#2. Seek out new ways to manage your asset workflows (Innovation)
Things that worked in the 90’s may be tested and verified ways of managing assets, but may not necessarily be the best way of managing assets today.
Innovation is the foundation for long-term competitive advantage; most businesses look at asset management solutions with a view to enhancing the efficiency of current processes.
However, the effectiveness and relevance of the current asset management workflows needs to be questioned.
Your asset management software decision should help you to innovate on your asset management practices.
#3. Map-out competitive advantage offered by asset management strategy/software (Business Benefits)
Competitive advantage is often associated with new products, first to market, business scale etc. But if your assets work more often than your competitors and if your assets are better managed then your competitors – then your assets bring in an incremental competitive advantage to your business.
One of the reasons a particular airline can get away with charging twice, or in some cases thrice, the average budget airline prices is because their business assets and services are more efficient.
Your asset management software should help you to create a platform for incremental competitive advantage by implementing efficient asset management practices.
#4. Research how well your chosen asset management solution fits in with your business and industry (Design Basis Of Your Software)
Asset management software designed for your industry and well adopted by your industry will pave the way for easy adoption within your business. Most asset managers tend to overlook this point.
Part of the challenge is that industry relevant asset management solutions do not come from branded and well-known companies, but from small, niche software companies.
There is a trade-off here; just going with an industry standard solution may not offer you a competitive advantage but at the same you will not reinvent the wheel.
Asset Management Software selection quite often takes weeks (in some cases even months). Our free web tool makes it easier to shortlist and compare asset management software options in the UK.