Asset Management Trends in 2023
Why new Asset Management trends?
The recovery from Covid-19 with the armor of vaccines and continuing wars between nations have shaped asset management trends for 2023. The pandemic and global conflict harmed the economy, regulatory policies, investment strategies, etc. Inflation is at its peak. Hence businesses are compelled to explore new avenues for reduced maintenance, utility, and expenses for sustenance in profit margins.
Need for Digital Transformation
With a reduction in hospitalization due to Covid infection, asset managers return to the office. But the way they tracked the assets and workforce has changed. Organizations that perform maintenance in-house accommodating flexibility and a hybrid working model will have an advantage over their peers who don’t. The time is ripe to replace manual and effective traditional business operations with a cloud-based approach for long-term competitiveness.
IoT adoption based on Industry 4.0
We live in the era of the Fourth Industrial Revolution that calls for the adoption of new technologies that can serve existing needs and revolutionize the work style. Industrial IoT(Internet of Things) is one such technology projected to connect and facilitate interaction among 100 billion smart devices by 2024.
Advantages of an EAM Software
Using EAM Software, you can make the most of your asset portfolio to grow and scale your business with minimal resource consumption. Automation forms the lifeline of Digital transformation. It saves you from the mental fatigue of remembering the timelines for periodic schedules, frantic searches for data on maintenance history, etc. An EAM platform lets asset managers and line supervisors see all reports and data in one place in real-time for streamlining maintenance processes.
Asset Tracking Accuracy
The precise location of a moving asset is vital to widen the boundaries of asset tracking and tap into new avenues of cost savings. This act enables professionals to focus on revenue-generating activities. QR code scanning enables instant and reliable data retrieval, but the codes are better suited for inventories and static assets.
Bluetooth/ RFID Beacons
In this scenario, beacons lend out a helping hand. It is akin to a Lighthouse that radiates signals for the boats approaching the seashore. With the signal reception, the people onboard can get a fair idea of the proximity to the shore. The working mechanism of a Beacon is very similar to this.
A beacon is just a compact Bluetooth radio transmitter. They are simple, minute devices featuring a CPU, radio, and miniature lithium chip batteries. A Beacon Reader is also a simple set-up that runs via connected power. Beacon comes in several shapes and colors. RFID Beacons are costlier than their Bluetooth counterparts.
How do Beacons help in Asset Tracking?
Beacon asset tracking is a modern and productive way of tracking that can help in multiple ways. Beacons can easily be mounted on assets or over people to track constant movements. The high broadcasting capacity comes at an amazingly lesser bandwidth consumption. You can track moving assets via mobile devices. It is the beauty of the advanced precise location tracking using Bluetooth Low Energy(BLE) Beacons.
Advantages of Precise Asset Tracking
The most common expectation from industries like health care, Hospitality, Banking, Retail, etc., investing in this advanced technology is the continuous availability of real-time location data. This data can be valuable in providing proximity-based solutions that prevent asset theft, ensure quick availability of equipment on need, help in better work engagement of staff, provide a provision for having a better eye on the movement of goods, etc. Thus precise asset tracking promotes data-backed decisions leading to better asset life cycles. Early adopters will win in the fierce competition.