Asset management system is witnessing a rise in adoption owing to its benefits in tracking company’s products, making entries of assets in spreadsheet, and handling & managing business processes. Used primarily for tracking, maintaining and keeping record of company’s assets, an asset management system includes both physical and digital assets such as intellectual property and equipment.
Asset Management System to Witness Rising Adoption Owing to its Benefits of Profits and Productivity
Future Market Insights has provided a detailed study on the global asset management system market. It states that increasing adoption of modern and newer technologies such as cloud and big data have led the companies towards asset management system for integration of asset management tools with analytics and big data. The requirements to streamline the organizations’ operations is a major factor driving the growth of the global asset management system market. Implementing asset management system offers enterprises to reduce time required for recording data manually or by inefficient tracking methods.
Implementation of an asset management system can help an organisation in enhancing its productivity and workflow, maintaining record of profits & losses, and reducing chances of misplacing or losing the asset. In addition, adopting asset management system enables enterprises to focus on business tasks instead of asset tracking activities, increasing business profits as unnecessary expenses on the assets are reduced. These factors are expected to fuel the growth of global asset management system market in the near future.
Michigan to Adopt Asset Management System
Along with industries and organisations, even governments are adopting to asset management system for smooth workflow of their regional activities. One such example is Michigan. Communities from western and southeast Michigan will play a part in a pilot program, expected to last for a year, for creating a system to combine data on water, transportation, sewer & utility assets. Gov. Rick Snyder. Kirk T. Steudle, director of Michigan Department of Transportation, stated that the proposed asset management program will centralise infrastructure data so that information is open to everyone, for example, the location of drainage pipes or utility lines. Benefits from this program include less road work, possible job creation, and cost savings. The Southeast Michigan Council of Governments will lead the pilot which will include information from various municipalities and agencies. The information will also include ownership, condition, service life and age of infrastructure. In one year, the pilot program is expected to render recommendations on the way of rolling out a statewide asset management system.
IBM Launches a Supply Chain Platform for Streamlining Workflows in Pharmaceutical Space
Various organisations have adopted asset management systems, owing to soaring implementation of interconnected and complex infrastructure, as it will help them in managing operation technologies for gathering more important information and data. The tech giant, IBM, made an announcement on creating a green asset management platform for helping companies to develop, trade and manage carbon assets efficiently under China’s carbon emissions quota scheme. In addition, IBM, recently launched a supply chain platform for streamlining flows among financiers, sellers, and buyers in pharmaceutical space. IBM’s Yijan Blockchain Technology Application System is built in partnership with Hejia, Chinese company of supply chain management. This system eliminates some financial problems encountered by country’s pharmaceutical retailers, targeting specifically the underdeveloped credit evaluation system of the country. The platform is designed for bringing greater transparency in supply chain networks through tracking of drug flow, offering easier means to authenticate transactions, and encrypting trading records. The end goal is reducing time required for small retailers in receiving payments after delivery of medicines to hospitals.
Some Key Challenges Observed in the Global Asset Management System Market
- Maintenance of assets
- Collaboration of every department of the organisations in using asset management system
- High cost of solutions, and expenses in training and maintaining employees
- Difference in pricing complicated tradeoff
The information presented here is sourced from Future Market Insights latest report. A sample of this report is available upon request.
Author: Abhishek Budholiya is a tech blogger, digital marketing pro, and has contributed to numerous tech magazines. Currently, as a technology and digital branding consultant with Future Market Insights, he offers his analysis on the tech market research landscape. His forte is analysing the commercial viability of a new breakthrough, a trait you can see in his writing. When he is not ruminating about the tech world, he can be found playing table tennis or hanging out with his friends.