The Power of Data as an Asset: How to put the information you have to work

More than ever, businesses are swimming in data. From records of work orders and maintenance requests to inventory lists, organizations are oozing useful information. They might realize that knowledge is there but need a little help knowing how to leverage all that goodness to boost operational productivity and save money.

Luckily, as the saying goes, knowing is half the battle.

The other half? Applying and collecting that data in a way that not only optimizes efficiency and drives results, but also easily engrains itself into the day-to-day of the organization.

The good news: this doesn’t have to be complicated or time-consuming. You can use the asset management data you already have to work smarter, not harder.

Organizations have data — but how to gather and use it?

Many industries, including healthcare, education, manufacturing and more, are all sitting on valuable data — they just aren’t using it.

Whether it’s reluctance to new tools and tech or a workforce that is increasingly in flux, businesses that don’t leverage this information will lose institutional knowledge as the shifts change and miss out on long-term cost-saving opportunities illuminated by understanding the data.

As cloud computing, artificial intelligence, and big data analytics make information easier to gather and use, businesses can make better decisions on everything ranging from sales forecasting to real-time location of inventory.

Work smarter and faster with asset management data

Tracking asset data allows teams to be more proactive and strategic in their management approach. Industries rely on this information to keep operational costs down. Without it, managing a facility or its workflows effectively can be difficult, especially if employees need time to physically move from place to place.

Say you have a machine that breaks down every nine months. It shuts down your whole operations until it is fixed. You pay a rush job to get a technician in on top of additional fees to overnight the parts. But, if you can schedule preventive maintenance before it goes down, business can carry on as usual (and you won’t have to pay top dollar for an emergency fix).

The information is there, and knowledge helps you get ahead of potential issues and ultimately, save some money in the long run.

By providing insights into where assets are being used or misused and giving operations leaders the tools to plan for future growth or emergency maintenance, organizations can do business in efficient and cost-effective ways.

Use the data you have on hand to improve and scale operations

Operational strategy is best when it happens at the intersection of data and processes. By tracking the history of your assets and monitoring how they're being used, you can cement operational changes that will save money and time.

If you know your fleet of work vehicles is nearing the end of their lifespan, you can budget to replace them ahead of time — not when it’s too late. Or, if you have a big project on the horizon, you can ensure you’ll have the workforce ready to tackle any job. Using data can help you make strategic upgrades or changes to keep operations moving smoothly, even in times of growth or uncertainty.

Your SaaS solution should be a collection of tools designed to understand your assets and how they function in their environment. With the power to use the data already available, you can monitor trends over time and make adjustments based on existing information — and level-up your operations.