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SAP asset management platforms come with a lot of benefits by providing a structured asset management framework for reliable investment planning which offer solutions that save on time and cost by presenting acceptable and sustainable levels of service delivery throughout the entire asset life-cycle at minimal risk.
Nowadays there are wonderful innovations in asset management that have seen the transition from automated asset management to intelligent asset management that assists a lot in achieving maximum value. This comes very much in handy in ameliorating service delivery that works towards driving business growth by inspiring customer loyalty. There are awesome benefits that organizations have started realizing with the installation of structured asset management platforms.
Ensures Business Continuity Through Asset Availability
Business continuity through asset availability is majorly facilitated by performance management solutions by leveraging technologies such as machine learning and the Internet of Things (IOT) to connect with assets, keep track of their performance, derive and leverage insights to optimize the usage of resources and predict maintenance requirements by giving an opportunity to organizations to manage both planned and unplanned requirements of maintenance on a single platform. The availability of assets ensures that unplanned downtime is reduced.
Real-time Collaboration with Asset Ecosystem
Reaching out to service providers, and various OEMs securely on a single platform by business teams via an asset management platform is a huge step up in aiding a secure and effective real-time collaboration with an asset ecosystem. They also provide a convenient platform for technicians to effectively connect and work together to attain optimal output.
Optimize Operational Expenditure (OPEX) and Capital Expenditure (CAPEX)
Existing asset portfolios can easily be optimized using asset management platforms since they provide a platform to easier select projects that align with corporate strategy. This helps in determining the right maintenance strategy, segmenting the assets in cases of bulkiness, and clustering for critical analysis to identify the right types of strategies to employ for convenient recommendations of further actions. With optimized CAPEX and OPEX on assets, there is a certainty that the capital asset portfolio will be optimized, the asset maintenance cost will be reduced, and decommissioning costs and asset installation will be optimized.
Maximize Wrench Time and Assets Uptime
This is one of the most common benefits that is usually associated with asset management systems. The main reason for managing assets in SAP and many other platforms is to make sure that there’s high productivity (assets uptime) and also optimize the measure of how much time maintenance technicians spend doing actual work assignments (maximized wrench time).
Enhancing Productivity by Maintenance Team
With a platform that enables easier collaboration and management of assets all from a single point, then productivity will certainly be enhanced from the outcomes which are the assets from an end-to-end basis. Management of assets that includes scheduling, a knowledgeable and adequate maintenance team will all need to collaborate through the unifying platform to achieve set objectives easily and effectively.
Intelligent Asset Scheduling for Optimized Planning
With the advent of extra-customizable intelligent asset schedulers that come with user-friendly graphical representations, it is nowadays very easy to interact with asset management systems. These advancements are one of the biggest players that ensure effective and optimized planning by the maintenance team. Effects of poor planning that might be affected by project postponing or asset rescheduling are a thing of the past with these new advents.
Regulations Adherence When Implementing Asset Management Tasks
Every field has its own regulations and rules that must be adhered to so that ethics and favorable client relations are enhanced. Be it in the field of health, security, environment, and also ICT. Managing assets using the provided systems ensures that it is within the bounds and is done in accordance with the requisite rules and regulations. This improves client trust and interest hence improving client upsurge and attaining target goals quickly and effectively. These operational standards provide a platform for effective asset management that in return make sure that there’s no downtime.
Effective Offboarding to Decommissioning
This is an end-to-end process that ensures a keen focus on the planning and execution of the decommissioning process which is usually a complex process and this is done through dedicated projects. It involves clearly capturing of all financial transactions relating to the decommissioning of assets and their management, making sure that the process is done in accordance with the agreed-upon requisites.