The new technological frontiers in the transformation of physical asset management

What is the main challenge for organizations?

The obvious answer is seen on the revenue side - ensuring the satisfaction of current customers, identifying potential customers and new needs that are the basis for growth.
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However, on the cost side there is an equally complex but more challenging challenge, which consists of knowing the cost structure in depth in order to optimize it by maximizing the efficient use of available resources, regularly analyzing potential sources of waste and allocating them appropriately where they can have the most impact and contribution.
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Optimizing resources improves operating margins and allows for better remuneration of organizations' main asset - human capital. However, there is a problem with this premise. On the team side, there are already many performance management tools, monitoring methodologies, etc., which help to increase the productivity and satisfaction of team members.
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However, for the physical assets of organizations, this data often doesn't exist. What assets do we have? What state are they in? When should they be replaced or maintained? Using concrete examples, are we using the air conditioning during periods of low use? Are we optimizing the temperature and intensity of the equipment?
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Do we leave lights on in spaces when not in use? Do we take into account the periods of greater or lesser use of spaces and the optimization of equipment according to the organization of teams, at a time when the hybrid work model seems to be the norm?
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Reinforcing the importance of this issue in the overall costs of organizations, it is important to bear in mind that the costs of air conditioning and lighting systems represent a significant slice of the total cost of operating a building, and any reduction has an impact.
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Similarly, if there are no sensors/hardware that allow us to assess the condition of the equipment in real time, the maintenance teams do not operate in a predictive manner, preparing maintenance periods in advance, but responding to unforeseen requests, which makes it difficult for them to operate in times of greater need, and limits compliance with the proposed service levels.
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Finally, given that the issue of sustainability has become increasingly important for organizations, also due to regulatory and social pressures, it is essential to be able to measure the impact of the efficiency and consumption minimization measures implemented so that it is possible to present quantifiable results of the resulting improvements, which can be audited at all times.
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And all these changes are taking place in a context in which sensor technologies, mobility and software-as-a-service solutions - i.e. those that can be used and adapted quickly to the needs of organizations to provide them with all the information they need in real time, when and how they need it - have become ubiquitous.
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Together, these transformations create the perfect conditions for the rapid implementation of effective physical asset management platforms that allow organizations to effectively manage their assets, making the most of them for better performance and extending their useful life, reducing unforeseen downtime and the associated costs, as well as addressing relevant issues such as regulation and reporting.
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And for these platforms to be effective, the interconnection with traditional management systems, adapting and integrating information is also a fundamental point.
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We are going through a unique moment in which, thanks to the combination of all these factors, these solutions have gone from being a useful platform to an essential management service. And the latest step in this evolution is technological, allowing us to meet the challenge of managing requests for the teams responsible for asset management and maintenance. It is common for them to be contacted with requests with gaps in the information, where the level of risk is not adequately identified, where the criticality of the possible failure is unclear.
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Systems incorporating artificial intelligence, such as the recently launched S.A.M., which Nextbitt has just presented to the markets in a pioneering way, respond to this challenge, allowing the problem to be properly identified and managing the request according to its criticality and its hierarchy in the requests received.
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In this way, the management of physical assets is now seen in an integrated way in management systems, improving it and providing essential data to respond to the challenges of business evolution. Because the quality of management depends on the quality of the information provided, on time and in the necessary detail.
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Source: PME Magazine

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