effective and easier for asset managers to manage. Are you ready to keep up with the latest demands of the asset industry in Australia?

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