Enterprise Asset Management

Creating a master list of all assets is the first step in enterprise asset management. The asset master list captures details such as asset name, type, activation date, etc, which help describe an asset. The master record with unique identifiers serves as the single source of truth for the entire organization. Flexible modeling is a necessary feature of a master data management system. It should be able to model all the different assets in an organization so as to capture all the relevant asset information.

To implement master data management, the right data model is defined to abstract information on different types of assets, asset categories, and relationships between them. The model depends on the type of enterprise but should be versatile enough to capture disparate asset data.

Asset availability is a factor that impacts service quality in many industries. Using real-time location tracking technology, organizations can easily locate their mobile assets, identify underutilization/overutilization issues, mitigate loss and theft, and boost the efficiency of their operations. With geofencing features, the system can also alert users if the asset moves out of its designated perimeter. Depending on the extent and scope of asset movement, a combination of technologies such as BLE, RFID, GPS, SigFox is used to track assets. Custom reports on asset movement and location can be generated for further analysis and planning.

Preventing asset failure is another important aspect of asset management that can be addressed through condition monitoring. Condition sensing systems, which leverage IoT frameworks, integrate and communicate with a variety of interfaces such as SCADA and DCS. They monitor asset parameters continuously, analyze data for unusual behaviors, and alert operators of impending failure. Through preventive maintenance enterprises can get the asset going, eliminating the risk of a costly breakdown and disruption to service. Similarly, by monitoring energy consumption, enterprises can improve the eco-efficiency of their operations and cut down their energy bill.

Contracts, invoices, warranties, manuals, SOPs, CAD drawings, spare part details—tracing these documents can become problematic as organizations grow and the number of documents piles up. In an integrated enterprise asset management system, these documents are centrally managed to enable easy access and collaboration between different stakeholders. Users can keep track of the entire life cycle of assets from purchase to maintenance history on a single system and reduce cost to organization through timely enforcement of AMCs and warranties.

Automated ticketing is one of the most important features of a well-rounded digital asset management solution. The entire incident resolution process, from incident logging to prioritization and assignment, is streamlined on the centralized system with automated workflows. This system ensures that all incidents are properly managed and brought to closure in a timely manner. Alerts, reminders, and escalation points help ensure regular maintenance and calibration of assets, regulatory compliance, insurance maintenance, and SLA adherence. Issues in asset maintenance can also be identified by auditing trouble ticketing data over time.

The ultimate test of an asset management system is its reporting and visualization capability. Location tracking, condition monitoring, and ticketing—all provide a rich dataset on enterprise assets. The multidimensional information can be leveraged to proactively identify operational inefficiencies and areas for improvement. Custom reports can be generated to track KPIs and inventory levels and review maintenance history, utilization, workflows, etc. Interactive data visualization makes this data accessible across the board, paving the way for faster action at every level of operation.