4 Steps to Selecting the Best Tool for Managing Assets

Asset Management / February 2016

Updated: May 2021, August 2021, January 2022

When it comes to selecting the right asset management tool, ensuring you deploy the best solution for your company is critical. In this guide, we’ll cover four important steps. Including:

1. Reach Out to Teams That Can Benefit From Asset Management Tools

Managing your assets efficiently and effectively is a collaborative effort; most companies do not take this into account whilst deciding on their next asset management software.

For example, scheduled asset maintenance or downtime of your assets should be proactively communicated to all the relevant team members (automatically) by your asset management solution, it should not require an email from the maintenance manager.

Similarly, maintenance engineers should be able to chat/communicate with electrical/instrumentation engineers from the asset software.

Bypassing teams leads to communication outside the software which does not provide a holistic asset picture.

A highly collaborative selection will ensure high adoption levels of your asset management solution, so collaborating with all the teams on asset software selection is worth the effort.

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2. Seek New Ways to Manage Your Asset Workflows

Things that worked in the ’90s 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 need to be questioned.

3. Map-Out Competitive Advantages Offered By an Asset Management Strategy

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 than 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 system should help you to create a platform for incremental competitive advantage by implementing efficient asset management practices.

4. Research How the Solution Fits In With Your Business and Industry

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.