Companies are always looking for ways to be more competitive in their industry. Utilizing technology is one way a company can become more competitive. If your company has remote assets that are time consuming and costly to manage then asset monitoring soluitions may be able to optimize your operations.
Assets are things such as inventory, equipment, machinery, facilities or real-estate and your assets can be mobile or stationary. Whatever your assets are, they have data that is valuable to your operations. There are three key ways that asset monitoring solutions can help optimize your operations.
Time – Remote assets are time consuming to maintain:
Remote assets typically require a field crew to collect data and monitor the current status of the asset. Information from remote assets is not always timely and decisions are often made based on assumptions because data cannot be collected soon enough and often the asset is so remote it is not even practical to drive out to the site when the data is needed.
Costs – Manually maintaining remote assets can create costly mistakes:
Field crews put on many miles in a year driving around to assets collecting data and there is a direct cost associated with operating and maintaining field crews. Depending on your operation human error can accumulate expenses rapidly. This includes making decisions based on assumptions from bad or old data. There are many other expenses related to managing remote assets:
Examples of expenses related to managing remote assets:
- Field service crews (travel and accommodations)
- Health and Safety systems require two staff on site
- Subcontractor down time
- Machine and equipment down time
- Trucks picking up or delivering partial loads of product
- Lost revenue
- Pills and clean ups
- Tank monitoring and inventory control
What expenses are incurred in your operations when decisions are made based on assumptions or old data regarding your assets? We would like to hear about them, please email them to:
Risk- There is inherent risks trying to maintain remote assets:
Risk mitigation is not something every company thinks about until an incident happens, unless it is health and safety. Climbing ladders, going into hazardous locations, and dealing with hazardous materials are some of the more obvious risks a company faces on a day to day basis when maintaining remote assets.
What about the health of your remote asset? Does it have potential to create an environmental disaster where heavy fines and clean up costs could be incurred, or does it incur expenses when something malfunctions and is not reported?
If your assets have escalating costs to manage and they are time consuming to maintain, or if your operations come to a grinding halt because of mismanaged remote assets, then you may be interested in learning how an asset monitoring solution can help manage your assets.
1. Save Time
An asset monitoring system communicates data in real time from your asset to a cloud based server. The cloud based server will provide accurate real time data, historical data and data trends to help with your decision making process. When a decision is required the asset monitoring solution allows your decision making process to be based on real time data from your assets. View the data online, download it and share it with your stake holders, or give your field managers their own secure login so they can manage the assets they are responsible for.
Your assets can be viewed from any internet enabled device such as your cell phone, tablet, or desktop computer so timely decisions can be made in your office, from the field, or in front of your customer.
2. Save Money, Increase profit, Increase revenue
Knowing what is happening with your remote assets is vital for your field operations to run smoothly and efficiently. Knowing what is happening with your remote asset will eliminate the guess work and decisions can be made based on real time data. Having accurate data allows you to make good decisions so you can maximize your efficiency based on accurate data from your remote assets.
Monitoring remote assets and having a proactive maintenance program can prevent downtime, equipment damage, and minimize disasters before they happen with a real time early warning alarm system.
There are many ways to save money and increase profits by monitoring your assets in real time, but how can you use a monitoring system to increase your revenue? There are many operations that lose sales due to the lack of inventory, or not being able to deliver product because equipment or machines are down. Increase your revenue by monitoring real time inventory to ensure there is always product available to sell to your customers.
3. Mitigate Risk
There are many ways to reduce exposure to health and safety issues. Monitoring sensors in hazardous or dangerous areas will minimize your company and your staff’s exposure to potentially hazardous situations.
Asset monitoring solutions can mitigate risk in a few ways:
- Real time data ensures your assets are running the way they should,
- Early warning to prevent an alarm event from escalating,
- Allow staff to monitor assets without exposing them to hazardous situations,
- Protect equipment and assets from misuse, vandalism, or theft.
Knowing what your assets are doing in real time 24/7 will help mitigate the risks associated with your operations.
We would be happy to discuss your operations and provide a free evaluation on how your company could benefit from an asset monitoring solution.