Undoubtedly, maintaining accurate and up-to-date asset data is crucial for the success of an enterprise. In fact, according to a recent survey, 64% of organizations reported that they experienced lost productivity due to poor data quality.
This is where corporate asset visibility comes into play. Enterprise asset visibility, with its end-to-end asset tracking and monitoring capabilities, may improve data integrity across all enterprise asset management activities.
In this article, we will discuss the significance of corporate asset visibility and offer practical advice on how companies can improve their asset tracking and monitoring capabilities. Just keep on reading.
Enterprise asset visibility and why it matters for businesses
What is total asset visibility? Enterprise asset visibility is the ability to track and monitor assets across an organization, from acquisition to disposal. It gives companies a complete picture of all enterprise assets, including their location, status, and utilization.
But why is enterprise asset visibility important for enterprise software development?
Businesses must maximize the value of their assets now more than ever. However, lots of companies fail to keep accurate and up-to-date asset data, resulting in inefficiencies and increased expenses. This is where enterprise asset visibility and IT asset discovery can make a huge impact, as it allows businesses to make informed decisions, optimize asset usage, and anticipate asset-related problems before they occur by giving real-time visibility into asset data.
Furthermore, corporate asset awareness can assist companies in meeting regulatory requirements. Many industries, such as transportation and manufacturing, have strict asset management laws. Failure to comply with these regulations can have serious implications, such as penalties and legal liabilities. Businesses can use enterprise asset visibility to maintain compliance and avoid potential legal issues and financial risks.
Common challenges faced by businesses when it comes to managing asset data and maintaining data integrity
Managing asset data and maintaining data integrity can be a daunting task for many businesses because of the few common challenges:
- Disparate systems and data sources: Companies frequently utilize several systems and tools to manage their assets, resulting in disjointed data and inconsistencies. This makes it difficult to keep accurate and up-to-date asset data.
- Lack of visibility into asset data: Without real-time asset data visibility, companies cannot make informed decisions about asset utilization, maintenance, and replacement.
- Manual data entry and errors: Manually entering data into asset management systems can be time-consuming and error-prone.
- Inadequate training and resources: Employees may not know how to use asset management systems successfully if proper training and resources are not provided, resulting in data input errors and erroneous data.
- Security and privacy concerns: To avoid potential breaches and legal obligations, businesses must protect the security and privacy of their asset data.
- Lack of data standardization: Maintaining data integrity requires standardizing asset data across the company. Businesses may struggle to maintain consistency and accuracy in asset data because of the absence of established data standards.
The benefits of improving data integrity across the asset management process
Improving data integrity across the asset management process can bring a range of benefits for businesses.
- Better decision-making: Accurate, real-time visibility into asset data enables organizations to make informed decisions about asset use, maintenance, and replacement. This allows companies to optimize asset utilization, reduce downtime, and minimize maintenance costs.
- Reduced costs: By improving data integrity throughout the asset management process, organizations can minimize the risk of inaccurate or duplicate data, resulting in lower maintenance costs, fewer equipment breakdowns, and lower inventory costs. Additionally, organizations can avoid potential compliance issues that can lead to costly fines.
- Increased efficiency: Accurate and up-to-date asset data enables companies to streamline legacy application modernization services, reduce manual data entry, and improve data sharing between different departments.
- Improved collaboration: A centralized and standardized asset management system enables companies to improve collaboration between different departments and stakeholders. This allows for better communication, better workflows and a more collaborative approach to asset management.
Best practices for achieving enterprise asset visibility
Achieving enterprise IT asset visibility can be challenging, but there are several best practices that businesses can adopt to improve their asset tracking and monitoring capabilities. Here are some effective strategies:
Implement asset tracking software
Implementing asset tracking software helps businesses automate the asset data collection process and maintain accurate and up-to-date asset information. Such software also provides real-time visibility into asset usage, location and maintenance history, helping organizations optimize asset utilization and reduce downtime.
Standardize data entry methods
To ensure data integrity in the asset management process, companies should use standardized data entry methods. This includes defining data fields and categories, creating naming conventions, and implementing data validation rules. Standardized data entry methods help businesses eliminate data entry errors, discrepancies and duplication, resulting in more accurate and reliable asset data.
Leverage mobile technology
Mobile technologies such as smartphones and tablets can provide businesses with powerful tools for real-time tracking and monitoring of assets. Mobile apps allow employees to collect asset data, track asset locations, and perform maintenance tasks from anywhere, making it easy to maintain accurate and up-to-date asset information.
Conduct regular audits
Regular asset data audits help organizations identify and correct data inconsistencies, duplications, and errors. This may include performing physical inventory checks, validating asset data, and validating asset data against financial records. Regular audits help organizations maintain data integrity and ensure asset data is accurate and up-to-date.
Integrate asset management systems
Asset management system integration enables businesses to streamline asset management processes, improve data sharing, and increase visibility of corporate assets. This may include integration of other systems such as asset tracking and financial management software, procurement software, and enterprise resource planning (ERP) systems.
The importance of data governance and how to establish effective data governance practices
Effective data governance is crucial for maintaining data integrity and achieving enterprise asset visibility. Data governance refers to the overall management of data within an organization, including policies, procedures, and standards for data collection, storage, processing, and usage. Here are some key considerations for establishing effective data governance practices:
- Define data governance roles and responsibilities: Establish clear roles and responsibilities for managing data governance, including data stewards, data owners, and data custodians The data steward is responsible for ensuring the quality and integrity of the data, and the data owner is responsible for ensuring the accuracy and completeness of the data. Data custodians are responsible for maintaining the security and confidentiality of their data.
- Develop data governance policies and procedures: Establish data governance policies and procedures that define how data is collected, processed, stored, and used within your organization. This may include data quality standards, data security and privacy policies, and data retention policies.
- Establish data quality metrics: Define data quality metrics that measure data accuracy, completeness, and consistency. This may include establishing data validation rules, conducting regular data reviews, and measuring data quality against established benchmarks.
- Implement data governance technology solutions: Implement esg management software that support data governance practices, such as data governance software, data quality tools, and metadata management systems. These tools can help businesses to automate data governance processes, ensure data quality and integrity, and facilitate data sharing and collaboration.
- Provide data governance training: Provide training to employees on data governance policies, procedures, and best practices. This can include data governance awareness training, data quality training, and data management training.
Examples of successful enterprise asset visibility and data integrity initiatives in different industries
Asset visibility and data integrity can benefit companies across numerous industries. Here are brief examples of how different companies have successfully implemented such initiatives.
Large manufacturing company Caterpillar Inc implemented an asset tracking system within enterprise facility management software that uses barcode scanning and GPS technology to track real-time asset location and status.
Skanska, a construction company, implemented a mobile app that allows field workers to track and update asset information in real-time.
Transportation company Union Pacific Railroad implemented a predictive maintenance system that uses machine learning algorithms to predict when assets are likely to fail and schedule maintenance accordingly.
The Cleveland Clinic, a healthcare organization, implemented an asset tracking system that uses RFID technology to track the location and status of medical equipment.
Retailer Macy's implemented an inventory management system that uses RFID technology to track the location and status of inventory items in real time.
These examples show how companies across industries can improve operations, reduce costs, and increase customer satisfaction by implementing custom enterprise software asset visibility and data integrity initiatives.
How to measure the success of your enterprise asset visibility and data integrity efforts
Measuring the success of total asset visibility and data integrity efforts is crucial to understand the impact and ROI of the initiatives implemented. Here are some ways to measure the success of these efforts:
- Reduced Costs: One of the primary benefits of improved visibility and data integrity for enterprise resources is reduced costs. The cost of maintaining assets can be reduced by optimizing asset utilization and minimizing maintenance costs. Companies can measure cost savings by comparing current and previous costs before implementing an initiative.
- Increased Efficiency: Improved enterprise asset visibility and data integrity lead to increased efficiency and productivity. Efficiency can be measured by comparing the time it takes to complete a task or process before and after an initiative is implemented.
- Better Decision Making: Better data quality leads to better decisions. The success of their efforts can be calculated by analyzing how their data quality improved and how many decisions were made based on accurate data.
- Improved Customer Satisfaction: Improved enterprise asset visibility and data integrity can lead to better customer service and satisfaction. You can measure it by conducting surveys or analyzing customer feedback.
- Compliance: Improved enterprise asset visibility and data integrity can help businesses comply with regulations and avoid penalties. For its measurement, you can conduct audits or analyze compliance reports.
Future trends and innovations in enterprise asset visibility and data integrity
There are several emerging trends and innovations in enterprise asset visibility and data integrity that businesses should keep an eye on. Here are just a few:
Artificial Intelligence (AI) and Machine Learning (ML): AI and ML are being increasingly integrated into asset management systems to improve data accuracy and integrity. They can collect large amounts of data to identify patterns and insights that are difficult to detect manually, improving asset visibility and maintenance.
Internet of Things (IoT): IoT-enabled devices can monitor and track assets in real time, providing accurate and timely data to asset management systems. This helps optimize resource utilization, reduce maintenance costs, and improve data integrity.
Blockchain: Blockchain technology can be used to create secure, decentralized databases that help improve data integrity. It provides an immutable record of asset ownership, transfer and maintenance history, reducing the risk of data corruption or manipulation.
Cloud Computing: A cloud-based asset management system enables real-time data access and collaboration, improving asset visibility and data integrity. It can also reduce infrastructure costs and improve scalability.
Predictive Maintenance: Predictive maintenance uses data analytics to predict equipment failure before it occurs, reducing downtime and maintenance costs. This improves asset visibility by providing accurate data on asset health and maintenance needs.
Augmented Reality (AR): AR helps improve asset visibility and maintenance by providing technicians with real-time data and instructions. It also helps train new technicians and reduce the time required for maintenance.
Learn how Apiko's custom software solutions can help your business achieve enterprise asset visibility and streamline your asset management processes. Contact us today to discuss your unique needs and goals.Business growth