Why Integrate an Equipment Monitoring System with Asset Management Software?

Helpdesk and Ticketing management software is important for businesses as it helps in monitoring tickets and solving them. When you integrate one application with another, you can get fantastic output. An equipment monitoring system can be very helpful in effective helpdesk management.

A few years back, spreadsheets were utilized for maintaining assets and data as well. However, spreadsheets are not reliable, which is why they are prone to error and data inaccuracies. The reason is that it is manual, and lots of people access it, so data can be altered unintentionally. Thus, when you track data with the help of this spreadsheet, you will find it is not accurate.

Now organizations need to move toward software that can provide data without compromising accuracy. Complex industries such as Oil & Gas, Solar energy, Manufacturing, and Agriculture have their own equipment monitoring software. If these can be integrated with asset management software, it can be very beneficial for these organizations.

Here are a few benefits you will notice when you integrate an equipment monitoring system with asset management software.

Benefits of Integrating an Equipment Monitoring System

1. Asset Tracking

According to Data Bridge Market Research, “The asset tracking and inventory management solutions market is expected to reach USD 41.24 billion by 2027 witnessing market growth at a rate of 13.7% in the forecast period of 2020 to 2027.”

For efficient asset monitoring, several asset tracking techniques are used, such as Barcode, QR Code (Quick Response Code), RFID (Radio-frequency identification), IoT (Internet of Things), NFC (Near field communication), BLE (Bluetooth low energy), etc. These techniques are helpful in providing real-time information for each asset. These technologies are used in the form of labels or tags. The tag is adhered to the assets and tracking begins!

When assets are tracked efficiently, asset theft and misplacement are avoided easily. Asset theft is a big issue; businesses lose a lot of money because of theft, and asset misplacement decreases productivity as employees waste a lot of time finding assets. All these issues are a factor for business loss.

2. Equipment Maintenance

When machines and equipment are monitored continuously, the chances of sudden breakdown or failure are minimized. The equipment monitoring system and asset management system both work in a similar way.

• It can improve production outcome.

• Increase asset life.

• Decrease maintenance cost.

• Improve asset performance.

• Enhance asset dependency.

Equipment maintenance is an important activity that keeps your equipment updated. In the long run, it is cost-effective as well. For instance, asset management software can assist you when you need to change or repair the gearbox of equipment. But repairing a gearbox is more cost-effective as it is 20-40 percent less costly without compromising asset performance.

This software provides real-time information, which comes in handy when asset maintenance is ongoing. It lets the manager know which technician is working on which work order. Furthermore, this software provides asset history, helping technicians determine if the problem is chronic or not. It also provides a checklist of work that needs to be done on a machine, allowing the technician to understand what needs to be done.

3. Accurate Decision Making

One department can help another in making effective decisions. When one system has important information that can be helpful to other people, it can enhance overall decision-making.

For example, if the production house is manufacturing some new products, then product managers can speak to potential customers about the upcoming product and create a market before the actual product is launched. Furthermore, hype can be created in the market about the product, giving businesses an extra edge.

4. Increase Efficiency

Asset management systems can play a role in optimizing daily operations. They can help managers identify areas where improvement can be made, benefiting the business and simplifying processes. Asset management software monitors assets and keeps their performance stabilized. Meanwhile, it can also be used in the calibration management of assets. When efficiency is increased in an asset, production is also increased.

In the same way, asset management can find assets that need maintenance or are underutilized. When you identify non-productive assets, you can either perform maintenance on them or sell them.

5. Reduced Error

When we are talking about data, it should be accurate, and no mistakes are entertained. But how can you identify if the data is accurate? Errors occur mostly when the human factor is involved. While tracking, even one typo error can cause you to lose the package or render the data null and void. When tracking with a unique tracking number, if the number is not entered correctly, you will not be able to track it.

Furthermore, when data is not accurate, decisions based on the data are not effective. Thus, data accuracy is crucial for business. When software is integrated with other software, they directly retrieve data from one field to another, which is very useful. It saves from entering data manually, minimizing human contact.

Conclusion

Businesses can achieve a lot with asset management software. It can play a crucial role in business growth and increasing productivity. It provides reports and statistics that can be key to business growth. It helps in understanding where you are spending money and where you need to spend to grow your business. It also lets you plan for future production. Data can reveal pitfalls and areas where your business needs improvement.

This software provides peace of mind and security to every asset in the organization. Most importantly, it can assist your financial department in performing audits and verifying assets physically. Furthermore, it is also helpful in asset depreciation calculation.

Frequently Asked Questions (FAQs)

What information is stored in the monitoring system?

Information stored in the monitoring system includes asset name, asset type, asset purchase date, asset depreciation, and other asset details.

What are the benefits of helpdesk management?

The benefits of helpdesk management include monitoring and solving all tickets, reducing asset breakdowns, health monitoring of assets, providing data that helps in business growth, eliminating ghost assets, and keeping accurate details for depreciation management.

What is the machine monitoring system?

Machines monitoring systems or equipment monitoring systems both are the same. They have sensors that are connected to the internet, providing real-time information to organizations.