How can I improve asset management?

How can I improve asset management?

Asset Management in General Words

Asset management has become a widely known topic around new technologies publishing and researches. New sensors, new communication devices, but same old business processes. Small and medium enterprises are seeing this trend and different actions can be taken, from maybe ignoring the topic to actually trying to implement Asset Management tools. The truth is that having your assets fully connected and integrated to your business process will drive more revenue and increase efficiencies within your operations.

Security and Integration

Within Asset Management and multiple devices on the same network comes a whole suite of concerns. Questions around security and integration of different business and technical processes start to rise as before the data was shown, many challenges were unrevealed. Enterprises, in general, create silos, no matter what size they are, increasing risks of inefficiencies and various malfunctions. To address that, a powerful team of engineers and a vast and deep business knowledge will add to a software strong enough to either enable exponential growth or to monitor ongoing use cases.

Passive or Active Investor in Asset Management Services

Most enterprises have been forced to take a look into some type of trending technology. This theme will vary from just acquiring a simple computer and setting it up, from having large volume of financial stakes put into managed systems. Depending on how a business was created, its purpose and the owner’s view, also the technology investment personality will vary and some definitions might come from that.

  • Passive Investor in Asset Management Services

Passive Investor, is the profile that just reacts to the changes being pushed towards his business. This will probably drive inefficiencies and doesn't take into account how asset management will replace old school strategies. A switch from this business personality is a necessary step to actually become efficient. 

A good example is when the Oil crush happened in the past 2015. Many great companies went bankrupt due to lack of efficiencies and high cost of production. 

  • Active Investor in Asset Management Services

On the contrary, an active investor is constantly looking for the technologies upgrades and how to bring the benefits of an tech enable asset management. The results will be seen and ROI is almost guaranteed, directly or indirectly. Using the O&G industry example, the companies thriving are the ones managing implementation of technologies that decrease costs. Some of the benefits include:

  1. Changing strategy for devices to include business perspective;
  2. Asset tracking;
  3. Managing damaged equipment;
  4. Operational efficiency dealing with repairs and warranty;
  5. Managing Decommissioning and Recycling operations;
  6. Standardization and integration to Operations Management and Financial Benefits.

We, at Lexcom, can help you with all these topics, such as building a customized Asset Management tool or integrating different processes of your business. We will help you on understanding the financial impacts and returns of becoming an active investor in technology. Contact us as we are looking forward to understand more your concerns.