Achieving total asset visibility is a goal that many organisations aspire to attain. Why? Because with comprehensive visibility into an organisation’s assets, businesses can more effectively manage and utilise those resources. Regarding enterprise asset management (EAM), total asset visibility means having full knowledge of an organisation’s physical and non-physical assets. This also allows tracking and monitoring of those assets in real time. However, achieving this goal can take time due to the complex nature of most organisations’ asset portfolios.
This article will explore tips and best practices for achieving total asset visibility within your EAM program.
What Is Total Asset Visibility
Total asset visibility (TAV) is the ability to track and monitor all of your organisation’s assets in real time. This includes both physical and digital assets, as well as the people who manage them. TAV gives you a complete picture of your asset portfolio, so you can make better decisions about utilising your resources. It also helps you to recognise potential problems before they cause disruptions or financial loss.
To achieve TAV, you need a robust asset management system to collect data from your organisation’s different systems and platforms. This data can then generate reports and dashboards that give you visibility of your assets in your enterprise asset management program. By implementing TAV, you can improve your decision-making, optimise asset utilisation, and reduce risk across your organisation.
Why Is Total Asset Visibility Important?
To make confident business decisions, organisations must have visibility into their assets. Total asset visibility refers to tracking and monitoring all assets throughout the entire lifecycle, from procurement to disposal. Businesses can leverage this information to understand where assets are located, who is using them, and whether they are using effectively.
Total asset visibility can save organisations money by reducing duplication and waste. For example, if a company is aware that it has ten unused laptops in a warehouse, it can avoid purchasing new laptops until the company needs them. In addition, organisations can optimise utilisation and prevent overuse or abuse by understanding how they use the assets. For example, if an organisation knows that one employee is using a company car for personal errands, it can address the situation.
Total asset visibility can also improve employee safety. For example, if an organisation knows that a particular piece of equipment is tough to use, it can train employees on proper usage or remove the equipment from service. In addition, organisations can ensure that employees do not enter hazardous areas by understanding the location of assets.
How Does Asset Management Play Into Achieving TAV?
End-to-end tracking is critical for achieving total asset visibility. Organisations can gain insights into optimising their operations by collecting data on asset location, usage, and maintenance. Asset management systems play a crucial role in end-to-end tracking by providing a central repository for data.
By integrating with other systems, such as inventory management and transportation management, asset management systems can provide a complete picture of an organisation’s assets. In addition to providing visibility into assets, asset management systems can also help to improve decision-making by providing predictive analytics.
By analysing past data, asset management systems can identify trends and patterns businesses can use to forecast future demand. As a result, asset management systems are essential for achieving total asset visibility.
Gain Total Asset Visibility With Qbasis’ Asset Management Solution
An organisation’s assets are often its most valuable and essential resources. Yet, many organisations need help to get a clear and complete picture of their assets. This can lead to inefficient asset usage, distribution, and maintenance, which in turn can negatively impact the bottom line.
Qbasis’ asset management solution helps organisations overcome these challenges by providing a comprehensive view of all assets. The solution enables organisations to collect, coordinate, and update asset data in a single system. This helps to optimise asset usage, distribution, and maintenance and ultimately maximises the value of assets. In addition, Qbasis’ asset management solution is backed by a team of competent and reliable experts who are always on hand to support customers. As a result, organisations can be confident that they are making the most of their assets with Qbasis.