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8 Major Trends in Asset Management

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 All businesses, small and large, typically deal with more assets than they can manually track. Using an asset management system is often the best way to address this issue. Beyond overcoming the manual labour requirements, asset management can improve efficiency, real-time data, business intelligence, and accurate record keeping.

With technology advances, asset management is changing quicker than some businesses might be keeping up with. So what are the key trends to be aware of for the coming years? We look at eight of the top trends below.

1. Cross-vertical tracking and management

Asset management is increasingly becoming part of the whole-organisation data set driving key decisions. This is due to the availability of sophisticated technology tools that enable high volumes of real-time, detailed data.

This is occurring across a variety of industries and verticals, so no matter what industry or function you're in, you're likely to be relying on data from asset management (AM) platforms to some degree. The growing importance of data from AM platforms for cross-vertical tracking could be a strong trend for years to come.

2. Real-time data and analytics

At the same time, the most dynamic organisations are taking advantage of ready-available data about assets. This type of business intelligence could lead to improvements in behaviour, training needs, cost savings, downtime statistics, and more.

This feature can be found with SmartAsset, the best software for you to accurately manage your assets for any industry. Download a demo today and see how SmartAsset can help you!

3. Spatial context and indoor positioning systems

Gains in indoor-positioning-system (IPS) technologies, as well as location-sensing tools, could drive advancements in Internet of Things (IoT) devices and the way they're integrated into AM systems. With the right IPS and location sensors, AM platforms could be empowered with spatial context. This could set the way for consistent, high-accuracy location-awareness systems.

High costs, complex set-up, and labour intensiveness have been barriers to entry for organisations. Now, businesses are experiencing enhanced accuracy, reliability, and easier installation and maintenance. For certain industries, an accurate IPS can deliver enormous efficiencies. An example is airports that track wheelchairs and trolleys within indoor maps.

4. Layered indoor mapping

One particularly notable trend is the growing potential for indoor map layers and objects. Traditionally, maps in AM have been flat images, but with advancements in technology tools, multi-dimensional, layered, and spatially-enabled maps could become widely available to industries and verticals.

This could bring about major benefits. For example, one centralised map database could give facility managers and/or security personnel access to real-time data on everything from electrical and HVAC systems to personnel. You can track moving assets not only in real-time but also through a 360-degree perspective, whether it's vehicles used on site or stock moved from the warehouse to delivery gate.

5. Interoperability

We could see greater interoperability in AM systems in the coming years. With IoT and Representational State Transfer (REST) architecture design, AM platforms of the future could increasingly integrate with other types of systems; that is, third-party platforms.

The potential benefits of this data sharing could include more real-time visibility on all kinds of assets and their status across the enterprise. Systems based on REST architecture could, for example, provide a single, centralised database designed around a map. In addition, alerts can be set up if an asset passes through, say, a designated geofence. Outcomes of this greater visibility could include increased workflow efficiencies, improved decision-making, and tighter security.

6. Artificial intelligence

Greater adoption of artificial intelligence (AI) could benefit AM systems in multiple ways. For example, AI could be used to set up automatic reminders for when assets need maintenance, based on AI predictions. AI can locate in real-time assets requiring attention or repairs. Integrated into the AM platform correctly, AI ultimately allows businesses to improve workflows and enhance operations.

7. Mobile-ready platforms

Increasing mobile capabilities in AM platforms could further accelerate in the coming years. Just like consumers shifting to mobile for their shopping, employees use their mobile devices in replacement of their laptops and desktops during work hours.

The best AM solutions such as SmartAsset feature mobile capabilities that empower staff to seamlessly access asset data and enter updates, regardless of their location. And with the increasing sophistication of smartphones, staff can use their phones to scan and collect, upload, and share detailed data about assets.

8. IoT-enabled tracking

IoT allows organisations to track anything from heavy equipment and entire vehicle fleets, to smaller assets like trolleys, parcels, crates, and pallets. With IoT and the real-time data it provides, businesses could increasingly make quicker and better decisions on anything related to their assets.

As businesses learn about how to integrate IoT-enabled tracking in the best way to their business models, they could drive operational efficiencies, improve their bottom line, and even create new business opportunities. New business opportunities could relate to how assets - now completely trackable - can be sold as a service instead of a product.

For example, instead of selling a transport vehicle such as a rail wagon, businesses can now lease it out by the hour. Businesses can also market kick scooters, freight equipment, and other transport tools by highlighting IoT-based tracking features that allow owners to quickly locate lost or travelling items.

Take advantage of the benefits offered by these trends

These top trends could continue having a significant impact on how businesses maintain and track their assets in the coming years. With sophisticated tools like AI and detailed mapping, organisations can have access to increasingly detailed and accurate insights, helping them make smarter decisions and better manage their operations.

Smart Asset offers a best-in-class asset management platform, and our product features powerful mobility, machine learning, and artificial intelligence. Contact us for a free demo or to discuss what your business needs are. Alternatively, find out more by clicking through to request a brochure now.

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