Three terms- digitization, digital transformation, and digitalization-often come before you go through IT-related content. You perhaps consider all of them the same. Right? Well, these three are different. The IT terms- digitization and digital transformation together describe digitalization.
Are you Puzzled? Let’s clear up the air.
Digitization is about creating a digital version of physical workflow or processes. For instance, turning the paperwork into digital work is an initial step of digital asset management.
On the flip side, digitalization is about digital technology leverage that creates ample opportunities for the business. For instance, the digital work orders allow the company to gain rich insights that help in improving the current processes.
The digital transformation involves:
- Digitizing the work orders.
- Using the insights to improve current work orders.
- Focusing on rolling out the slew of changes organization-wide for optimal growth.
Now, you are pretty straightforward with digitalization; it’s about jumping on the digital bandwagon that improves business processes. After getting clear with the digitalization term, we will understand how it benefits asset management.
Before diving deep to understand how asset management digitalization brings high ROI, let’s take a quick look at asset management.
Asset management is about managing the assets to keep the asset running, increasing the output, and diminishing the overheads through reduced downtime and proactive repairs. Well, asset management is not straightforward. It involves multiple variables such as planning, scheduling, controlling, budgeting, and more. Also, businesses expect minimum costs with diminished repairs and replacements. However, we can’t achieve it unless the digitalization of asset management has been embraced.
Take A Sneak Peek Inside At Digitalization Of Asset Management.
It includes all the elements that are part and parcel of the asset management process like- work schedule, gathering accurate data in real-time, instant data analysis, finding failures, identifies trends and behavioral machine patterns, and much more. The asset-intensive organizations working using the legacy business model find asset management- a daunting task. The digitalization of asset management proves to be a worthwhile undertaking due to the big bundles it generates in the long run.
However, the companies are still raising questions like- how digitalization can make the processes better and contribute to getting the best ROI. Here, we have enlisted the benefits that let you know how digitalization can help your company digitally transform and raise a toast to success.
The Exclusive Advantages You Enjoy With Asset Management Digitalization.
Facilitates remote asset monitoring
Remote asset monitoring has become a trend, but standard approaches and models won’t provide enough insights that make data analysis impossible. That’s where investing in AI-powered tools allows businesses to view the operations holistically through rich insights from the existing data. The easy-to-use tools are fast to deploy and available at reasonable rates.
The business can filter the noise and analyze voluminous data at speed. It helps in creating value from the complex information, which is of little use. The precise remote monitoring reduces operational risks, enhances control over the production, and drives higher returns from assets.
Reducing unplanned downtime
In asset-heavy industries, unplanned downtime brings huge revenue losses because the production gets halted unexpectedly. That’s where AI-powered tools detect the anomalies before they cause any mechanical failure. The tools continuously analyze the machine output, and when any variation in the work is detected, the concerned person is immediately alerted for the same. The proactive action helps in preventing the massive failure that stops the production. Thus, the ROI won’t get missed altogether.
Improving equipment effectiveness
Traditionally, it’s challenging to keep regularly measuring the equipment operations with real-time data capture. It enables tracking equipment availability, performance, and quality. The OEE (overall equipment effectiveness) counts on operations speed and uptime while eliminating the scrap. The OEE gets improved when the organization has insights into the production information in real-time so that unexpected issues are predicted and prevented before they worsen the machine condition and leads to failure.
The ML tools with remote asset monitoring allow organizations to watch the asset operations, understand the asset impact on the production line, and know about the influence of unplanned downtime. The deep analysis improves OEE.
Minimizing labor work
Wearing the labor’s lens, the repeat work orders are not less than rework and scrap. Besides, fixing something that’s previously unsuccessful costs millions of losses to the company. If the first few work orders get misdiagnosed, the work orders suffer from a similar problem. The AI tools have an answer to this problem with the remote monitoring facility. The tool facilitates systematic analysis and effective diagnosis of anomalies and variations in the production line or asset operations with continuous learning. Thereby the technical staff can fix the problem at the right place without checking the whole system.
Planned maintenance
When the operations turned offline for repairs, replacements, or maintenance, the system needs rest for planned maintenance. Irrespective of downtime type- planned or unplanned, both kinds of downtime halt the production and operations. It signals must minimize the downtime with maintenance activity optimization.
The remote monitoring allows organizations to figure out when all the issues will pop up to plan the maintenance of everything together, which reduces multiple planned downtime—killing more birds with one stone.
Conclusion
Post-pandemic, the preferences for monitoring, controlling, and managing assets remotely has got a facelift. The trend has expected to continue in the years to come. Arming up asset management with digitalization is the best decision to grow ROI by manifolds. It makes perfect sense to replace traditional asset management with the digitalization of asset management to cherish the success with many perks.
Are you interested in going beyond conventional asset tracking? Don’t know how to take things further? Our business consultant and technical analyst would help you with digital change. Let’s get connected.