What Does an Asset Management Solution Do?
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Known as EAM, enterprise asset management comprises various systems, services, and software that maintain an organization's assets and operational equipment. Throughout their life cycles, asset maintenance and analysis can help organizations reduce operating costs while improving productivity, collaboration, and efficiency. An asset management solution (AMS) is a centralized solution that can enhance various business processes and functions.
What Is Enterprise Asset Management?
EAM is a systemic approach to integrate an organization's assets using a combination of systems, software, and services to make information manageable and accessible. This form of management helps control and optimize the quality of operational assets and equipment to reduce operating costs, enhance productive uptime, and improve productivity.
A few critical aspects of enterprise asset management include asset maintenance; supply chain management; environmental, health, and safety initiatives; planning and scheduling; and work management. EAM manages, maintains, and analyzes assets and infrastructure during all phases of its lifecycle, from acquisition to liquidation to disposal.
What Does Asset Management Do?
Specifically, an asset management solution records and monitors an asset throughout its lifespan, providing an organization with detailed information about where certain assets are located and how they're used. This software is implemented for the management of both software and hardware assets. With an AMS, you can easily find any asset using various parameters, including asset type, location, purchase date, install date, warranty date, and owner.
In addition to tracking your assets, an AMS can optimize supplier portfolios, vendor audit and policy compliance, and measurement of vendor performance. This software can also help streamline the procurement process and provide optimization of costs for licensing. To make the best decisions for your business, asset management software and products are crucial.
Here are two AMS from GeoDecisions that highlight exactly why this software is crucial for businesses everywhere.
GeoPlan
GeoPlan is a web-based software that can manage daily operations for an organization, using departmental data to help your team visualize critical information in a shared location. One of the main benefits of storing information in a shared location is it can help simplify and streamline workflows both in and out of the office.
GeoPlan combines zoning, permits, and other valuable datasets with a unique mapping function, allowing you to visualize relevant data and improve your understanding of synergistic data points. The user-friendly interface of GeoPlan makes it an effective tool that can help facilitate integration and adaptability for new and experienced employees.
Traditional processing systems may be time-consuming and lead to decreased productivity. GeoPlan can simplify and streamline outdated paperwork processing systems by combining the power of geospatial data and other databases into one centralized software. Implementing this state-of-the-art software can help you maximize productivity by saving time and money on administrative and municipal asset management processes.
Track
Track is an innovative solution that can help you visualize, manage and analyze assets in a user-friendly, real-time application built on an efficient data integration and dissemination software as a service (SaaS). Track is useful for fleet management logistics operations, allowing you to quickly and effectively create dashboards and reports, offering relevant information to help track your assets securely.
Ideal for any business size, Track is a scalable SaaS solution that allows users easy access to critical information in and out of the office. This information consists of valuable real-time and historical insights, with a flexible and straightforward user interface that simplifies various business processes. Track allows you to analyze data and uncover detailed insights.
Track also lets you create interactive maps that explore relevant data while encouraging collaboration among employees. Use its detailed insights and data points to promote growth while effectively and proactively addressing and solving challenges. Then, you can share this information with entire teams or specific team members.
Sensitive business data, analytics, reports, and other information are stored on a secure cloud server to protect it. All business data is encrypted both in transit and at rest while being backed up regularly to prevent data loss. This information is always accessible, and you can control who is authorized to access it.
Why Is Asset Management Important?
With an AMS, you can identify business trends while analyzing relevant data and efficiently monitoring assets. Some of the most popular benefits of enterprise asset management include:
Track assets: AMS provides real-time asset tracking, which allows monitoring to aid in the management process. Because assets are constantly changing, asset management is a great solution to help you track them.
Monitor assets in the cloud: A cloud-based system is a safe, secure way to manage essential assets. This software allows all team members to access the asset directory at any time from any location — a feature that's not available for many traditional non-cloud-based methods.
Minimize the need for spreadsheets: Traditional spreadsheets are a time-consuming and less effective format for organizing important business aspects. As a business grows and acquires additional assets, spreadsheets become a less viable option, decreasing efficiency and productivity. AMS makes cumbersome spreadsheets a thing of the past.
Identify business trends: Identifying trends in your business and company assets is essential to improving productivity and increasing uptime. Learning about business trends can provide an in-depth understanding of an asset's life cycle. With such valuable information, you can proactively identify and effectively respond to potential issues.
Forecast budgets: Understanding an asset's history and life cycle can provide critical information for assessing future asset procurement accurately. Additionally, an asset's history can help you forecast budgets and business spending on acquiring future assets.
Promote efficiency: An effective asset management system can help you understand the role of each asset and how it affects your business. This vital information includes the asset's capabilities and how they can be used most effectively.
GeoDecisions' Asset Management Solutions
GeoDecisions offers location-based services and works with private and government organizations to provide geospatial technology and innovative asset management solutions. We partner with leading companies to provide state-of-the-art software, harness the ability to configure third-party software, and design your enterprise asset management program.
Our team of experts can help create an asset management system for your business that provides detailed insight on location data, streamlining various business processes and operations. Our goal is to help our clients increase collaboration, improve uptime and take advantage of numerous benefits. We're committed to developing innovative solutions in an ever-changing and evolving world.
To learn more about our asset management solutions, contact us today.
