Asset analytics is a crucial part of many industries, including utilities and transportation. Most large businesses in these industries already use analytics to monitor and improve asset performance, but most aren’t realizing the full business benefits of enterprise analytics.
Enterprise asset analytics is an expansive field. It encompasses everything from office computers to transportation fleets and electricity meters. That often leads to a surplus of data that can quickly overwhelm staff and bury important insights.
To ensure you’re getting the information you need out of your analytics, you need to consistently monitor the data and analyze results to find details that will affect your business. Here are five tips to make that easier and more effective.
Integrate Systems to Improve Data Quality
While most enterprises understand the value of integrations, actually building strong connections between systems is still a challenge. As a result, many enterprises are struggling to establish a steady flow of information. That can be damaging in enterprise asset analytics because results depend on combining data from multiple systems.
If your company is using separate enterprise asset management software (EAM software) and analytics applications, start by making sure the two solutions are connected so data is shared between systems in real-time. Manually porting over data or even automatic updates that happen periodically can lower data quality and recency, so businesses may not be working off the best information.
You may also want to consider connecting other key systems, such as outage management systems for utilities, or operational software such as route and scheduling tools for logistics companies. These systems can provide additional context on how assets are being used to give you a more complete view.
Use IoT Sensors to Connect Assets
Many of your devices are likely already be connected to your network, but companies with legacy assets may have tools that aren’t automatically connected and transmitting information.
The IoT integrates physical equipment with information technology through sensors and other devices, allowing the exchange of data from assets to your EAM system and analytics application. Use IoT technology to connect any assets that aren’t already tuned in to your network so your analytics cover all your essential tools.
IoT has already proven to be an effective complement to traditional asset management tactics, so much so that the asset tracking IoT device market is set to triple by 2022.¹ Look for IoT asset tracking devices now, as well as how they’ll advance in the next few years so you have the best technology for your analytics.
Reduce Manual Processing
Assets create high volumes of data that quickly become impractical for humans, or even traditional statistical analysis, to sort through. Organizations can alleviate pressure on staff by using smart software to sort through data and identify patterns.
Look for a system that incorporates traditional statistical algorithms to start the process, but prioritize advanced analytics tools with AI capabilities. AI can better review data, learning what’s important as it goes and picking out information that’s important for businesses. This isn’t just more efficient, it also leads to clearer and more actionable insights drawn from a wider data pool.
Use Dashboards and Visualization Tools
Even businesses that use AI to process data have a lot of information to sift through. Graphical dashboards in enterprise analytics enable faster and simpler decision making and more effective planning.
The best analytics tools will incorporate dashboards and visualization tools like graphs and charts to help you identify the most important insights quickly. Customize your dashboards so the information that’s most important to your business is easily accessible.
Incorporate Analytics into Decision-Making Processes
Despite having advanced analytics applications and IoT technology, many businesses review analytics without incorporating insights into future investment and asset management schedules.
Make the most of your asset by using them to influence long-term financial and operational planning. Collect data on asset performance, risk status, and maintenance needs, building what you learn into predictive maintenance schedules and upgrade plans. To gain wider buy-in for your strategy, pull graphs and other visualization tools when presenting information to company leaders. By using insights to inform future decisions, you’ll help optimize your business assets so performance improves over time.
Where Will Your Enterprise Asset Analytics Be in Three Years?
Optimizing business assets can improve performance, reduce costs, and produce a higher ROI from future investments, yet many organizations deprioritize their enterprise asset analytics in favor of other priorities. That can lead to a competitive disadvantage, especially as other businesses in your industry adopt new technology and improve their processes.
Develop a strategy for improving your asset analytics and their results. This guidance will get you started, but prioritize tasks based on what metrics are important to your business and which tasks will have the greatest impact. Implement changes gradually, so your asset analytics and their performance results improve steadily over the next several years.