Asset Monitoring

The Best Way To Monitor Assets in Your Company

The manufacturing, construction, logistics, healthcare, and mining industries are some of the many industries that rely on multiple devices and varied equipment to conduct their businesses. Since those assets are so critical to their operations, it’s only fitting that companies in those sectors turn to technology to help them manage the many moving pieces that make up their infrastructure.

In fact, monitoring assets has become such an essential task that these industries have refined the technologies they use to that end. The result is the increased adoption of asset monitoring systems, the best way to monitor assets in highly complex environments. 

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What Is an Asset Monitoring System?

An asset monitoring system is a comprehensive platform through which companies can track physical assets remotely. To do so, these platforms often use a combination of specialized hardware to pick up different metrics and readings that allow users to learn relevant information about an asset at a glance.

Nowadays, the most advanced asset monitoring systems leverage the Internet of Things (IoT) to process real-time data, including the assets’ names, locations, and current status. Having that information available allows companies to identify problems, define a better maintenance schedule, and detect improvement opportunities. 

Why Is Asset Management Important for Your Business?

If you work in a company that relies on a wide variety of devices and equipment for your daily operations, then you need an asset management strategy (and the asset management platform that can help you execute that strategy). That’s because asset management is the best way in which you can remotely manage your assets in a secure and efficient manner. 

An asset management system can help you gather data that you can later analyze to get insights about your assets’ performance, status, and overall use. Using those insights, you can prevent downtimes, properly organize your maintenance efforts, and devise an update and upgrade process for your assets.

Doing all that will provide you with a strategic advantage, as you won’t be surprised by asset-related disruptions, such as machines breaking down, devices being misplaced, or equipment becoming obsolete or outdated. With asset management, you’ll always stay on top of everything that happens with your assets, providing you with better governance over your operations. 

Benefits of Asset Tracking

There are plenty of benefits in using asset management systems, including:

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    Enhanced asset maintenance
    The data you gather with asset management platforms can help you refine your maintenance schedule based on performance, issues, and shelf life of all your assets.
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    In-depth asset analytics
    You can analyze the collected data to create reports about specific assets or workflows. Armed with those reports, you’ll be able to optimize your workflow, better manage staff schedules, and reduce equipment downtime.
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    Longer asset service life
    Since you’ll be closely monitoring all assets, you’ll be able to check on their condition and current status. Doing that will let you decide when to maintain or repair your assets, preventing them from breaking down before they reach their expected shelf life.
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    Improved asset handling
    Through asset management platforms, you’ll be able to monitor what your employees are doing with your assets. You can check a lot of data about asset usage, including usage time, locations, and even the identification of the users themselves, which can help you prevent thefts.
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    More accurate failure prediction
    These systems can help you measure diverse asset KPIs and analyze their behavior. Thus, you can use this information to detect issues as they appear and before they become bigger, a reliable indicator of future failures.

Top Asset Tracking Companies

Since asset management platforms have become so important for so many industries, many companies have developed their own asset tracking solutions. This means that there are plenty of off-the-shelf alternatives to pick from. But which ones are the best? While that depends on what you’re looking for, there are a number of companies that offer robust and high-performing asset management tools, including:

  • Asset Panda. One of the most renowned names in the asset management sector, this is a highly flexible asset management platform that can provide further capabilities, like facility auditing and calibration tracking.
  • AsseTrack FAMS. A great asset management platform for anyone looking to produce standard and dynamic reports through an easy graphical interface. It also packs features to manage capital budgeting and ongoing asset-related projects.
  • Tenna. A really flexible tool that allows you to monitor pretty much any asset you might have, from handheld devices to heavy machinery. The best thing about it is that it includes automated trackers and a simple mobile app that allows you to manage assets from anywhere.
  • ASAP Systems. A highly customizable system that lets you pick which features you need to work and skip everything else. That way, you won’t have to worry about a bloated interface or complicated menus—you’ll always have what you need at the tip of your fingers.
  • WiseTrack. Perhaps the simplest platform in this list, it is the best way to start your path with asset management. It has just the options you need to control your assets, everything from a sober and easy-to-learn interface. 

Custom Asset Performance Monitoring System

While there are many off-the-shelf asset monitoring tools in the market, you might find that they don’t meet the specific needs of your business. If that’s the case, then you need to consider custom asset management system development. Through it, you’ll task an asset management development team with the creation of a personalized system that packs only the features you need, no more, no less.

In custom asset management system development, you’ll build your own platform from scratch, defining your specific requirements, detailing the integrations you need, and providing feedback to better meet your overall objectives. While that process might be more costly than using an off-the-shelf solution, the reality is that going down the custom development path is worth the investment, as you’ll get a personalized platform that’s more secure, scalable, and properly aligned with your operations and assets.

Start Your Project Today

Are you thinking about adopting an asset management system for your company? Then BairesDev is the partner you need to get the job done right. We have years of experience developing custom asset management solutions for companies in different industries. Our Senior Engineering Team can help you with any project you have in mind, be it developing a specific feature for an existing asset management solution or creating a whole new platform.

We can offer you timely deliverables, iterative enhancements, and a strategic roadmap for the implementation of your asset management tool. What’s more, we can provide you with added value throughout the project’s entire life cycle. 

Ready to discuss your project?

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