Asset management has been a major investment for businesses for years. Transportation and shipping companies need to keep their fleets functional, while utility providers like electricity companies need their assets to function or large swaths of people will be without power.
If assets do fail, it results in costly delays, repairs, and customer service issues.
But keeping assets in top shape and ensuring they’re at peak performance levels is an ongoing challenge. It’s difficult to track assets, create an effective maintenance schedule, and identify what’s causing problems.
Here are three steps that will help you overcome these issues and improve asset performance.
How to Improve Asset Performance
Step 1. Invest in an Up-to-Date Asset Management System
Asset management systems aren’t a new concept, but they have changed dramatically with the rise of IoT technology and AI algorithms that make it easier to gather and process more data. An up-to-date system that leverages the most recent technology is the foundation you need to improve asset performance.
Invest in an asset management system that either incorporates IoT technology into its system or works well with IoT asset analytics platforms. Either option will set you up for a more complete data set that gathers information on your assets from IoT sensors and processes the data with machine learning.
The more data you have and the better the insights you get from your platform, the more likely you are to uncover information that will help you improve asset performance.
Step 2. Develop a Predictive Maintenance Plan
Once you have your platform in place, it’s time to put it to work with analytics that help you improve asset performance with a predictive maintenance plan.
Predictive maintenance is when you predict when assets will fail or start to perform less efficiently, then service them before the problem occurs. Unlike regular, scheduled maintenance, predictive maintenance only services assets when they need it, decreasing maintenance work and cutting costs. Since it services assets in need before problems manifest, predictive maintenance also increases uptime, extends asset lifespan, and improves performance.
To develop a predictive maintenance plan, use IoT asset analytics with AI algorithms like machine learning. IoT sensors will track asset performance in real-time, using machine learning to quickly spot patterns and identify problems before they cause performance issues. The system will flag maintenance needs in advance, making predictive maintenance a reality.
Step 3. Use Analytics to Improve Capital Spending and Asset Investment
Once you have a plan in place for keeping your existing assets operating at peak performance levels, you can move on to future asset investments.
Your asset management and analytics platform will help you here, too. It will combine real-time and historical data to give you insights into what, where, why, and when something has happened or might happen with your assets. This will help you better visualize asset performance, spot patterns, and identify high-performing assets.
Use the information you get to help you better plan capital spending and asset investment. For example, electricity companies can use asset analytics to identify meters that are consistently malfunctioning. To improve performance, they may decide to strategically update to smart meters that are more reliable, provide better data, and have a longer lifespan. The analytics platform can help you predict the results of investing in smart meters, backing up your capital spending plan with data and helping you incorporate higher-performing assets in your business.
Use Technology to Create Better Asset Management Processes
Technology has made it possible for businesses not only to gather large amounts of data, but also to use that data effectively. To improve asset performance, you need to leverage technology to gather and analyze data that gives you a 360-degree view of your assets and how they’re functioning.
Once you have the right information – act on it. Optimize your maintenance schedules, investments, and other asset-related processes. Continue making improvements as new insights surface, and you’ll start noticing a steady improvement in asset performance.