Choosing the Right Asset Management Software for Your Business

With an extremely large number of clients to be catered, modern operations and projects tend to get highly complicated with a lot of moving parts. Whether it’s a large number of assets, materials, employees, or clients, managing the logistics of all these elements is crucial to ensuring maximum productivity, and profits. This is where Asset Management Softwares come in! 

Organizations using traditional tools and processes generally struggle to manage all the moving parts of their projects and get the highest efficiency possible. That is why, an increasing number of organizations are looking to adopt asset management software to help them keep track of all elements and maximize their productivity.

Things to consider before buying the right asset management software

After having done extensive research on why Asset Management Tools will be great for you, you might be feeling eager to explore a few options and get your company set up with Asset Management as soon as possible. However, it is crucial to take a few steps before buying the Asset Management software of your choice. 

Set the primary objective 

Getting excited by everything that asset management can do for you is normal. However, it is crucial to do a thorough audit within the organization and come up with the actual objective that your organization wants to achieve by using any asset management software. This ensures that you don’t overspend on any software and choose only the tools that serve your requirements.

Identify your assets

Identifying the assets in your organization is crucial for getting an inventory of your company’s assets and then choosing an asset management software vendor based on their speciality of handling a certain class of assets. 

Discuss within the organization

Before you finalize buying new software, discussing it with your teams is crucial. Since your employees are the ones who’ll be using the software, getting them onboard with the idea ensures that there is minimal friction during and after implementation.

Once you’ve carried out these initial steps, you might move towards comparing the many alternatives to choose one that works best for you. During a comparison, you might come across a ton of features all vying for your attention. However, it is important to choose an option that offers high quality in some of the most essential features. 

Essential features to look for in your asset management software

New Asset Tracking Softwares come with a plethora of features to help distinguish themselves from the rest. However, some options do skimp on building out the main features in an attempt to woo users with an extensive feature list. While it is never a bad idea to choose an option that offers more features, it is crucial to look out for the essential features and their quality as well! 

Real-time tracking

The ability to track the assets, materials, and other elements of your project in real-time allows you to stop errors from happening before it’s too late and allows you to optimize the purchase of new materials to reduce wastage. 

Customization

While projects or operations in an industry might have many similarities, each project will have some differences. To help accommodate this, it is important to look out for tools that can be customized according to your exact requirements, hence simplifying work and boosting efficiency. 

Reporting and Analytics

Using new-age tools to track assets should also come with the ability to receive auto-generated reports based on the data tracked. This would allow you to see the longer-term impacts of changes in logistics and plan accordingly. 

Choosing the right vendor 

The vendor that you choose for supplying and implementing the asset management software can completely change your experience with the tools and how much you benefit from them. 

An experienced vendor would generally assess the current situation of your organization and plan accordingly to avoid any potential stumbling blocks. Hence going with an experienced vendor would drastically improve your chances of success, in addition to the factors mentioned below. 

Reputation and reviews

A vendor’s reputation and reviews speak volumes about their capability of delivering what’s promised to their clients. Asking for testimonials and seeking the vendors’ track record would let you gauge the experiences that their clients have had with them in the past, to give you some assurance of quality work.

Support

Implementation of any new software tools requires a lot of support and assistance from the vendor. The support offered by the vendor acts as a testament to their experience and can completely transform your experience with the software, minimizing any friction and helping your employees get used to the tool. 

Projects

Looking at a vendor’s body of work gives deep insights into the vendor’s competency. Additionally, exploring case studies of the work done for clients in the same industry as you gives you more insight into how much the vendor could deliver for you. 

Scalability

As the size of your operations and projects grows, the software being used would also need to adapt and scale. Hence choosing a vendor who has demonstrated the ability to keep up and scale with the client’s requirements is essential. 

Why choose Twinsights?

Twinsights has been created to serve as the digital stage for critical project and asset data, that can deliver byte-sized and dynamic geospatial insights for strategic decision-making. We follow a thorough process to get a complete understanding of our clients’ requirements and tailor our software accordingly. 

In Twinsights, we offer not just the essential features, but also a host of innovative features that help you do a lot more. 

  • Digital Twins
  • Integration of Artificial Intelligence
  • AR/VR Compatibility

and much more! 

Explore Twinsights, all of its capabilities, and all it can do for your organization! 

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The Rise of Digital Twins Technology

With the construction of a growing number of ambitious infrastructure projects, and organizations undertaking increasingly complex operations, Digital Twins technology has seen an explosive increase in adoption across the globe. Whether it’s building large skyscrapers or testing the feasibility of getting employees back to work, Digital Twins technology has simplified planning and helped ensure the successful execution of projects across a variety of industries. 

But how did Digital Twins get so popular? How is it different from CAD or Modelling? Why is everyone adopting the Digital Twins technology? We’ll explore all these questions in this blog. But before we begin, let us briefly understand what Digital Twins Technology is.

What is Digital Twins Technology

As the name suggests, Digital Twins Technology helps create a digital likeness of your project or operation. One of the use cases of this digital version is that it allows organizations to simulate their projects and see how they behave in various scenarios without having to make changes to the real project. But how is this different from CAD or Modelling? 

Digital Twins vs CAD and Modelling

Digital Twins technology has been born from CAD and Modelling technologies. These technologies allow you to create a digital simulation of your operation and see how it performs in different scenarios. Digital Twins Technology takes this one step further, allowing users to not only simulate but also add data from other systems to get a deeper understanding of the current situation and what might happen in the future. But this is not all that differentiates Digital Twin technology!

Benefits of using Digital Twins

Digital Twins Technology opens up completely new opportunities for organizations across the board. 

Drastically reduce the time to market

In getting to market, organizations spend a lot of time when creating and designing their products or services. Digital Twins allow organizations to rapidly prototype their products, reducing the time it takes to get to market.

Help improve product quality

Simulating a product’s manufacturing allows companies to identify potential flaws and errors, helping them improve product quality before it gets to production. 

Allows for making real-time adjustments

Using digital twins technology for projects allows the project managers to get real-time updates on the progress. This also allows them to make changes in real-time to avoid potential problems. 

Increase Environmental Sustainability

Designing and testing a product virtually allows organizations to reduce the excess material in product design, hence improving environmental sustainability. 

Make completely data-driven decisions

Digital Twins technology gives organizations access to real-time data throughout their operations. This allows the management to make informed, data-driven decisions, helping boost productivity. 

Boost Efficiency and Profitability

Virtual simulations of operations allow management to tweak operations and see the impact of their decisions without having to make any real-world changes, helping improve efficiency and long-term productivity.

As per a Gartner projection, the market for digital twins is set to reach $183 billion by 2031, and organizations across industries and the world are benefitting from the opportunities opened up by the Digital Twins technology. Let’s explore how this technology is helping industries make a great impact!

Source: Precedenceresearch

How various industries leverage Digital Twins technology

Aviation 

The aviation industry uses Digital Twins technology in various departments. From optimizing engine construction for higher fuel efficiency to simulating operations for improving connectivity, this game-changing technology makes a lot possible for the aviation industry. 

Consulting

Organizations such as TCS utilized this technology to simulate the work environment as more and more employees came back to work from the office and plan accordingly for all possible contingencies. Source: CNBC

Manufacturing 

The process of manufacturing benefits greatly from the use of Digital Twin technology as it allows for the testing of new products before they’re put into production, predictive maintenance, and much more. 

Space

Organizations such as SpaceX have used this technology to maximize reliability and safety by monitoring and adjusting the trajectory, propulsion systems, and many other aspects of the spacecraft. 

Automotive

From streamlining assembly and manufacturing to designing and prototyping new vehicles rapidly, the automotive industry uses digital twins technology to continuously push the boundaries for this industry.

Infrastructure Construction

Both public and private infrastructure benefit immensely from the use of digital twins technology. This allows for real-time tracking, improved internal comms, access to better data, and a lot more, helping get these projects completed on time and within budget. 

Supply Chain

Getting materials from their source to a factory, and the final products from the factory to the consumer involves long, complex supply chains which include many moving parts. Digital Twins technology makes keeping these parts in sync easy and allows one to predict issues in the chain to avoid them from happening in the real world. 

Health Care

Providing the highest quality of healthcare to everyone requires precise management of all the different departments of a hospital. This is made simple and intuitive for health care providers by the use of Digital Twins technology, which also allows for the planning of unforeseen events such as a jump in the number of patients. 

Retail

The retail industry utilizes digital twin technology to simulate changes in consumer demand and make adjustments in their supply in anticipation of potential changes in demand so that they’re never left unprepared. 

Digital Twins in Twinsights

Twinsights is a platform that makes efficient, sustainable growth possible through an intuitive platform designed to help organizations connect, consolidate, manage, and plan their projects and assets.

To help organizations achieve this growth, Twinsights offers a myriad of tools, including Digital Twins! With Twinsights, organizations can utilize this technology to:

  • View a variety of data that comes in from various sources, in a single platform
  • Get access to intelligible data and insights through AI
  • Align and get all stakeholders on the same page
  • Make changes to plans on the go
  • Improve the quality of their projects

and much more!

Explore how Twinsights leverages Digital Twins and many other revolutionary technologies to help organizations deliver on time and achieve exponential growth!

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