Digitalization means the use of digital technologies to improve or change business strategies that provide new revenue and valuable opportunities. Both internal and external asset managers use technology to manage data, assess risk, verify compliance, and meet various operational requirements.
What is Digitalization of Asset Management?
It is the system of changing a business into a digital business. Including scheduling of work, having sufficient supplies to complete work, identifying imminent failures, capturing accurate and timely data, and analyzing that data as it is computed are all part of the sap asset management process.
Importance of Digital Asset Management
As a result of digital asset management, staff can sort, store, share, and secure all of the digital assets they need to perform important business operations such as marketing, business development, and branding.
Benefits of Digital Asset Management
In 2023, digital asset management will be dominated by more dynamic workflows that encourage both teamwork and individual excellence. Many professionals have had to adjust how they work to achieve team success when they work remotely.
Phases to Maintain the Digital Asset
The maintenance management process must be comprehensive in order to meet certain criteria and goals. These strategies are decreasing overall costs of production operations, guaranteeing equipment works like it should, and maintaining a low environmental impact as well as streamlining the total maintenance activity. Below are some phases that help to maintain digital asset
Identification of work:
First, there is a need to identify or understand the problem, find out a valuable solution, and prioritize the task.
Planning:
After understanding and prioritizing there is must need to plan your goals appropriately. The organization aims to achieve improved financial performance, fiscal stability, and investment protection.
Scheduling:
Schedule and ensure the work is completed within a specified timeframe.
Work execution:
Planning and scheduling work is intended to make it easier to execute it.
Analysis:
Identifying opportunities for improvement, based on historical data.
How does digital transformation improve Asset Management systems?
Digital transformation is a process of change that involves the whole company and integrates technology into the overall strategy. It affects both organization and processes and we should be applied into all areas including management and maintenance of assets.
Teams generate vast amounts of data through predictive, preventive, and proactive approaches that go beyond what human analysis can offer. To take full advantage of this information, it is necessary to combine technical and financial indicators with the use of technologies such as IoT, Big Data, or Artificial Intelligence.
Digital transformation will promote a cultural change that will also affect technical managers, providing them with the knowledge and skills necessary for improving their areas and integrating them with the rest of the company. Here are some immediate benefits that can help discover inefficiencies and reduce maintenance costs:
- Reduction of energy consumption
- Predictive maintenance
- Troubleshooting efficiently
- Reduce operating costs
- Improve productivity
In short, when it comes to tackling the digital transformation in the company, including the asset management and maintenance area will have direct effects derived from the implementation of technologies such as cloud computing or mobility, but also a global impact on how this area is integrated into the information and decision-making processes at all levels and is related to the rest of the organization.
