Case Study: My Experience With Business

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 main purpose is to decrease waste by making sure every resource is working at full capacity to meet their intended purpose. 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. The role of asset managers is to analyze what the peak performance of various resources can be and notice when they are faulty so that repairs can be done.

One area that has not been left behind in the wave on the Internet of Things is asset management This has led asset managers to embrace various disruptive technologies and software that help in value extraction. Some of the technologies that have disrupted asset management include: machine learning systems, data mining, RFID tagging and energy monitoring.

Even in the midst of various complex technologies some of the changes that need to be effected for optimal asset management are quite simple and inexpensive.
Data remains a key pillar in asset management and actionable data is pivotal in the asset management process. One of the ways to be able to get good data is to create systems that prioritize data access at anytime and anyplace. 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 does not mean that the company is affecting the work-life-balance of its employees.

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 also does not mean that the managers have to be glued to their computer screens because the system can be set up to issue alerts and notifications within well-defined thresholds and also generate reports.

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.

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