In the 21st century, technology has been empowering global businesses like never before. In the last decade or so, digital technology has grown by leaps and bounds.

There is no modern global business today that can do without a world-class asset management software. Conventionally, enterprise resource planning (ERP) software has been around for quite a while, but now with seamless integration of global destinations and work processes, it is imperative that asset management activities also switch to the cloud. Top-of-the-line asset management software available today offers advanced technology ranging from robotics to IoT sensors, big data to deep learning, and everything in between. Through the power of an advanced asset management software, you can now make your asset-intensive business more optimized, streamlined, lean, and agile.

Asset Management Software is a Necessity

First, the integrated cloud power enables real-time access from anywhere, which adds a great element of mobility to your asset management. It simplifies delivery and solution implementation related to key assets, whether you are running power plants, aviation fleets, manufacturing plants, buildings, and/or real estate projects.

Considering how robots are now occupying front desks or cleaning corridors in commercial properties, it is not difficult to see how technology is changing the way things are done. This is where focusing on a world-class, cloud-based asset management software is necessary. The good old ERP is not going to be adequate anymore, simply because it offers limitations of usage and scalability that are not in-sync with today’s needs. Business enterprises need scalability and a linear as well as lighter operational system that allows them to quickly reorient and succeed in the uncertain, volatile, and extremely competitive landscape we see ourselves in today.

By deploying an advanced asset management software, a company can seamlessly enjoy holistic management of the entire asset lifecycle, including the stages of:

• Planning: The software gives you complete control of all your asset acquisition, planning, budgeting, and approval using a single dashboard.
• Acquisition: From capital procurement to commissioning of new assets, there are tasks such as managing supplier contracts and payments. All these aspects of the acquisition process get simplified and streamlined through a world-class asset management software.
• Deployment: Whether it is installation and commissioning of your new assets or maintaining the fixed assets and equipment, the process of automated deployment is streamlined.
• Management: Management of assets is being completely transformed by modern cloud asset management software, courtesy of high-value features such as failure analysis and RCA, which lead to a more efficient asset management.
• Retirement: The asset retirement stage is critical for any business. A good asset management software would reconcile data from the asset retirement proposal and the evaluation can help in deciding whether the asset must be scrapped or scaled up.

Features of an Asset Management Software

This modern technology gives you the power to smartly manage all your assets, courtesy of the asset management solutions which come embedded with cognitive abilities, gesture computing, zero UI, remote maintenance driven by drones, IoT, and many other futuristic integrations.

Here are some of the main features that an advanced asset management software can offer you:

• Mobility and cloud power: The integrated cloud allows you to go lean and offer superior accessibility anywhere, anytime, and on any device.
• Zero UI: The leading software developers are now relying on the concept of zero UI, which intuitively engages users with role-based HUBs, Mail BOTs, and AI-driven systems.
• Optimization: A world-class cloud asset management software would allow optimization of various processes such as maintenance planning, crew rostering, risk mitigation, planning, and leading predictive maintenance.
• Complete visibility: The software-driven operations provide enterprises with holistic asset availability and performance, reliability and sustenance, operational costs, as well as ROI.

Cloud deployment ensures that the whole end-to-end asset management process can be managed over the internet. Thus, no matter where your teams and management are, the information and visibility is always accessible at the click of a button. You can use the software on a laptop, PDA, smartphone, or a tablet.

To further understand its impact on business organizations, let’s take a look at some industry use cases:

Transportation Services

The software driven approach would offer various benefits, such as:

• Multi-Dimensional Visibility: From track and tracing, the cloud platform would offer complete visibility from booking until invoicing.
• Location and Navigation Intelligence: Integration of GPS ensures accurate calculation of ETAs, weather patterns, and turn-by-turn navigation to deliver smarter and smoother experience.

Professional Services

• Contact to Contract: Usage of advanced enterprise resource planning platforms allows professional service firms to manage lead generation, field activity planning, RFP, and quote through to account management support, including defining customers and managing contracts.
• Execution to Billing: The software platform would seamlessly help in the execution of the entire cycle of contracts, starting from project start to invoicing the client and activities such as project execution, timesheet management, and project expense management.

Energy and Utilities

The energy generation and utilities sector is dependent on huge infrastructure and the optimization of the operation of capital intensive assets that lead to superior performance and operational efficiency. There are various environmental and other regulations that a software-driven process helps to adhere to.

That’s why an asset management software proves to be a comprehensive, customized, easy-to-use, quick to deploy, cost-effective, and flexible solution for your business needs. The time has come when the conventional on-premises ERP system is replaced by a flexible, smarter, and faster cloud solution.