How Asset Management in Manufacturing is Creating the Smart Factories of Tomorrow
FactoryWorx
Manufacturing provider with Artificial Intelligence and Industry 4.0 enabled solutions and services.
Are you manually maintaining your equipment and inventory, relying on spreadsheets that take hours to update? Believe it or not, some businesses still operate in this manner.?
Today's businesses require asset management system software. It must be assertive while still being simple to use and adapt. An out-of-date asset management system can waste a lot of time and money for your company. You must have a sound system in place in today's fast-paced corporate world.
We've put together this guide to illustrate the advantages and various approaches to asset management. If you have a sound?asset management system?in place, your assets will perform at their best. It can also assist in reducing total asset purchase, maintenance, and operation expenses.
What is an Asset Management System?
An asset management system is a method for a corporation to keep track of its assets throughout the business. These assets might be both tangible and intangible. Personnel, building, software and hardware, inventory, financial investments, and everything else critical to the business's day-to-day operations is all instances. The management of these assets differs from one organisation to the next.
A system must have comprehensive control over all aspects of a company's assets to be effective. It makes no difference whether the company is large or small. Asset management has a lot of moving components. A precise and real-time asset tracking system is required to maintain control. You risk wasting time and money if you don't.
What are the Benefits of Asset Management in Manufacturing?
Getting the most out of a company's tangible assets is a fundamental benefit of asset management software (AMS). An AMS system can also assist in forecasting future infrastructure expenses, reducing maintenance costs, and much more.
Everyone wins when a company makes the most of its asset management system. In addition, a manufacturing company that chooses the correct AMS will be able to:
On the other hand, asset management software is about more than just increasing the asset turnover ratio. It can also provide you and your employees with everyday benefits by ensuring that all asset-based activities function more smoothly.
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According to an Industry Week survey, 558 businesses adopted a computerised maintenance management system (CMMS). They discovered that these businesses might expect a 28.3% boost in maintenance productivity by deploying an AMS solution.
They might also expect a 20.1% drop in equipment downtime, a 19.4% save on the cost of supplies, and a 17.8% decrease in inventory maintenance and repair. Furthermore, businesses reported 14.5-month average investment recovery times.
With statistics like these, it's difficult to argue against asset management in manufacturing. However, these figures do not consider any of the numerous other advantages AMS can provide to a corporation.
Why is Asset Management Software Required in the Manufacturing Industry?
Boosting Asset Performance
Asset management software can help organisations save money on workforce and inventory by streamlining their processes. In addition, it enables businesses to get more value out of their existing assets, resulting in a higher return on investment.
Asset insights obtained from reporting and analytics can be used to improve enterprise asset performance. In addition, reports and analytics assist in enhancing the machine's and equipment's efficiency.
You can use your primary data to produce an average that will assist in scheduling crucial asset maintenance.
Accurate Reports and analytics
Configured dashboards for reports can be found in this software. In addition, data visualisation can be found on the dashboard to assist you in understanding and enhancing company... Continue Reading...