You can only manage what you can measure – the more you think about this, the more you realize the truth in this statement. When it comes to the enterprise, this statement becomes even more pertinent.
A heavy focus on increasing efficiencies is a target most organizations have set for themselves. But organizations often find such endeavors overwhelming and prone to error. The problem usually is that they lack the necessary insights into their entire asset portfolio. Without such insights, asset management is less than optimal, wastage doesn’t stop, and hence, there’s no significant impact on the bottom line.
Asset management has emerged as an answer to these challenges that organizations face. Asset management tools, like those from Archibus, are proactively helping organizations maximize the value of their assets and improve their profitability.
Get an integrated view of all assets and eliminate waste
Asset management, simply put, is the process of managing, operating, and maintaining all organization assets across the business. Assets can be equated with living organisms – they have a lifespan, they come and go, and are also mobile. To know how to manage all these assets that exist in the organizational landscape, businesses first have to know what assets they have.
But it can be challenging to know ‘what’ assets you have if this information is spread across excel sheets across locations. In this context, asset tracking can be said to be the low-hanging fruit of asset management, that simple but impactful first step to set up early success.
With Archibus, asset management becomes inherently easier as organizations get an integrated view of all assets. Starting from properties and real estate to structures, types of equipment, and furniture Archibus’s Assets application gives insights right down to the most granular detail.
Understand asset utilization and increase operational efficiency
With a clear image of the entire asset universe, organizations then need to understand the patterns of asset utilization and their lifecycle.
Understanding asset utilization is essential to enable proper asset provisioning and ensure optimal asset utilization. With Archibus, this information can be accessed easily. Organizations can identify processes and assets that impede operational efficiency. Insights into the real-time status of asset location, usage, and condition also assist in improving operational efficiency. Organizations can eliminate waste by ensuring the optimum utilization of the said asset. This will also help prevent over-provisioning similar assets and promote proactive replenishment of the asset when it’s clear that usage is at maximum capacity, which saves money.
Assess asset condition to reduce downtime
Insights into asset condition to design robust and automated maintenance schedules help in improving maintenance and preventing downtime. Archibus Assets helps organizations get complete and accurate information on asset conditions and allows the organization to keep track of all asset data and history. With this, organizations can streamline maintenance services, make maintenance schedules more intelligent, and lower maintenance costs. This also assists in proactively maintaining critical assets, minimizing downtime and costly repairs.
By keeping a robust maintenance schedule and leveraging Archibus Preventive Maintenance modules, organizations can extend the life of physical assets resulting in reduced capital outlays. This helps organizations make the most of the investments made in those assets.
Insights into metrics such as costs, resource usage, workload/performance, equipment maintenance history, and more improve the planning capabilities and contribute to increasing cost efficiencies.
Improved decision making
Waste not, want not – this quote applies well to asset management as well. Organizations globally are looking at reducing waste by improving their decision-making capabilities. Insights into asset lifecycles including asset acquisition, utilization, repurposing, and decommissioning/disposal become essential here.
It is also important to get a clear understanding of the actual and exact asset needs to enable better decisions. With these insights, organizations can make decisions on asset repurposing or replacement and avoid unnecessary expenditures. These insights also help organizations fine-tune their decommissioning and/or disposal processes of capital equipment and other assets.
Using Archibus Assets, organizations can improve the use of every asset by leveraging asset and outlier data and making smart decisions that close the gap between cost and value.
Increased productivity with mobile insights
Organizations need to be able to quickly identify, coordinate and respond to asset demands to minimize downtime. By combining Archibus Assets and Corrective Work, employees can easily submit and track maintenance requests via a mobile app.
This helps in reducing response times for maintenance requests and increasing the life of the asset. Field-service engineers, for example, could use a mobile app to log and close down jobs faster.
Asset management with Archibus helps organizations make smarter decisions by giving them a comprehensive 360-degree view of all their assets. With clarity into asset tracking and asset usage, organizations can make informed decisions to ensure that the right assets are available at the right time. They can decide how to target underperforming assets for remediation and identify over-performing assets to use them as models to standardize best practices. Better performing assets and better business outcomes emerge as the automatic consequence of maximizing the value of enterprise assets using Archibus.