How Asset management software benefits a business

by Carter Toni

Singapore is one of the prime business destinations and hub of economic activities in the APAC region. As it serves as a prominent global connector of business between Asia and the rest of the world, Singapore also offers ample opportunity of growth for the businesses in the country. As we have seen, the recent pandemic has impacted most of the businesses in the country significantly, and now that we are aiming to bounce back stronger, we also need to deal with the lack of human resources caused by disruptions to global connectivity. This is where optimisation of your company’s resources by using an advanced asset management software has become the need of the hour.

Leading Singapore businesses in all verticals are already using cloud-based enterprise asset management software to run their asset management activities seamlessly and efficiently.

There are various ways in which a world class asset management software can optimize operations for a business. The most advanced solutions come integrated with tech such as AI, automation, digital analytics, and Internet of Things etc. By deploying the software, you are not only able to streamline your operations, but also enhance predictive maintenance of your business assets. Since the leading software is based on cloud platforms, it allows easy anytime, anywhere access across devices.

However, before you jump on to a cloud-based asset management software or ERP system, you must consider a few points that will help you in selecting the right option. First of all, the software provider should be reputed and experienced in the international markets and also offer local tech support in Singapore. Further, the software should offer the ability to seamlessly manage various critical assets across industries such as power generation, civil aviation, manufacturing industries, educational institutions, retail businesses, commercial buildings and real estate projects etc.

When you use such an enterprise asset management software for your Singapore business, it will offer the following advantages:

  • It will facilitate effectively management of all maintenance needs through integrated analytics and predictive maintenance approach
  • You will be able to reduce equipment risks for heavy machinery such as cranes, construction equipment etc through better safety adherence
  • There would be easier regulatory adherence through compliance tracking and utilization of asset tracking tools to keep things audit ready
  • Operations will become streamlined and you will enjoy superior asset performance to generate better ROI

The cloud ERP system would offer holistic lifecycle management of business assets at all stages such as: 

Planning – The software gives you full control over the asset acquisition process. It will facilitate planning, budgeting and approval through a single application

Acquisition – It will handle the entire acquisition cycle starting from commissioning of new assets and managing supplier contract to handling payments and other such tasks that can be automated by the ERP system

Deployment – Get worry free Installation and commissioning or maintenance of a fixed asset and induction of new equipment

Management – A world class software would come with robust maintenance programs and work management processes integrated failure analysis as well as RCA options to better management of the assets

Retirement – One of the most challenging aspects of asset management is the asset retirement process. However, a cloud-based platform would reconcile all the data from the asset retirement proposal to options like asset scaling up and scrapping to ensure optimized asset retirement

Further, the software would also offer other benefits such as:

  • Easy cloud accessibility through desktop and mobile devices anywhere, anytime
  • Zero UI powered by Cognitive intelligence
  • Better maintenance planning, crew rostering, risk mitigation, planning and predictive maintenance
  • Holistic visibility of business performance, operational costs and return on assets etc
  • Customized dashboards that provide real-time insights, automated MIS delivery, real-time work order status tracking and live asset tracking on maps

When you use a cloud-based asset management software, you not only get peace of mind, but also a great opportunity to leverage your business assets and grow faster in the competitive Singapore business landscape!

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