Things To Do To Save Time And Money In Asset Performance
Asset management refers to the art and science of deriving as much value as possible from various things in the company. The core purpose of asset management is to eliminate wastage by using lesser resources to achieve more. This can be indicated in various ways such as managing a machine so well so much that it exceeds its expected life time to anticipating mechanical degradation and promptly repairing them before they affect the production process. The other integral part of asset management is learning about how various assets work and how they can be leveraged for optimal performance. It falls on asset managers the duty to investigate the expected performance of various resources and being able to detect machines that are faulty early enough for repairs to be done.
Asset management has grown over the years and is one of the areas that has been affected by the internet of things (IIOT). As a result various asset managers have embraced disruptive technologies to aid them in the process of getting more value. Technologies like deep data mining, machine learning systems, energy monitoring and RFID tagging have simplified the jobs of asset managers the world over.
Even though there are so many technologies that are available for use some of the changes that need to be effected for the best results are just minor changes that have a huge impact.
One of the key drivers of asset management is data that can be acted upon as soon as it arrives. One way to facilitate this process is to prioritize access to data at anytime and anywhere This can be done by setting up smart assets that can automatically collect data while they are in operation then transfer it to an analytics platform in the cloud that can process the data and extract valuable insights. Mobile devices can also be added to the process so that the floor manager has access to all this data at any time despite wherever he is. This technology does not mean that the work life balance will be blurred.
Rather it just means that there is a responsible person that can action on the data and be able to contain, control or even avert a crises. This will eliminate the hustle that managers have to remain glued to their screens since there will be automated systems that have been setup to issue notifications and alerts in case something is not working the way it is intended to work.
This means that employees will now have more time to relax because there are systems that have been setup to handle some disasters without the need for human involvement.