Evolution of Asset Management
Automated asset management solutions are no longer a thing of the future. Asset management tools have helped with data sharing, to a certain extent. It is cloud-based technology that has created a collaborative “single source of truth” that is accessible by those who need access to it. It has also improved the extent of deployment across offices, plants, branches, business units or even geographic units across the globe.
iQ Technology, for example, drives cloud-based inventory and asset management. It contains modular software packages that suit the end requirement. The multiple software packages can be as straightforward as reporting and managing enterprise-wide inventory and asset management requirements to integrating with 3rd party systems. The modules are customizable for domain-specific regulations and material management requirements.
What does Asset Management on Cloud look like?
Asset Management becomes versatile and scalable when it moves to iQ technology. The ability to expand the scope and SKUs and a host of benefits like controlled accessibility, analytics, alerts and automation, decision support systems, and others creates limitless possibilities for any business. Despite its application versatility, cloud-based asset management shares a few common aspects. The basic building blocks are as below:
Whether the asset management application is for an office environment or a manufacturing line, the basic structure of any cloud-based system like iQ Technology looks the same. A sound asset management system must be easily configurable to meet the needs of different applications.
Another essential trait of an ideal cloud-based system is to have full-cycle capabilities. They should be capable of converting data from physical systems, like crates, tools, or equipment to digital data, through Bar Code readers, RFID scanners, or data entry kiosks. This is often the most critical part that most cloud-based systems cannot provide, as they provide just the software and cloud infrastructure. Without usable data from the physical to the digital realm, the entire system becomes useless.
What are the basic elements of iQ Technology’s asset management capabilities?
iQ Technology can deliver the best value if they help extract the most value from the organization’s assets. To achieve this, they need to address all the needs across the entire lifecycle of the asset.
- Asset Storage – Capturing data about all aspects of asset storage, including the age of asset, inward traceability, outward traceability, and cost of holding, can help in critical decisions.
- Asset Dispensing – The release of assets for usage must be easy to avoid the solution becoming a part of the problem. Easy dispensing can reduce hassles and improve efficiency. But control of access and trackability of dispensing is also critical.
- Asset Collection – Collection of assets post its usage is critical to ensure availability for those in need. It can also help in preventing loss or theft. Collection can mark the asset for maintenance or recalibration before usage.
- Asset Tracking – Tracking all assets to prevent loss or shrinkage. Asset tracking is essential to minimize “non-value-added time” like transit and idling.
- Asset Costing – Allocating costs to every asset is critical for effective resource management. It can come in handy while maintaining books, allocating project costs, and maintaining books.
- Asset Allocation – Ensuring that the assets are allocated to the right user is vital for accountability and responsible usage. Asset allocation also contributes to accurate project costing.
- Asset Utilization – Calculating the utilization of assets in terms of time or cost per hour is critical to track asset efficiency and utility. It is an essential factor to justify returns on investment during asset purchase decisions.
- Asset Maintenance – Marking assets for scheduled maintenance, repairs, upgrades, or recalibration will improve the usability of the asset and drive productivity.
- Tracking Chain of Custody/Accountability – Establishing the chain of ownership can help understand asset usage, prevent asset hoarding, reduce chances of asset abuse, and a host of other benefits.
What are the benefits of iQ Technology on the cloud?
Asset management systems have several benefits, as discussed in the previous section. Cloud-based asset management solutions, like iQ Technology, have certain added advantages.
Cost: Cloud systems cost relatively less than on-premise or physical systems to implement. There is no need for upfront capital expenditure in setting up server infrastructure, communication systems, security tools, and other essential paraphernalia. However, for large enterprises, the cost of the cloud may equal or even exceed on-premise systems. The benefits, however, often far outweigh the costs.
Accessibility: Cloud systems are easily accessible from anywhere with internet connectivity and access privilege. This makes it easy to create a borderless business that can access data internationally.
Auditability: Unlike paper systems and most on-premise systems, it is easier to establish asset custody across factories, offices, and business units. This makes it easy to maintain the documentation required for compliance and auditing.
Scalability: Cloud systems have flexible packages that make them scalable. Businesses only have to pay based on the number of users or transactions they need. Adding users can be easily accomplished through a back-end control portal.
Flexibility: Cloud systems are flexible as users can be increased or decreased based on the requirement. This means businesses do not have to suffer sunk costs invested in infrastructure once the need is complete. A good example would be asset management when the project is finished in a construction zone.
Device Agnostic: Asset management solutions are accessed through web and mobile interfaces on the cloud. This makes it easy to access them from any device.
iQ Technology driven asset management has many benefits that make investing in it an easy decision, but the key to successful asset management lies in selecting the right partner. The partner needs to have proven success across all the blocks of asset management, including the digitalization of data and necessary hardware. IDS combines the power of cutting-edge hardware and powerful software to deliver this for you. To know more about how we can help your business, click here or call us at 1-866-881-0326.