Distributed Asset Management:
What is it? Why do you need it?
Distributed Asset Management
Asset-intensive industries face a common problem when it comes to monitoring, managing and maintaining their assets, equipment, and other machinery, in a cost-effective manner.
Due to the assets’ sparse distribution across a region, it is incredibly difficult to obtain the most up-to-date and reliable information, identify the root cause of issues, have real-time visibility, and control over the assets. Not only does this mean that you are unable to solve the problem quickly but also that you could end up paying for unnecessary maintenance that could have been avoided if you had been able to identify the issues earlier on.
That is where an Asset Management Solution comes in.
What is Distributed Asset Management?
For asset intensive industries, it’s crucial to monitor their assets like renting equipment, construction equipment, connected vehicles, agriculture equipment, heavy machinery in mining and construction, telecom infra, oil and gas sectors etc. Distributed asset management is the process of monitoring, managing and maintaining these assets. This is especially important as these industries rely heavily on their asset and machines to make money—and if the machines stops working, they can’t make money resulting in huge financial losses.
With a distributed asset monitoring solution, these industries can
- Enable IoT across their machine fleet to get accurate and real-time information.
- Track and oversee their machines deployed in multiple locations.
- Lower maintenance cost by bringing transparency into business operations.
- Improve operational efficiency through effective asset utilization.
- Empower workforce with actionable insights to optimize asset performance.
With many industries and asset managers relying on manual logbooks and spreadsheets to track and manage their assets, there’s a clear need for reliable asset management solution to remove dated workflows and increase effectiveness of assets.
The importance of managing your distributed assets.
For asset intensive industries, assets are not just costly but also are a direct source of their revenue. In some businesses, more than 50 percent of their investment goes to buying machines and equipment. The asset-intensive nature of many industries means that businesses have a lot of equipment to maintain, and that equipment’s are often distributed across multiple job sites and facilities. This makes it difficult for asset managers to manage their assets and keep them running smoothly, it also increases the likelihood of breakdowns and theft. Hence, asset managers are required to manage and maintain the assets while also keeping them operational 24×7.
The likelihood of generating value from these investments increases with how well and efficiently an industry manages its assets. Without a reliable asset management solution, industries may experience:
- Unexpected shutdown due to sudden failure of equipment.
- Energy leakages.
- Misplaced inventory and theft of assets.
- Lost income and poor customer management.
All these above consequences might cause industries with large asset size, millions of dollars in lost productivity and maintenance. This can also affect customer satisfaction and business reputation in the long run.
When should you start searching for asset management solutions?
Monitoring and managing assets using traditional data entry methods like logbooks, spreadsheets can lead to data inaccuracy due to human error and incorrect assumptions. For smaller businesses with limited to few assets may not notice the problem soon, but as the business scales up to more than hundreds or thousands of assets; keeping track of all the information using manual datalogging method without getting lost is quite not possible.
Smart asset management solutions offer a dependable approach to see exactly what’s happening with the assets in real-time. The sooner you find a solution for your distributed assets, the better. You want to be able to get up and running right away with a system that will help you manage your assets in the most efficient way possible.
How DATOMS leverages IoT, AI & Blockchain technology in helping asset intensive industries manage their distributed assets?
DATOMS provides a platform that centralizes information from every asset into one system, giving you a complete visibility of your asset usage. The platform provides a fully integrated and specialized solution for asset intensive industries, that provides real-time insights into the availability and service history of equipment and assets along with relevant tools to manage the complete lifecycle of your assets. DATOMS provides users an easy to use, and simple interface supporting powerful AI & ML tools that gets raw data from your equipment and turns them to visualized data in seconds.
Machine learning offer a deeper insights of assets health and performance; enhancing their performance by analysing status, assessing risk, and anticipating failure in advance. Blockchain technology is also being used in this context as it provides an immutable record that can be accessed by authorized users at any time. This allows for more transparent data collection and analysis that helps with managing equipment more efficiently.
“Leveraging the right technology, solution and process is essential to effective asset management. With a proven and reliable solution for asset management, DATOMS can help devise the best strategy for managing your distributed assets.
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