Physical Asset Verification – Objectives and Techniques
While the financial value of physical assets can be divided into three categories: (1) the purchase price, (2) the current replacement value, and (3) the salvage or residual value, the true worth of any asset lies in its ability to generate revenue for your organization. Therefore, having a good understanding of your assets, their attributes, […]
Stock Condition Audits – Asset Inspection Surveys Explained
Ensuring the integrity of your assets is critical to the long-term sustainability of any organization. Poor asset performance, deteriorating condition, poor visibility of asset health and lack of proper maintenance does not only result in financial losses but also significantly increases the safety risk which can often result in regulatory non-compliance. As assets age, they […]
The Value of Asset Data Management in a Data Driven World
Advancements in technology, automation, Artificial intelligence (AI), and Internet-of-Things (IoT) have been the driving force behind the fourth industrial revolution termed the digital revolution. Smart assets, enabled by IoT have significantly increased our ability to collect large amounts of data. In an increasingly complex and uncertain world, organizational success is defined by its ability to […]
Making Informed Decisions When Choosing CMMS / EAM
The days are gone when asset-intensive organizations depended on manual processes for day-to-day physical asset management. Automation and digital transformation have been at the forefront of the physical asset management landscape over the past couple of decades, but with that comes the question as to what Computerised Maintenance Management System (CMMS), Enterprise Asset Management System […]
