Understanding How Online Asset Management Software Can Beat The Spreadsheets

In today's pressurized business environment, executives must ensure that they leave

no stone unturned as they strive to keep the company above water, let alone try and turn a profit. The brutal recession has ensured that every measurement metric must be carefully analyzed and every opportunity for improvement seized. The executive team will soon realize that many of the old methods are far from adequate, even though they may have been considered to be acceptable in better times.

The efficiency of the business is only as good as the combined efficiency of all of its assets. Each piece of equipment is responsible for a certain task. Efficiency was traditionally measured based on performance versus its purpose. This metric alone is insufficient and our measurement capabilities archaic. Now is the time when we need to have a look at online asset management software solutions which can greatly help us gather important data for asset management in real-time.

In today's pressurized business environment, executives must ensure that they leave no stone unturned as they strive to keep the company above water, let alone try and turn a profit. The brutal recession has ensured that every measurement metric must be carefully analyzed and every opportunity for improvement seized.

Unless we are able to determine how each piece of equipment operates, we cannot hope to contain our burgeoning energy costs. For already too long a time, companies have been reliant on spreadsheets and other traditional form when it comes to the recording of asset inventory, maintenance history and relevant performance. Spreadsheets are very static tools and hardly suitable if we are to analyze pure efficiency.

In the 1980s, spreadsheets were introduced, and now that there are becoming more functional than how it used to be in that decade, the problems are still there. Fundamentally, we are not able to constantly monitor asset performance in real-time, as spreadsheets are designed to record merely a "snapshot." Online asset management software solutions, on the contrary, can give us a far greater insight and a much deeper visibility into equipment efficiency.

Online asset management software can be used to monitor every piece of equipment and can relate to benchmarks to trigger warnings and alarms. If a piece of equipment is found to be using more energy, for example, the software can immediately alert and even send a message to summon the appropriate service provider. Such would help eliminate unnecessarily lengthy downtime.

Many organizations have a very poor way of recording the asset inventories in their possession. The methods they use harp back to the old times and they may have numerous different systems in place. An organization would find it difficult to be fully efficient as it can never be fully aware of online asset management systems and asset inventory which are based on a thorough identification screen and asset tagging system.

Energy can represent more than one third of monthly expenditure for the typical business and its cost is rising dramatically. Achieving sustainability compels us to be able to take control of our energy use while we cut back on the consequent carbon emissions. In order for us to achieve this, we need to control the performance at the asset level.

Online asset management software is a far more dynamic tool when compared to the traditional Excel spreadsheet-based approach. It enables much better visibility across the enterprise and helps to eliminate confusion.

by: Daniel Stouffer

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