The marketplace is a constantly shifting environment, where survival requires the ability to adapt quickly and adapt well. 2013 saw more and more companies using tools like big data analytics or business intelligence to measure where they stood in their marketplace and how their customers went about making purchase decisions. The reason for collecting and analysing huge amounts of customer data is simple--the more one knows about the demands of one's marketplace, the better one can adapt their business to suit those demands.
While measuring data generated by customers is certainly important to a company's strategy, it's also essential to keep track of data regarding internal processes. This is especially true of companies in capital-intensive industries like utilities, mining, IT and manufacturing, where a company's assets are a large part of what makes it function. For these companies, enterprise asset management is not just a way to minimise the overall cost of owning an asset: it's a way to collect important data that shows how a company is standing up to market demands.
Like the reams of data generated by customers, collecting and analysing the data involved with a strategically sound enterprise asset management policy comes with its challenges. Effective enterprise asset management requires frequent and accurate stocktaking, which is both laborious and nearly impossible to accomplish with paper records systems. Like the companies that require giant data warehouse systems to analyse customer data, companies that benefit from enterprise asset management require well-designed software and electronic asset tracking systems to minimise errors and speed the process of stocktaking.
Investing in an effective enterprise asset management policy is one step a company needs to take in order to adapt to the demanding environment of the marketplace. Strategically sound enterprise asset management can be a challenge, and your company may well find it most economical to bring in a team of experts from time to time when asset data must be collected efficiently. Reduxo specialises in efficient, effective enterprise asset management; contact us to find out more about how we can help your business adapt.