5 Software Tools for Flawless Asset Management
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Published:
January 5, 2024
Reading Time:
6 minutes
Have you ever wondered about the smooth orchestration of various assets that keep our modern world running?
Enter the realm of asset management, where the art of optimizing, tracking, and enhancing the lifecycle of assets takes center stage. You see, from tangible physical entities to digital resources, every valuable component can be described as an asset. Now, to manage these assets seamlessly, businesses rely on asset management software.
In this article, weâll discuss the top 5 platforms that you could use to streamline your asset management.
So, letâs dive into it.
Enter the realm of asset management, where the art of optimizing, tracking, and enhancing the lifecycle of assets takes center stage. You see, from tangible physical entities to digital resources, every valuable component can be described as an asset. Now, to manage these assets seamlessly, businesses rely on asset management software.
In this article, weâll discuss the top 5 platforms that you could use to streamline your asset management.
So, letâs dive into it.
KEY TAKEAWAYS
- IBM Maximo is a cost-effective asset management solution offering AI monitoring, easy administration, efficiency, and a reduction in operational downtime.
1. IBM Maximo
Letâs start with one of the most popular asset management tools first: the IBM Maximo Application Suite. It is a comprehensive solution designed for asset monitoring, management, predictive maintenance, and reliability planning. This cloud-based platform integrates artificial intelligence (AI), the Internet of Things (IoT), and analytics to optimize asset performance, extend life cycles, and minimize operational downtime and costs.
Do you need a strong reason to invest in this tool? Well, according to the IDC Business Value of IBM Maximo report, companies using IBM Maximo are seeing some real financial benefits. On average, organizations are reaping annual business benefits of a whopping USD 14.6 million. Also, there's a 43% reduction in unplanned downtime, which saves companies headaches and dollars. And finally, they're avoiding $8.6 million in total equipment costs every year.
Key features:
- Cost-saving licensing: Even with full entitlement to the suite, youâll pay only for what you useânot a dollar more.
- Holistic asset management: Gain a comprehensive view of enterprise assets within a single, integrated platform.
- AI monitoring: With the help of advanced analytics and AI, you can enjoy condition-based maintenance and resolve issues proactively.
- Easy administration: You can benefit from simplified installation and administration processes for a seamless user experience.
2. UpKeep
Letâs move on to UpKeep now, which is a cutting-edge CMMS (Computerized Maintenance Management System) solution that revolutionizes how you handle maintenance and reliability operations. This tool seamlessly integrates into your workflow to enhance efficiency, organization, and optimization for Maintenance and Reliability teams.
Whether you're looking to simplify, organize, or optimize, UpKeep stands ready to redefine how you approach maintenance and reliability. Enter a new era of efficiency with UpKeep, where your digital assistant is always one step ahead in ensuring your operations run smoother than ever before. Furthermore, UpKeep is trusted by major brands like Unilever, Aramark, McDonald's, Yamaha, PepsiCo, Marriott, and Subway. So, if you invest in it, rest assured, youâll be in good company.
Key features:
- Safety & compliance: Keep a clear record, follow the important rules, and seamlessly blend safety into your daily tasks for a strong safety system.
- Parts & inventory: Manage parts consumption and purchasing conveniently through mobile-friendly inventory management features.
- Analytics & reporting: Gather trustworthy asset and workforce data for intelligent asset operations and data-driven decisions.
- Superior remote collaborations: UpKeep features mobile-first maintenance management and collaboration across all locations, assets, and teams.
3. Asset Panda
Well, with a cute name, Asset Panda is a dynamic cloud-based asset management and tracking platform that is crafted to cater to the unique requirements of different industries. Known for its emphasis on flexibility, efficiency, and user-friendly technology, Asset Panda serves as a game-changing solution enabling organizations to seamlessly navigate their asset tracking workflows.
To put it simply, the platform's core objective is to mitigate the risks associated with losses stemming from damage or theft, while optimizing operational processes at the same time. By offering a comprehensive suite of features, Asset Panda is engineered to deliver tangible benefits like enhanced efficiency, cost savings, and the ability to achieve optimal control over valuable assets.
Key features:
- Comprehensive asset tracking: Asset Panda enables users to track a wide range of assetsâfrom digital assets like contracts and software licenses to physical assets such as electronics and vehicle fleets.
- Custom fields: No more confusion. Speak your organizationâs language by creating custom fields that make data interpretation easier for everyone.
- Prompt notifications: Provide custom notifications to keep everyone informed automatically for improved efficiency and planning.
- Barcode scanner: Use the built-in barcode scanner for faster asset identification without the need for expensive and bulky equipment.
4. SAP Enterprise Asset Management (EAM)
SAP Enterprise Asset Management (EAM) stands as a transformative force that is dedicated to managing the complete lifecycle of physical assets across diverse industries. Powered with cutting-edge technologies like IoT, machine learning, and predictive analytics, SAP's Intelligent asset management solutions deliver real-time insights, making your job a heck of a lot easier. From dynamic asset health management to fostering operational excellence and sustainability, SAP EAM is at the forefront of redefining asset lifecycle management.
By offering a comprehensive approach that combines real-time insights, advanced analytics, and industry-leading technologies, SAP EAM prepares businesses to not only meet the challenges of today but also anticipate and handle the demands of tomorrow.
Key features:
- Risk management: SAP EAM facilitates the estimation and assessment of risk to select fit-for-purpose reliability methodologies, thereby enhancing team productivity.
- Proven reliability methodologies: Organizations can develop asset strategies based on failure mode effects analysis and reliability-centered maintenance. This optimizes outcomes and ensures asset reliability.
- AI-based predictive maintenance: With the help of AI, SAP EAM helps determine an equipmentâs failure curve based on calculated probabilities. This allows the estimation of remaining equipment life and proactive maintenance planning.
- Wide product range for different purposes: SAP offers a diverse range of EAM solutions, including asset performance management, business network asset collaboration, field service management, etc.
5. Fiix
Fiix is a prominent player in the realm of Computerized Maintenance Management System (CMMS). This software empowers maintenance teams with a suite of tools designed to enhance operational efficiency. By offering innovative solutions that bridge the gap between traditional maintenance practices and modern technology, Fiix enables organizations to manage maintenance seamlessly, regardless of time or location.
With a particular focus on mobile capabilities and cutting-edge features like the Asset Risk Predictor and Fiix Foresight, this platform emerges as a versatile and forward-thinking solution for businesses seeking to optimize their maintenance operations. Furthermore, Fiix's CMMS takes maintenance management to the next level by embracing mobility. The ability to manage maintenance tasks from anywhere and at any time ensures full convenience and a lack of delays.
Key features:
- Work order management: Simplify the creation, completion, and recording of work orders with Fiix's intuitive work order management system.
- Parts and supplies management: Fiix's parts and supplies management feature ensures optimal inventory control and guarantees that the right parts are available at the right time for efficient maintenance operations.
- Integrations: Connect your CMMS easily with other systems through Fiix's integration capabilities and share data across different platforms for enhanced collaboration and efficiency.
- Asset Management: The platform allows users to track, control, and optimize asset performanceâmanage the entire lifecycle of assets with just one software.
And that brings us to the end of this article. Remember, the list mentioned here is not exhaustive and you could try other platforms based on your individual needs. And if you want to go one step further, you could also hire asset optimization consultants through Consultport.
We have over 10,000 experienced freelance consultants in our networkâall of whom have worked for blue-chip companies or top-tier consulting firms. Whether itâs predictive maintenance, workforce synergy assessment, or CAPEX return maximization, our consultants can take your asset management to the next level.
If that sounds interesting to you, get in touch with us now.
